In recent years, the option of renting construction equipment has soared, all for a myriad of reasons. As you plan your construction company and look at the pros and cons of renting versus buying, there are some applicable benefits of renting that you should consider before you make your choice.
Purchase and Storing Cost:
Naturally, the cost of renting versus buying puts renting far ahead as far as fiscal constraints go. Or does it? For a short term rental, or an occasional rental, the costs far outweigh the cons. If you’re looking at a machine that you or your company are going to use frequently, buying is probably your best option. But for occasional work, renting will save you money.
Renting quality equipment will also save money when considering the upkeep and storing of the machine. For large machines, finding a feasible place to store it can cost additional funds after the initial purchase costs. And for machines that require a lot of upkeep, using a rental will ensure that every time the equipment comes ready to go and won’t require further costs to keep it running.
Opportunity to Test before Buying
Renting out a machine allows you to try out a specific machine before you buy, to determine if it’s exactly what you’re looking for. This can save money, especially if you decide after trying it out that it’s not what you need.
Certain machines will depreciate faster than others, and renting them out will eliminate depreciation costs. Consider buying a quality piece of equipment, using it, and paying maintenance costs will add up, especially if this is a piece of equipment that is used infrequently. Renting will offer top-of-the-line products consistently, eliminating excess costs of depreciation and save you time and money.
Project Specific Rentals:
Obviously, in construction, there are a variety of tools for every project, and there are a variety of different projects out there. If you’re working on a specialised project, save money and rent the equipment for the project, instead of buying a tool that cannot be used after the project is completed. Logistically, renting makes more sense for a on-off project and it saves you time finding the item and storage costs as you try to find a place to store it the equipment.
Depending on the size of your construction company, transporting a large piece of equipment may cost further time and money. In renting, you can have the tools delivered and then picked up once the project is completed. This is a reliable way to ensure that you have exactly what you need for the job and that the equipment is ready to go when you need it to be.
Obviously, renting equipment isn’t for every job every time. There will always be benefits in buying, but renting construction equipment can save you time, money, and keep your job going smoothly as you finish each project.