Heavy equipment is expensive to buy and maintain and this means that a few people or a few companies can afford to purchase and maintain this kind of equipment. Even when you have the ability to purchase these items, sometimes it is good to evaluate the pros and cons of owning this kind of property. Other than the upfront cost of purchase, you may have to think about the long-term usage of the heavy equipment, the ability to resell them, as well as maintenance costs among other factors.
Here are 3 reasons why it would be better for you to rent than buy equipment:
1. The length of your project
This is probably the most important factor that one needs to consider when deciding to buy or rent equipment. Is it a short-term job? What is the frequency of the job that you want to accomplish with the equipment? Well, renting heavy equipment for a short-term job or for a one-off job would make for a project that is less frequent. If you need equipment for a long-term job, or you have prospects of more jobs on the horizon, then it would make perfect sense to buy the equipment rather than rent it. For the large companies that could be balancing many projects concurrently, it would be better to rent the equipment for ease of logistics. This also increases the efficiency of the projects being undertaken.
2. Better product
When it comes to heavy equipment, rental companies will possess better equipment and tools that would be rather too expensive for individuals to purchase. It would be better to rent this equipment than to buy low cost and low-quality equipment that will break down too often. The fact that the heavy-equipment rental companies have specialized in this role means that you can be assured of the best and top of the range equipment that will give you a better project output. You are also not liable to the risks associated with the specialist equipment. This way, you are better protected against the expensive risks.
With the rented heavy equipment, you can rest assured of more financially stable construction undertakings that will be profitable in the long run. Renting also gives you sufficient time to source for funds to buy your own equipment in the event that you have more prospects of bigger projects in the future.
3. There are less repair and maintenance costs
Owning heavy equipment comes with some unavoidable costs. You will need to have the equipment repaired when they break down. You will also need to consider the costs of maintenance and as such, you should be ready to incur these costs. When you rent heavy equipment, you will not need to worry about the cost of long-term maintenance. You see, you will be operating the equipment for only the duration of the rental.
Some heavy-equipment rental companies may actually take the responsibility of maintenance and repair of the equipment when they rent these out. This simply means that all the stress that is associated with the repairs and maintenance of this equipment will be removed from you. This means that you can fully concentrate on your core business without distractions.