When should you Buy or Rent Heavy Equipment?
It’s time you need some heavy equipment to complete a project. The question is, should you rent or buy one? Evaluate your company’s current situation and finances. You also have to take into account your future plans. To make the decision, continue reading this guide.
Analyze your current situation and project your costs over several months or years. Although buying may cost you a great deal of money, renting may cost you more if you’re going to do it over a long period of time. The good thing about buying is you can sell the heavy equipment once you no longer need it.
Duration of the project
Another important factor you need to consider is the length of the project and the frequency of the tasks you need to accomplish. If it’s a short-term project, then renting makes more sense; but if the project will take a long period of time to accomplish, buying is the best option. If you need to buy, consider a multi-purpose type of equipment that can be used for various projects.
Cost of buying and renting
Do your research. Find out the cost of equipment ownership and the cost of renting the equipment. It’s not only the cost of the equipment that you have to think of. You will probably have to pay to transport the equipment to and from the rental store as well.
Owning the equipment means you can access it anytime. If there’s an urgent project you need to accomplish, you don’t have to worry about looking for a rental company and hoping for the equipment’s availability.
For a shorter term or a one-time project, you may want to consider renting. However, if it’s a big project that will last for months, then buying gives you added flexibility. It also gives an advantage if the project extends as this will make the machine available at your disposal.