Rent vs. Buy Equipment: Which Is Better?
If you’re handling a construction project, you will need high-quality heavy machinery to get the job done efficiently. During preparation, you will decide whether to rent or buy equipment. You need to weigh different factors such as cost-effectivity, the life span of the machine, the schedule of the project, and more.
This article will help you overcome the dilemma of “rent vs. buy equipment.” Read on to learn about the advantages and disadvantages of industrial equipment rental and ownership.
For short-term projects, equipment rental is the best option. Renting can save you a lot of money and allow you to get the latest machines in the market.
· Decreases long-term expenses. Heavy machinery requires regular maintenance and service to ensure its best performance. When you rent equipment, you don’t have to worry about these costs.
· Eliminates storage costs. New equipment easily degrades when exposed to natural elements, such as sunlight, rain, and wind, for a long time. To keep its best quality, it must be stored in a well-ventilated area. Renting equipment removes this logistics problem.
· Up-to-date equipment options. Using equipment with the latest technology promotes greater efficiency and specialization. Renting allows you to choose the best machines perfect for your construction project.
· Total costs for long-term use. Some construction projects can last for several years. If you will need the equipment for a long period, purchasing them is more cost-effective.
· Availability of equipment. Some brands and models may not be available at the equipment rental company near you. You may opt to choose what’s in their inventory or wait until your desired model is available, which may compromise tight deadlines.
Buying heavy machinery can be a great investment. For long-term projects, purchasing equipment comes with many advantages.
· One-time investment. If you will use the equipment for multiple projects over the years, it’s best to buy them. For instance, if you have an earth moving business, then you should invest in earthmovers.
· Save time. Renting equipment can delay a project due to availability. If you own heavy machinery, you can easily access and utilize them when and where they are needed.
· Expensive maintenance. You have to allot money for your equipment’s regular maintenance, such as changing parts, checking fluids, and upgrading the components. These services can take a huge chunk of your budget.
· Outdated models. Over time, new technologies and models will be available. Your equipment will become outdated and less efficient than modern machines on the market.
The Bottom Line
There are many factors involved when renting or buying equipment. But, the period of time you plan to use them is the most crucial factor you need to consider
Once you’ve reached a decision, it’s time to find a reputable heavy machinery company. At Rabern Rentals, we have a great selection of equipment available for rent and sale. For more information about our inventory, contact us today!