While owning your own construction equipment has its merits in terms of convenience and accessibility, it isn’t always the best option. In order to make the right decision for your company, it’s also important to consider the numerous potential advantages that come with renting equipment. Below, we will address some of the most notable benefits of renting construction equipment rather than buying.
Eschew a Large Upfront Investment
One of the most notable advantages of renting construction equipment rather than buying it is that you can avoid making a substantial upfront investment. It’s not a secret—construction equipment doesn’t come cheap. If your company doesn’t have tens of thousands of dollars saved up to purchase a fleet of your own equipment, renting is a welcome alternative. By only paying for equipment when you need it, the financial toll that your business undergoes will be far more manageable.
Avoid Ownership Costs
Another key benefit of renting construction equipment rather than buying is that you can avoid ownership costs. Many people believe that owning your own equipment will save you money over time since you won’t have to pay rental costs. However, ownership isn’t always the most financially advantageous option when you consider the many additional costs involved.
Aside from the purchase price, owning your own equipment will require you to pay for equipment maintenance, storage, repairs, and other ownership costs. When renting equipment, the rental company will take care of such expenses for you, which may ultimately end up saving you money.
Acquire Project-Specific Machinery
In some cases, you may only need a piece of equipment for one specific project. For example, if you get contracted to work on a tall building, you will likely need to acquire a construction hoist for the duration of the project. However, you may not have a use for the hoist after the project is complete.
In cases when you don’t need a machine for regular use, buying it does not make much sense from a financial standpoint. As a general rule, if you don’t plan on using a piece of equipment for at least fifty percent of your projects, it likely isn’t worth the investment.
