ALEXANDRIA, VA — In order to accomplish the many heavy lifting tasks on construction sites, a wide range of industrial equipment is required. Unfortunately, such equipment doesn’t come cheap. To avoid having to pay steep up-front costs, many businesses choose to rent their equipment instead. However, renting isn’t always the most beneficial option. To determine if you should rent or buy construction equipment, consider these key factors.
Determine How Often You Will Use It
One of the most important factors to consider when deciding whether to rent or purchase construction equipment is how often you expect to use it. Typically, if you would only use the piece of equipment for less than 60 percent of your operations, it is more financially advantageous to rent it.
For example, if you had to work on a bridge for a few months and required a construction hoist for only that specific project, renting would make the most sense from a financial standpoint. However, if the construction hoist was something you would require on the majority of your projects, owning the device may be more convenient and cost-effective in the long term.
Consider Additional Costs of Ownership
When deciding whether to rent or purchase construction equipment, you should keep in mind that the initial purchase price of a piece of machinery is not the only cost you will incur. If you choose to buy the equipment, you will also need to pay for regular maintenance and repair costs as well as storage fees. In order to determine whether renting or buying is more financially advantageous in your specific situation, don’t forget to factor in the additional costs of ownership.
Assess Availability Needs
Another factor to consider when deciding if you should rent or buy construction equipment is your need for equipment availability. One of the most advantageous aspects of owning your own construction equipment is that you will have constant access to it. As such, if there are any changes in your project schedule or you want to take on a job at the last minute, you will have the freedom to do so.
When renting equipment, there is no guarantee that you will be able to find the specific machine you need right when you need it. Ultimately, not having constant access to equipment can result in substantial downtime that hurts your relationships with clients.