As contracting and construction companies continue to take on large projects, the idea of renting equipment might be a better idea that purchasing it. Renting might be a better alternative in comparison to purchasing for multiple reasons. Consider all of the aspects and weigh the possibilities that would be best for the company.
Advantages of renting equipment
- Access to updated well-maintained equipment
- Never worry about maintaining the equipment
- No storage fees to pay
- Access to other types of equipment
As renting offers construction companies accessibility to a wide range of large equipment, it ensures versatility and the ability to take on jobs that normally wouldn’t be accepted if the equipment was unavailable or if the owner of the company didn’t have the funds to purchase it.
Advantages of purchasing
- Equipment is available immediately
- Less expensive in the long run
- Tax breaks
There are multiple aspects of renting large equipment that a company needs to consider. In order to determine which rental company to use, consider their reputation and if they have good reviews. Discuss with them what their availability is for equipment for certain types of jobs and would there be available equipment for the duration of the job?
Some other questions to ask
- What are the rates for renting and ask about any additional fees that could be included?
- What is the policy for returning equipment and for billing?
- How often do they perform maintenance on the equipment?
- What is the procedure for alerting the company in regards to equipment that doesn’t work?
- What is the response time in replacing equipment that didn’t work?
- Is there training provided?
Cost is a very important part of choosing renting or purchasing. Weigh out if it would be more feesible to rent for the entire time of the job or purchase it and include cost for storage fees.
Ultimately, a construction company needs to decide what is best for their budget in order to be more prosperous in the construction field. No one wants to spend a ton of money on buying equipment and no one wants renting equipment that may take time to get there. The final decision should be made based off of answers provided by rental companies and budget
