Depending on the nature of your business, the equipment you use is both a crucial and expensive part of the equation. When it comes to large pieces of equipment, is owning the best possible solution? Owning your own smaller compact tools that you will use day in and day out is probably the best option. When it comes to boom lifts, excavators and skid-steers renting may be a more cost-effective and convenient option.
Just like buying a new car, construction equipment will depreciate as soon as you buy it. If you only use a large skid-steer occasionally, consider renting one instead. They can be reserved online and delivered directly to your job site.
Equipment maintenance can turn into a big expense, especially as the construction or landscape equipment gets older. If you rent, you are free to spend that money on other things to help your business. If you already own equipment that is down, you can conveniently rent from while your machine is being repaired.
If you’re looking to add a new service but aren’t quite sure it’s the right lane for your business you can try before you buy. Rent the equipment first to be sure it’s the right fit for you and your customer base, and get a few test runs under your belt. Once you decide if it’s something you’d like to pursue full time, then you can make the decision on if you want to buy the equipment or not.
As with cars, technologies in construction equipment are also constantly being upgraded. Depending on what’s available at your rental center, you can take advantage of newer technologies you may not have previously had the chance to try.
Large equipment is well large. By holding off on owning your own, you can save a ton of money on storage space or fees. Only rent when you need it, and the rest of the time, that large piece of equipment can live at your local rental location.
Renting your equipment instead of buying can also save you a good bit of money. While new products have seen significant cost increases, rental rates have only gone up a fraction of that and rental fees are often deductible as business expenses.