Should You Rent Or Own Heavy Equipment?

There are usually two options when it comes to heavy equipment - buying or renting. The type of job at hand will dictate the option you will take. While there are, many other things to consider below are main things one might want to consider when buying or renting heavy equipment.

Financial Capacity: Your financial situation will determine which option you will take. Take into consideration the financial strength of the company and make a decision. The best way is to look ahead and access the company's financial strength in the coming months and years because buying requires massive amounts of capital at one go while renting costs may add up with time.

Length of the Project: The type of job and the time it will take to complete it should help you in coming to a decision. For example, a short-term project, that requires specialized equipment, renting would be the best option. For long-term projects, buying is the best way out. The rental costs will increase as the project goes on. When purchasing, consider the kind of heavy equipment that has a multi-purpose use.

Availability: The joy of owning your heavy equipment means that it is available to you all day, every day. It also means that you can take on any job because the equipment is available. Renting, on the other hand, brings unexpected hitches to your projects. The company you are renting from might not have the one you require, causing significant delays to your projects. Potential clients who see your equipment will be impressed and be willing to give you their projects because they see that you are equipped to take on any project.

Fleet Management: This is a major factor to consider. Over the long haul, you can save money by owning your equipment and taking up the costs of insurance and its maintenance. Fleet management requires time and skill, if you lack the two, your next best option is renting. You will have the option of scheduling jobs because you are in control of who is using it, where it is at any one given time of day.

Overall, renting heavy equipment machinery is the best option for short-term projects. You would also typically get the latest heavy equipment with all the bells and whistles. In contrast, owning machinery requires substantial initial capital, but it is cheaper and a better option in the long run. It will always be available when needed and you can even begin renting it out after you're finished using it to make up for the initial costs.

Vincent M George is a blogger and online business consultant. He loves reading, traveling, keeping up with latest technologies and sharing useful sites like Tractor Zone Heavy Equipment Superstore that offers aftermarket heavy equipment parts for dozers, excavators, loaders and more.



 By Vincent M George


Article Source: Should You Rent Or Own Heavy Equipment?