Times When You Should Rent Your Construction Equipment
When it comes to construction equipment, one of the main things that companies have to decide is whether or not they are going to lease, buy or rent. There are even decisions to be made within each category. For example, if the company decides to purchase equipment, will it be new or used?
Whether or not construction equipment is purchased new or used will depend on whether or not the construction project is large, permanent or costly. Sometimes for the same reasons, companies choose to either rent or lease instead. Quite often construction equipment is extremely expensive, and only larger corporations can afford to purchase it as opposed to leasing or renting it.
For the company that does not have a choice due to the fact that it has a limited budget, the option to rent or lease construction equipment is always available. Once again, the company needs to assess the scope of the project, the tasks that will be done, the cost and even the project’s location. Leasing is usually reserved for companies that need to use the equipment for a longer duration of time. When it comes to renting equipment, it is normally for a short term. However, there are other times when it is smarter to use construction / rental equipment.
Inconsistent Use of Construction Equipment
Does it really make sense to purchase or lease construction equipment when it will only be used for a short amount of time during the average construction project? Why purchase expensive equipment and waste your money when it could be spent on some other important company function? Besides, purchasing construction equipment is a huge investment. Invest company money wisely, and only pay for what is actually used. This is the best way to keep costs down and successfully complete the project via construction / rental equipment.
On the other hand, sometimes it does not make sense to purchase construction equipment at all. This is especially true for the homeowner who just wants to do a little landscaping, and he needs specialized equipment. Renting would be best for the company that needs an extra forklift to mix concrete because a temporary project was expanded without any warning.
There is plenty of construction equipment such as concrete buggies and cherry pickers that can help the average homeowner move, push or lift things on his property. Most importantly, this type of equipment can be rented for a short period of time and not incur an ongoing expense. Once the project is finished, the equipment is returned to the owner.
Extra Construction Equipment
Maybe you want to do a couple of home improvement projects around the house, but you need extra equipment to do it. You already have certain equipment such as a cherry picker, but you also need one more piece of construction equipment to get the job done. You don’t have enough in the budget to get all new equipment. Also you cannot justify spending money for something that you will only need for a few hours at a time. In this particular situation, it is best to rent instead of buying the construction equipment.
In conclusion, each business has to decide how to acquire construction equipment. Equipment purchases are usually made by larger companies that have plenty of money. There are various scenarios where renting your construction equipment makes much better sense.