Top Tips for renting or buying construction equipment
Figure out how frequently the equipment will be used.
Among the key factors to consider when determining whether to buy or rent construction equipment is how regularly you expect to use it. In essence, 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.
Take into account the machine specifications.
Don’t forget that the nature of work to be carried out by said machinery should equal its specifications and capabilities. Ensure you double-check the year of manufacture, model type, fuel consumption, overall size, and the likelihood of needing to source replacement parts. By tailoring these specs to your necessary requirements and preferences, you can be sure it will be a comfortable and well-informed buy.
Consider schedule and availability.
Yet another factor to reflect when discerning if you should either rent or buy your ideal construction equipment is the need for equipment availability. A primary advantage of owning construction equipment is that there is constant access. Moreover, by renting equipment, there is not necessarily a guarantee that you will be able to find the specific machinery required when needed. This could result in excessive downtime waiting for the right hardware and potentially straining your relationship with clients.
Think about what would suit your schedule.
There are benefits to both buying and renting construction equipment as and when you need it, if you are looking for equipment that will be rarely used, then renting could be ideal otherwise buying and owning maintained hardware could be a worthwhile investment. This does depend on how well you plan and schedule your projects to efficiently distribute apparatus, and keep in mind that your new equipment would likely need to be transported to and from the worksite.
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