When deciding between buying or renting equipment, evaluating its project duration and frequency, financial considerations, and storage options are important. This will help you determine whether buying or renting suits your construction projects best. Typically, rental companies will deliver and pick up equipment and take care of maintenance and long-term storage. This can make the process much more hands-off for contractors.
Saves You Space
Owning equipment comes with a lot of responsibility. From having experienced technicians in-house to handling warranties and insurance policies, maintaining your machinery can be a major drain on resources. For instance, a company for heavy equipment rental in Florence, Kentucky, may handle the maintenance for you.
Often, construction companies need to coordinate transportation for their equipment. It can be a costly inconvenience and a setback to the project timeline. With rental, all it takes is one call to have the right machine delivered and picked up on demand. Many rental companies even factor the delivery into their quotes, so it feels like a manageable cost.
Saves You Money
Renting equipment in Kentucky can save your business a significant initial investment and reduce overall costs. This makes sense for businesses that need specialized equipment for specific projects or a short duration. Renting equipment can also open your business up to new opportunities without the risk of investing in a machine that might not pay off, especially during tough times when the housing market is slow.
Maintaining large equipment is costly and can delay the project timeline. When you rent equipment, the rental company is typically in charge of maintenance and ensures it’s always operational.
Saves You Time
Renting heavy equipment means working on multiple projects without worrying about transportation costs. This allows for the greatest productivity for each project and helps avoid downtime.
Having a fleet of equipment can save your company time as well. Rather than spending valuable time coordinating with different companies to rent specific machinery, one rental company will deliver and remove the equipment as needed and maintain it.
This can also open your company up to new opportunities. Instead of being limited to what you have in inventory, renting specialized or necessary equipment can help you expand your business.
Saves You from Depreciation
When equipment sits idle, it continues to depreciate. However, with a rental, the equipment provider covers all these costs, including storage and maintenance.
For construction companies that don’t have a logistics department, keeping track of equipment that isn’t in use can be a costly hassle. Additionally, many rental companies deliver and pick up the equipment directly from construction sites, eliminating additional storage and transportation expenses.
Heavy equipment rental is an excellent option if your company needs to tackle multiple projects or wants the newest machinery. It can reduce upfront costs, save money, and prevent equipment depreciation while also helping your business to grow.
Saves You from Unpredictable Market Forces
You know heavy equipment is necessary if you’re in the construction business. Whether it’s an excavator or bulldozer, these machines can help make the project easier, safer, and more efficient. However, buying this equipment is a major investment and requires upfront capital.
The best way to save money through equipment rental is by renting from a reputable company that offers telematics solutions. These tracking systems can track everything from battery levels to hydraulic fluid, reducing the need for maintenance and increasing productivity. Additionally, the equipment will appear as an asset on your balance sheet instead of a liability. This can boost your borrowing power.
Saves You from the Commitment
Purchasing equipment can be expensive, and the added expenses of depreciation, maintenance, insurance, and storage costs quickly add up. Leasing can be more cost-effective than buying, depending on how long you need the equipment.
Even the newest and most reliable equipment can require repairs and service from time to time. Renting allows you access to a wide range of machinery suited for different job site conditions. When you lease equipment, the rental company handles all the maintenance and repair costs. They will also store the equipment at their facilities in between rentals. This eliminates the need to pay for additional space on your construction sites or offsite storage solutions.
