As a business owner, one of the most important parts of maintaining your competitive edge is having access to the right equipment. Whether your company is brand new or well-established in its field, the decision of whether to rent or buy equipment is always an important one. When carefully considering the pros and cons of both ownership and leasing, you’ll likely discover that renting is often the best choice. The following are five benefits that you can gain by choosing equipment rentals rather than purchasing what you need outright.
1. Sidestep The High Costs Of An Upfront Purchase
Certain forms of equipment such as tracked dozers, telehandlers, and excavators require a significant amount of spending upfront. For most companies, big ticket purchases like these will necessarily entail third-party financing, considerable planning, and a bit of sacrifice. This simply isn’t the case when renting. If you have a smaller budget, a short-term need for specific types of machinery, or a desire to avoid ongoing financing charges, renting is the obvious solution. You’ll spend a lot less out of pocket upfront, and you’ll have the ability to fix your rental term to suit the exact needs of your project.
2. Get Access To The Latest And Most Innovative Equipment Designs
Even if you purchase a top-of-the-line telehandler today, you’ll likely find that there are far more efficient and far more capable options available just one to two years down the road. As such, purchasing certain forms of equipment at specific times can be risky. That’s because safety regulations and other factors can change in ways that ultimately render your new purchase obsolete. Conversely, rental companies pride themselves in offering a vast range of options in each machinery type that they supply. These include general, budget-friendly models as well as innovative, newly released products that are rich with cutting-edge features and capabilities.
3. Leave Equipment Maintenance And Repairs In Someone Else’s Hands
Ownership isn’t just expensive. It can also be labor-intensive as well. When you own machinery, you’ll be responsible for staying on top of the manufacturer-recommended and manufacturer-required maintenance for preserving your equipment warranties. When things go awry, you’ll have to make arrangements to have the needed repairs performed on your own. This can be taxing on your manpower, your wallet, and your time. A rental company, however, will always issue equipment that’s already been diligently maintained. Moreover, if problems should rear their heads, this same entity will handle them in a swift and timely fashion.
4. Enjoy Better Business Continuity
When equipment issues crop up, many operations can be driven to a grinding halt. This can be especially problematic in industries and on projects that are working against tight deadlines. Working with a rental company is a great way to avoid these unexpected delays. If a unit breaks down, repair teams can be on hand in nearly no time at all. More importantly, if simple troubleshooting measures don’t suffice, your rental will be quickly and efficiently replaced with one that functions as it should. Best of all, for business owners and project managers, there is far less stress, frustration, and hassle with rentals. Less effort is required for dealing with repair issues given that renters simply need to make a simple phone call for service and support.
5. There’s No Need To Transport Or Secure Long-Term Storage For Equipment
Logistically speaking, sometimes renting is the only feasible choice for companies. That’s because equipment owners are fully responsible for transporting their machinery, and for securing and maintaining appropriate long-term storage. These added costs should definitely be considered when determining whether or not ownership is right for you. Even with an adequate budget for making an upfront purchase, companies must still be mindful of the fact that ownership can entail significant, long-term spending. Rental companies deliver their equipment directly to job sites and then pick it up again once projects are complete. Moreover, they are already in possession of adequate, secure and needs-specific storage for keeping machinery safely housed.
Renting may not be the best choice when it comes to meeting every one of your equipment needs. In instances in which upfront purchasing costs are high, the availability of storage is questionable, and the ability to safely and legally transport equipment is uncertain, renting is definitely a worthwhile consideration. In addition to sidestepping these common ownership challenges, you’ll also gain access to seasoned and highly capable maintenance and repair teams.