Renting vs. Purchasing: 3 Things to Consider When Choosing Heavy Equipment

Heavy-duty industrial liftIf your company needs heavy equipment occasionally, chances are you’ve considered buying your own set of excavators. While renting seems to be a more economical choice, it can be quite a pain to find a reliable equipment rental company over again.

Should you keep on renting heavy equipment or buy your own? Here are some questions you’ll need to ask:

How Often Will You Need It?

Frequency is the first consideration when it comes to heavy equipment. Determine whether you will be needing the equipment often enough to justify the costs of purchase, ownership, and maintenance. Of course, if you’re not going to get a good use of it, what’s the point of the purchase?

The duration of your projects also matter. Rental prices can be financially straining the longer you work. With that in mind, anticipate the pace of your projects, so you can make an informed decision.

Can You Handle the Equipment Yourselves?

Competency is the next thing you have to consider. Can you and your staff handle inventory, maintenance, insurance, and the other things you’ll have to take care of as you build your fleet? If not, it’s probably best to leave this to experts. On the other hand, you can handle the maintenance of your equipment better by purchasing from manufacturers who provide great after-sales care.

Where is the Nearest Provider?

The last question is a matter of convenience. How difficult is it going to be to move the fleet from the seller to your warehouse? If you have to travel unreasonable miles to inspect the equipment, you may have to reconsider. Transport can be costly, even when it goes without a hitch.

These are only some of the questions you need to ask when choosing between buying or renting heavy equipment. Decide which works for you to avoid spending unnecessarily.