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Should You Rent or Buy Your Heavy Equipment?

Should you rent or buy heavy equipment?

Advantages of renting heavy equipment

  1. No repair costs
  2. No maintenance fees
  3. No need to break-in the equipment
  4. No storage concerns

 

Advantages of buying heavy equipment

  1. Get the right equipment for the job
  2. Buy up-to-date equipment
  3. Increase the size of the fleet

 

Heavy machinery is one of the most useful things for a variety of different industries. The agriculture industry, for example, has to make use of machines such as tractors, mowers, backhoe, or wagons.

Aside from the project costs, industries have to consider the type of heavy machine which is the most appropriate for the job. Thinking about whether to rent or buy heavy equipment is definitely one of the top financial considerations of industries that need to make use of them.

Renting or buying heavy equipment each has its own advantages and disadvantages. Continue reading to learn more about the advantages of each option.

 

Advantages of renting heavy equipment

Advantages of renting heavy equipment

If you choose the path of renting your heavy equipment, you wouldn’t have to spend on repair costs, maintenance fees, and storage issues. Aside from this, you also wouldn’t have to concern yourself with working out the kinks of new heavy equipment.

 

No repair costs

An evident advantage of renting heavy equipment is that you wouldn’t have to spend money on repair costs. When you first rent out the machine, it has been ensured that all the necessary components are working optimally.

For example, if you belong in an industry with a business delivery service, one machine you should consider renting is the forklift. Among many other usages, forklifts are needed in your daily warehouse operations to transport large packages of goods from one point to another.

It would be more cost-efficient and advantageous on your end if you would choose to rent out a fleet of the machines instead of buying them. The fleet owners you rented from, shoulders the entire cost of repair for the machines.

 

No maintenance fees

Generally, renting instead of buying heavy equipment also saves you on maintenance fees. Depending on the agreement that you have entered with the fleet owner, it is generally understood that any breakdown or accidental damage that was done on the machine is the responsibility of the owner.

Some maintenance undertakings which may cost you money include: ensuring lubricant replacements, replacing machine components, and staying on top of regulatory standards and compliance. Instead of concerning yourself solely with the completion of the project, you would become preoccupied with all these considerations.

Renting heavy equipment allows you to focus on the more essential aspects of your business.

 

No need to break-in the equipment

The trouble with new equipment is that your machine operator would first have to get used to the vehicle itself. Apart from assessing all the controls and functions, they would also have to be able to drive the equipment as smoothly as possible.

All of these time-consuming activities can be avoided if the equipment has been rented. More often than not, the machine has already been previously used and has passed all operational standards before it can be considered safe for operation. Essential peripherals in heavy equipment like steering wheels, brake pads, or levers would have had more time to loosen up and be more flexible for usage.

 

No storage concerns

After you’ve completed the job, one concern with having your own equipment is thinking about where to store them. You may have to end up spending more on storage costs especially if you place the vehicle in a warehouse storage facility. Furthermore, allowing a vehicle to sit for long periods without running its engine can eventually prevent it from running more smoothly the next time it is used.

These concerns can be avoided if you’re renting the equipment since you need only to return them to the fleet owner after you’ve completed your operations. You would no longer have to deal with cumbersome objects which might prove to be impractical in the long run.

 

Advantages of buying heavy equipment

Advantages of buying heavy equipment

Now that you have been introduced to the advantages of renting heavy equipment, you should also consider the benefits of buying them. Through purchasing your own equipment, you can be assured that you’re getting the right one for the job, you’re buying up-to-date equipment, and you’re also increasing the size of your equipment fleet.

 

Get the right equipment for the job

Specialized functions in different industries may require heavy equipment with machine-specific functions. One advantage you have with buying your own equipment is that you’re able to ensure that you’re getting the machine that is most appropriate for the functions of your operations.

For example, if you’re cutting corners on your operation, there is a tendency to settle for less-than-desirable outcomes. Instead of buying functional equipment, you might settle for renting cheap equipment that does not meet the needs of your project.

Buying heavy equipment on the other hand, while can take a lot more paperwork and documentation helps you get the job done faster and more efficiently. The new equipment also helps you boost the productivity levels of your operations.

 

Buy-up-to date equipment

Another advantage of buying your own equipment is that you can be assured that it has passed whatever regulatory standards that exist. This can be more clearly explained when you’re concerned with fuel emissions.

To give another example, consider the warehouse emissions caused by forklifts. In accordance with the latest guidelines from the Environmental Protection Agency, forklift engine emissions should be closely monitored and kept at a particular level.

In buying new equipment, you can be assured that these regulations have already been met by the equipment manufacturer. Older or rented equipment might not yet have been covered by the same standards and this could have environmentally-unsustainable outcomes for you in the long run.

 

Increase the size of the fleet

Finally, the other advantage of buying your own equipment is that you’re able to add more to what’s already present in your fleet. The variety of equipment choices allows you to have easier access for them in the future. Furthermore, you would have no need to going to a third-party contractor just to sign loads of paperwork for renting a machine.

Owning your own heavy equipment allows you to gain a better understanding of how the machine works and how you can further maximize its use for the future.

 

Key Takeaway

If you’re on the fence about whether to rent or buy heavy equipment, making a choice can be confusing. Each of these options has desirable and undesirable outcomes – it is entirely up to you to decide which decision would be more financially-beneficial and productive for your business’s operations.

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