Heavy construction equipment is often needed for construction sites and small businesses. If you’re managing a large construction project, you might be considering whether to rent or buy this machinery. There are many pros to renting heavy construction equipment instead of purchasing your own. Read on to discover the pros and cons of renting before your next big project.
Pros of Renting Heavy Construction Equipment
You’ll get the best, updated equipment.
Brand new heavy machinery is expensive. With the ability to rent, however, you’ll get to use the best equipment available. You’ll experience the power and precision of technologically-advanced machinery, all while saving money. Plus, your team is sure to appreciate working with newer equipment that can handle any job.
You can make smaller payments.
The payments you do have to make are entirely more manageable with renting options. When renting your equipment, you can make payments in increments. This is a great option for business owners or managers who need to keep track of monthly installments. Additionally, you can rent different types of machinery at different times. Depending on your construction projects, rent the machinery you need when you need it.
You’re not responsible for maintenance.
Renting equipment frees you from worrying about regular maintenance checks. Many rental companies will include maintenance in their contracts. This means that you won’t be responsible if the machinery breaks down unexpectedly on a job. This perk saves you and your team time, money, and stress.
Cons of Renting Heavy Construction Equipment
Long-term cost increases.
Although you won’t have to pay out initially for heavy machinery while renting, long-term rental costs can add up. This largely depends on what type of equipment you need and how long you need it for. Month by month rental contracts are often worth it – the overall payout doesn’t equal the cost of purchase. However, you may want to look into buying your own equipment if you’re renting for years. Renting is still a great option for short-term projects.
No return on investment.
Since you don’t own the equipment, there is no return on investment. You’ll never get any money back from renting your heavy machinery. If you choose to purchase, you’ll most likely see a return on some of the money you invested. Keeping your equipment in good shape throughout the years will ensure some of your investment returns.
Machinery may not be available.
The worst part about renting is that the machinery you need may not be available. You’ll need to work with the rental company’s schedule and inventory. Specific types of models or brands may not be available, as well. Purchasing your own equipment guarantees that you’re using the model and type needed for the job.
No matter what project you’re working on, renting heavy construction equipment is a safe bet. Consider the equipment you need and length of the project when calculating overall costs. For more information on rental options and rates, contact Diamond T Services. Our team is happy to help you rent the heavy construction machinery you need for your construction projects.