If you are managing a construction site or running a business, having the right heavy equipment is mandatory. But there are two ways in which you can get your hand on great equipment: buying or renting it. While both of them have their advantages and disadvantages, in our article you will discuss the pros and cons of renting heavy equipment.
If you already have decided that renting the equipment is the best option for you, then we recommend learning more about one of the equipment rental service firms with the largest presence in North America, Herz Equipment Rental. For more info on the types of Hertz equipment rental services, rates, insurance options, rental locations, and more, visit the linked article. Now, let’s see which the pros and cons of renting heavy equipment are.
1. Latest and best
Having the latest and best heavy equipment on the market can be the key to a thriving business. But unless you have a fortune lying around, then it is impossible to purchase all the latest equipment.
By renting, you enjoy updated technology while avoiding getting stuck with old, outdated equipment that doesn’t belong in your workplace. Your employees will be happy to work with the latest gear and they will be able to learn to use multiple types of equipment, which will turn them into real professionals.
2. Small, regular payments
You probably know the saying “Don’t spend all of your money in one place”. Well, that is what happens when you buy heavy equipment instead of renting it. When you rent equipment, you won’t have to pay a huge sum of money at once. Instead, you will pay small, regular amounts of money. This is best for organized business owners as they can make the payments the same day every week or month.
Also, you can rent a piece of equipment for different periods. You can rent it for a small project, for a month or more. Different companies accept different types of payment. This should be discussed up front with the person in-charge of renting the equipment. Get the best deal for you.
Another important pro for renting heavy equipment is that some companies include maintenance in their services. This means that, if a tool breaks due to normal use, the company that rented the equipment is responsible for repairing it. However, not all companies offer free-of-charge maintenance, so do your research before renting it.
1. Total Cost
The total cost of renting heavy equipment depends entirely on the period of time you want to rent it. For instance, if you need the equipment for a month, the cost can be very low, so you’ll be better off renting the equipment. On the other hand, if you plan to use the equipment several years, the total cost could be bigger than the actual price of the equipment. Renting is best for small projects or for short periods of time.
2. Can’t get your money back
Another problem with renting is that you don’t get any part of the investment back. When you purchase a piece of equipment and you keep it in good shape, you have a high probably of selling it and gaining at least a part of the investment back. When renting, this is impossible because you don’t own the equipment.
If you want to rent, then get prepared to settle for a different model of equipment than the one you had in mind. Although rental companies update their inventory from time to time, it is impossible for them to have all models, brands, and types of equipment. So, when renting, try not to have a brand in their mind.
Most of the time you will be forced to settle for the model of equipment the rental company has. Also, you can wait for the equipment to be available, but that might not be an option if you have a project already.
Renting or buying heavy equipment can be tricky because both options come with pros and cons. However, think about the period of time you plan on using the equipment, the costs, and the equipment you are mainly interested in. If you want something big, cheap, and for a short period of time, then renting is the best option. If you need the equipment for a longer period of time and you seek a certain model or brand, you should consider purchasing it.