When you need heavy equipment, you have the option to rent or to outright purchase it. Deciding which one works best for your business boils down to asking yourself these questions.
What type of equipment do you need?
Consider the scope of your project. Renting equipment can give you more flexibility and let you get the right piece that best suits the job. When you own equipment, you may have to make it work, even if the piece of equipment isn’t quite suited to the job.
How much capital do you have available?
When cash is tight, it can make sense to rent equipment. Your cash flow is preserved for other needs. In the short term, renting can be more affordable. Look at your budget. Determine your price range. Rent the equipment you need as you need it.
How long will you need the equipment?
If the rental costs are prohibitive, it makes sense to look into purchasing the equipment you need. It’s more important to stay within budget on the job.
What are your responsibilities during the rental?
When renting construction equipment, you should be able to check out the past records to know what kind of shape the piece is in. This can also help you understand how maintenance will be handled during your rental. When you own equipment, you’re responsible for the maintenance. Don’t forget to budget time and money for upkeep. If you don’t have those lines in your budget, rental might be the way to go.
How are you going to transport and store the equipment?
If you’re buying equipment, you’ll need to have a facility to store the piece when it’s not in use. Renting equipment alleviates you of that liability. It’s something to keep in mind.
If you’re looking for a site work company, contact D2 Site Work for more information about what we can do for your project, at 301-857-1530.