There are many different kinds of heavy machinery that construction sites will need to use. They need equipment for storing, filtering, digging, lifting, trenching, loading, and evacuating. Deciding whether to rent or buy can be a deciding factor for the project manager and determine the budget and construction operations. While the choice varies depending on the company and the project here are some factors to consider:
- Budget
- Availability
- Cost of Equipment
- Urgency
- Duration
Benefits of Buying Heavy Equipment
When determining whether you should buy or rent construction equipment you should consider how long you are going to need to use the machine. If you are going to use the equipment for more than 60%-70% of the project it may be in your best interest to purchase that machine. However, there are other factors to consider
1. Availability: Sometimes finding availability for certain equipment can be difficult because rental companies work with multiple clients. Therefore, there can be a small chance that the machine you need may not be available when you need it. If your project is a high priority, and you cannot wait to rent then you should consider buying the machine. Being able to have equipment available to you at all times can help handle emergencies and any last-minute jobs.
2. Cost: Some companies make buying equipment seem more attractive with good interest rates. However, you must realize equipment begins to lose its resale value the second it is purchased and arrives at your facility. Therefore, you should consider the financial benefits of buying or renting before purchasing a machine.
3. Purchase Used Equipment: You do not always need to buy new equipment. Some companies offer the option to purchase used equipment for a great price.
Benefits of Renting Heavy Equipment
Determining whether to rent can depend on the size of your company. Smaller companies may benefit more from renting equipment because it can help save them money. However, there are many other benefits when renting equipment.
1. Save on Investment: Heavy equipment can take up a lot of up-front investment until you sell the machines. And even then when you sell you may not get the price you wanted therefore renting can save you from dealing with that hassle.
2. Avoid Operational Expenses: When purchasing a machine you will need to pay for the maintenance it takes to upkeep the machine. There are services and potential upgrades that will need to be taken care of. Therefore, when you rent machinery, the rental company will take care of all of that for you.
3. Free Storage & Transportation: When renting, the rental service can deliver and pick up the machine whenever you need them to. Therefore, you will not need to find a place to store these large machines.
4. New Opportunities: Renting allows you to rent certain machines for special projects. Therefore, you are not closed off to do projects with just the machines you have purchased.
5. Competitiveness: Even if you are a small company, renting allows you to rent any kind of machine a large company may own. Therefore, you are able to do the same projects bigger companies do.
6. Test Run: A great part about renting is it can help you figure out if this is the machine you want to purchase. Therefore, you can give the machine you want a test run with renting before you decide to purchase.
How We Can Help!
At Stone Equipment, we have a variety of different kinds of machines for any potential project you would need. Whether you are looking to rent or buy we can help figure out which is more beneficial for you long term. Contact us today and we can get started!