5 Reasons Why Renting Construction Equipment is The Best Option for Your Job
Contractors require a plethora of equipment to complete a project ranging from excavators to trenchers, material lifts, and telescopic boom lifts. They must decide whether to buy or rent the equipment for the job. Although buying the equipment may sound like a great option, it requires a huge initial cost, incurs maintenance costs, and the equipment depreciates with time. These are among the reasons for the increased popularity of renting construction equipment. Also, the unpredictable market and the rising cost of purchasing equipment have contributed significantly to the growth of equipment rental companies like Vandalia Rental. Renting equipment has become a viable option for contractors and provides them an opportunity to reduce operational costs and run a financially stable construction enterprise. Below are five reasons to rent equipment as opposed to buying.
1. Avoid the huge initial cost
Purchasing construction equipment is prohibitively expensive, especially for start-up contractors. It can deny you the funds to run a successful construction business by tying up your finances. Moreover, purchasing equipment limits you to a particular set of equipment. As a way of avoiding the huge upfront costs of purchasing equipment, we’ve seen contractors turn to equipment renting.
2. No depreciation costs on a rental
Whether you purchase new or used equipment, you incur significant depreciation costs. Maintaining the equipment requires a huge investment on top of the initial costs. The worth of the equipment depreciates with each use, and you may never recover your initial investment. Renting or leasing equipment spares you from the losses incurred with depreciation.
3. Truncate Maintenance and Repair Costs
Purchasing equipment comes with the obligation to maintain them so that they work at the optimal level and operate safely. Also, when equipment breaks down, you have to repair it which means spending a significant amount of money. Although rental equipment still requires maintenance and repair, the costs are much lower and manageable compared to purchased equipment. Renting, therefore, spares you the stress about maintaining equipment for its whole life-cycle.
4. Project-Specific Equipment
Contractors engage in different kinds of projects, some requiring special equipment. What do contractors do when a project requires special equipment? Purchasing every type of equipment needed is impractical. Renting equipment becomes the best option to fulfill specific projects and eliminate the cost of buying all types of equipment.
5. Solve long-term storage concerns
Purchasing equipment means you have to cater for its long-term storage when not in use. Storage space is an additional expense for a contractor especially if he has a fleet of machinery. If the contractor does not have favorable storage space and the equipment is not stored properly, it depreciates at a higher rate. As a way to deal with long-term storage concerns, contractors resolve to rent equipment and so that someone else caters for about long-term storage.
Renting equipment solves not only equipment storage but also transportation logistics. Transporting equipment from one job site to another may be time-consuming and costly and affect the efficiency of a project. Imagine if your equipment is in Miamisburg and your project is in Columbus, transporting your equipment may be a significant expense and cause delays on your project. Renting equipment solves the burden of transporting equipment from one area to another. You can simply hire, and get the required equipment on site. Vandalia Rental gives you the advantage of delivering equipment to your job site.
Renting equipment is a great option for construction companies of all sizes. It increases efficiency, cut costs, and reduces logistical costs for contractors. Although renting equipment has major advantages for companies, a combination of both equipment purchase and rental can be the best plan for contractors. Before you part with a huge upfront cost to purchase equipment, it may be worth considering equipment renting rather than buying. Vandalia Rental commits to offering superior quality rental equipment to meet your projects’ needs.