In the construction business, finding the proper equipment can be quite a challenge. Purchasing the tools for the job might seem convenient at the moment, but owning and caring for expensive machinery often ends up costing you more in the long term. Here are a few reasons you should consider construction equipment rental over buying new equipment.
Save on Maintenance and Storage Costs
Although the idea of owning shiny new machinery may seem appealing, buying equipment means taking responsibility for maintenance over time. A general guideline in the construction business is that if you’re not using a piece of equipment more than 60%-70% of the time, it’s not worth the investment. Wear and tear leads to expensive upkeep, costing you more money on top of the initial cost of brand new heavy-duty equipment.
If you’re a contractor, paying for storage might also pose a problem. Construction equipment usually has to be kept in a specialized storage yard. If your business experiences idle time, you’ll wind up paying a good deal in fees just to have a place for your machinery in the meantime. Renting means you’ll be able to focus on getting the work done instead of taking time out of your day to worry about any of these additional costs.
You never know how much work will be available in construction. Spending on maintenance, while there’s no work in the market, is costly for businesses that are small, new, or both. Equipment rentals are a far more flexible option than overextending with big upfront costs for ownership. If the business is booming, you can rent to supplement your existing technology; if it’s a slow season, you can cut the cost of upkeep entirely.
Renting can also lend you more adaptability when planning for the future, especially in the early stages if you need to build up a client base or get more work experience. Different jobs need different types of equipment, and when you’re renting you can find the right tool for each situation without putting down large capital for every single gig. Rental companies also have access to the most up-to-date technology, which will increase your productivity without you having to worry about your equipment becoming outdated.
Another issue with ownership is having to account for the downtime you spend on upkeep. If you rely on rentals, you’ll always have available machinery for jobs, whenever they may come up.
Replace Broken Equipment
The heavy usage of machinery on construction sites can mean machines break down in the middle of a busy season, or even while completing a job. Spending on repairs or replacements is difficult on short notice, especially for a smaller business operating on a tighter budget.
In this scenario, rentals are usually the best option, ensuring the job can be completed on time without too many additional expenditures or logistical headaches.
Renting equipment is a great option for construction companies seeking flexibility. While purchasing construction machinery can be beneficial, rentals often help get the job done better and faster.