Renting vs. Purchasing Equipment
There are many opportunities to rent the equipment you need rather than purchase. Often times, it can be more convenient and cost-effective – what every project manager needs. Rather than bore you with a long article on the pros and cons of purchasing or renting, we’ll keep this short and sweet and in point format so you can get back to doing what you do best.
Advantages of Renting
- Financial flexibility – frees up money to fund other parts of the project or for other more profitable uses.
- 100% write off.
- Renting generally includes all wear and tear and regular maintenance in the rental cost. Rental stores also have the ability to come to do repairs or exchange the equipment.
- Never worry about your equipment becoming obsolete, rental stores rotate their equipment more often than owners so you are more likely to get the latest technology. It’s like test-driving new equipment!
- Select the exact machine you need for that particular job rather than just making something work.
- Not over-stretching finances by committing to longer finance terms to own
- Great for unplanned and infrequent needs.
- No need for storage.
- On-site delivery when you need it – saving you time and money.
- Convenience – get what you need, when you need it.
- Rental stores are stacked with the right equipment for your job.
- No need to worry about insurance costs or depreciation.
Advantages of Purchasing
- You own it.
- That machine is always available when you need it, no need to schedule jobs based on when you can rent a specific piece of equipment.
- If the return on the investment of the equipment is greater than the return you could get if the money was used elsewhere.
- Financially, it’s a better option if it’s a piece of equipment you use frequently with little down-time and in a reasonable time period (to avoid becoming obsolete).
As you can see, there are a lot of considerations when deciding whether to rent or buy. Renting allows you to allocate dollars to other parts of the project for a higher return on investment whereas owning your own equipment can tie up more funds for an extended period of time. When it comes to purchasing, looking ahead to the future to ensure you are getting the most use out of that piece of equipment will be critical.
The team at A&B Tool Rentals is always ready to answer your questions and help you find the right piece of equipment to rent or purchase.