Renting construction equipment has become more popular in recent years—so much so that purchasing equipment has been in serious decline. If you are thinking of joining the trend but are afraid you will suffer financially, read on for more information.
You may be wondering—Is renting really the most cost-efficient choice for acquiring construction equipment? Is this option best for business?
Construction is a project based industry. It is too often that businesses leave equipment collecting dust in storage while it is not needed. This depreciates the equipment, which leeches you of even more money than you lose by paying for equipment you do not use. Rental fees, like purchasing equipment are deductible as business expenses, which helps offset the over cost to construction businesses.
Overall, the cost of renting is manageable in the short term, as well as the long term. A brand new scissor lift can cost anywhere from 15,000 dollars to 25,000 dollars. Renting a scissor lift costs around 100 dollars a day. The prices of renting equipment can vary depending on where you go and what you rent. For example, renting a scissor lift with a higher weight capacity and reach will generally be more expensive. The price to rent a scissor lift for one week can cost anywhere from 400 dollars to 1,000 dollars. The longer the rental term, the more cost effective assuming you are able consistently use the equipment during this time.
It could take years of renting a piece of equipment monthly to meet the 25,000 dollar price tag of purchasing a scissor lift. In those years, the value of your scissor lift will depreciate while new versions will be released. These newer models may have features that make the work easier and more efficient. As it may take years for the renting cost to equate what you pay for a new scissor lift, in many situations, it is better for your company to rent. This way, you are always getting the newest model. Renting construction equipment that is new and improved is generally safer. It saves you money that would have been spent on repairs.
Boom lift rental has a similar price point as long as you’re not getting the large machines. Assuming you are staying below the 60 foot range you can rent a boom lift for around 200 to 400 dollars a day. If you want to rent by the week, you can pay 1,000 dollars to 1,500 dollars. If you pay for an entire month, you only pay 2,000 dollars to 2,500 dollars. The larger the boom lift, the higher the price will be.
To illustrate, a 30-foot articulating boom lift will cost around 250 dollars per day, 1,000 dollars per week, and 2,000 dollars for a month. A 45-foot telescopic 4 wheel drive boom lift could go for 300 dollars per day, 1,100 dollars per week, and 2,500 for a month. A 65-foot diesel boom lift will probably cost you somewhere around 350 dollars for a day, 1,500 dollars for a week, and 3,000 dollars for a month. These prices are simply an average and will most likely vary between rental companies.
If you are interested in renting construction equipment such as boom lifts, scissor lifts, telehandlers, and more, contact us for more information about the low prices we offer.