Out of the three options—buying, renting, and leasing—renting construction equipment tends to have the most pros and the least cons. Of course, it depends what project you are working on, whether or not renting construction equipment is right for you. If you work on many short projects that use a variety of equipment, renting is definitely the right choice for you. If you are working on a long project, it is possible that the rent cost could exceed that of the piece of equipment. This is only if the project will take a very long time, however, as the cost of equipment can be around 100,000 dollars and the cost of renting can be from 1,000 to 5,000 a week, a long term project would put you in a situation where you should have purchased the equipment instead of renting.
The first and probably most obvious advantage to renting construction equipment is that you only pay while you use the equipment. This allows you to add the rental price to the job pricing, which saves you money in the long run. Rental policies also tend to be very flexible, which allows you to return the equipment at any time. There are typically no penalties for early return and the rental payments end as soon as the equipment has been returned. Imagine if your job falls through, or even just slows down for a bit.
If you are considering a purchase, renting allows you to test the equipment before committing. The equipment provided by most rental companies is usually new and the best on the market, so you will certainly get a taste of what to expect if you purchase new equipment. This is because the companies are constantly updating their supply of equipment, which makes the machines safer and less likely to malfunction.
Renting construction equipment eliminates the hassle of maintenance. If there is a problem with your equipment, either the company will send someone to repair the equipment or they will send a replacement. Either way, the problem is taken care of for you, with no extra money charged.
Paperwork and administration is reduced by renting equipment rather than buying or leasing. Also, budgeting is more simple. There is only one invoice with one cost, as the cost of the equipment can be factored into the job pricing. Rental expenses can also be deducted as business expenses when completing taxes.
While there are many benefits to renting construction equipment, there is also a negative side. If you need equipment long term, buying or leasing may be less expensive. Also, depending on your equipment needs, notice is usually required to rent the equipment, especially if the rental company has limited stock of that item.
While there is a downside to renting construction equipment, there are a lot more positives. If you meet the right criteria, renting equipment for your next project can save you time and money. It can also alleviate the stress of committing to a long term financing payment. If you are in the market for construction equipment rental in the Pennsylvania area, give us a call for more information. We can provide you with great rates, policies, and equipment.