When it comes to serious construction projects, you have to make sure you are using your money wisely. Whether you plan on renting or buying a boom lift, this decision has a large impact on your budget, so it should not be taken lightly.
There are many hidden benefits to renting boom lifts. As opposed to purchasing and getting stuck with a model that might not be a good fit for your next job, renting a manlift that targets that project is the best option. For example, if you are taking on a project where you need to reach an area on top of a building that requires you to go up and over and obstacle, having the choice of an articulating boom lift at the right height would be the best option.
When renting, there is usually access to a wide range of different equipment. You are more than likely to find exactly what you need for your next project every single time. When you rent boom lifts, there is low commitment. You rent the equipment when you need it, but when you no longer need it, you can simply stop renting it. This eliminates the possibility of paying for a piece of equipment you have stopped using. Because you are renting the equipment in contrast to buying or leasing it, you are not responsible for maintenance, insurance or monthly finance charges. This is handled by a third party, which saves you a lot of money. Equipment available for rental is also usually the newest version, so you will never have to worry about using outdated machinery.
There are some instances, however, when buying a boom lift may be the best option for you. If you plan to use this equipment for so long the rental price exceeds the cost of the boom lift, the maintenance, and the insurance, then your situation is an example of one of those instances. This situation is not as common, however, as most rental costs range from about 1,000 to 5,000 per week, and some boom lifts cost as much as 100,000 dollars to purchase.
When deciding whether to rent the next boom lift, telehandler, or scissor lift you need, consider your current financial situation. Are your finances capable of handling a large purchase, or would the much smaller rental fees be more suited to your budget? When calculating the cost of buying equipment, be sure to factor in any anticipated maintenance costs and insurance plans.
Be sure to factor the length of time you will need this equipment when you make your decision. While you will have a purchased piece of equipment for a very long time, you will need to renew your rental based on the amount of time you keep your piece of equipment. If the rental fees add up to more than the cost of the equipment, maintenance, and insurance, then renting may not be the best option for you.
The main differences between buying and renting a boom lift all come right down to cost and utilization. If you are planning on taking on a long project followed by other long projects that use the same equipment, you should consider purchasing the boom lift. If you take on shorter projects or use different equipment each time, renting will be more cost efficient. Call us today for help making the right decision.