To rent, or to buy? It certainly is an important question. Construction Equipment is a seriously expensive investment, so it makes sense to compare the benefits of buying and renting to see which one suits your business best. Here are the most important factors to consider.
Capital Investment vs Cost Control
Did I mention construction equipment is an expensive investment? This is the first and main point to consider. Does your company have the capital for this heavy investment? If not, then renting equipment may be the only choice. If you do have financial flexibility, then it makes sense to consider the cost vs the frequency of use when crunching the numbers. On the other hand, most construction projects have a need for immediate cost control, and renting equipment can help keep levels of profit high in comparison to invested capital. Also, renting equipment with operators can even help your business optimize staff costs.
Minimum or Maximum Range
Once you’ve considered the cost and you are looking to invest in equipment, the size of your fleet will be the next consideration. If you’re acquiring a full fleet or only need a few specialized pieces then you’re likely all set. If this isn’t the case, one of the great benefits attached to renting is the wide variety of options you have to choose from for each specific job. Rental companies keep their fleets up to date so you have access to the most comprehensive range of state-of-the-art equipment, as and when you need. Even if your company does acquire some machinery, renting can still be a benefit if specialized equipment is needed for one-off jobs.
Before buying, another resource to consider is time and whether your company can afford it. Buying has the potential to save you in the long term. However, it adds a lot of administrative tasks along the way. Be sure you’re willing to spend the time it takes to manage a fleet of equipment and the additional staff it takes to operate and maintain them.
Rental companies absorb these administrative tasks allowing you to focus on your core business. For example, if equipment breaks down there’s no additional effort or cost from your end, you simply notify the rental company and, once they are reputable, they will rectify the situation. They also carry the burden of finding and training skilled operators.
New Experience or Expert
There is a reason good rental companies have all the equipment you need; they know the market! A good rental equipment company will help you find the right equipment for the job at hand. Companies like the Black Bess Group, who have over 25 years in the industry under their belt, have the civil works knowledge for any construction project. Advice from the experts can save you on resources and help your project run smoothly and efficiently. There’s no sense buying equipment if your company doesn’t have the civil works knowledge for the projects at hand.
Try Before You Buy
If you’ve worked through all the details and it does make sense for your company to invest in construction equipment; do you know for sure which piece or pieces of machinery to invest in? Renting is a great way to test out the equipment you want to buy, to be sure it works for you and your company.
For more information on Construction Equipment Rentals, visit blackbess.com.