Buying construction equipment is expensive, but renting can also be costly. What do you need to know? The cost of rent vs. the cost of buying a piece of equipment will vary depending on what type of machine you are looking for and how often it will be used. But before we get into that, let’s talk about some general information about construction equipment rental.
1) How Long Do You Need the Machine?
If you are working on a project that is expected to last for less than two months, renting construction equipment may be your best bet. This will allow you to avoid the initial cost of purchasing the machine, and you don’t have to worry about storing it or maintaining it.
On the other hand, if your project will last more than two months and you expect that you’ll need access to a construction machine for more than half of the time (three weeks), buying might be a better option since renting equipment can get expensive when there is very little turnover between uses.
2). How Often Will the Machine Be Used?
If you plan to use the machine multiple times a week, buying may be more economical in the long run. However, if it’s only going to be used every few weeks or months, renting is likely your best option.
Keep in mind that most construction equipment rental companies require a minimum amount of time that the machine must be rented for (usually one day). So even if you only need it for a few hours, you’ll still have to pay for an entire day.
3) What Type of Machine Do You Need?
If you are in the market for a specific piece of construction equipment, there is no guarantee that it will be available to rent through any rental company. And if they do have what you’re looking for, chances are good that their price will be higher than other companies who don’t carry your desired item. So when deciding between renting vs buying construction equipment, research which models or brands can easily and readily be rented (or purchased) before making any purchase decisions.
4) How Much is Your Budget?
If it’s a well-known brand and you can find a good deal on one, buying construction equipment may be a more affordable option in the long run especially if you use it frequently or need access to multiple pieces at once. And don’t forget that there are plenty of financing options available for those who want to buy but just aren’t sure they’ll have the money right then.
5) Will the Machine be Relevant after the Project?
If you are planning on using the machine for years to come, buying makes sense. If not, renting may be your best bet since once the project is over it’s just another piece of equipment that needs to be stored or maintained.
Don’t forget about transportation costs when comparing prices either. Renting a construction machine only includes delivery and pick-up with no additional mileage fees (unless they’re specifically stated in the contract).
When it comes down to your specific situation and the type of construction machine you’re looking for, there is no one-size-fits all answer when deciding between renting vs buying a construction equipment item. But by weighing out the pros and cons beforehand, navigating these waters should be much easier.