Although hand tools are suitable for some tasks in a construction-related business, there are times when only heavy machinery will do. The good news is that there are many options for procuring heavy equipment to help make the process as affordable and practical as possible. If you consistently need heavy machinery for your business activities, one question will likely come up again and again. This is the question of whether you should rent or buy the machines your business needs to thrive. To help settle this debate, here are a few things to keep in mind.
Transporting the Equipment
When you think about whether you should rent or buy a piece of equipment, it’s important to ask yourself how you’ll get that particular piece of equipment to the job site. When you rent heavy machinery, the company you rent from will likely be able to deliver it to you if necessary. On the other hand, if you buy your equipment, you will be entirely responsible for transporting the equipment and all of the extra costs that this process entails.
Frequency of Use
Another variable that should factor into your decision is how often you use the equipment you’re considering. If you’re working on a unique job and only need a certain piece of equipment once or twice, renting that equipment from a company like Mantra Enterprise LLC will make better financial sense. Of course, if you frequently use a piece of machinery on an ongoing basis, purchasing the equipment is typically a better choice.
Location of Project
There are some situations when renting a piece of equipment may make sense even if you already own a similar piece of equipment. For example, if your job site is far away from the main location of your business, you might want to have the rental company deliver a piece of equipment to the site to avoid the cost of transporting your own equipment to the site. Going this route will also make it easier to complete the project with less planning since you can simply leave the heavy machinery in place.
Financial Health
Perhaps the most important factor to consider when deciding whether to buy or rent a piece of equipment is your company’s financial health. Buying a piece of equipment is a major financial commitment. Of course, that commitment can pay off if you have plenty of projects lined up. However, if you’re not on a stable financial footing at the current time, it may make more sense to rent the equipment you need so that you remain solvent while you build your business.
Secondary Market
If you think buying might be the way to go, it’s still important to keep costs as low as possible. One potential way to reduce costs is to look for equipment on the secondary market. While you’ll need to search carefully to avoid buying broken-down equipment, you can often find great deals if you know where to look. This will help you get the equipment you need without paying the price for new gear.
