Construction pros, contractors, and landscapers know how much their business relies on dependable, powerful, and versatile equipment. Having the right equipment can make or break a project. While construction equipment costs can easily add up, there are some great options for machinery and tools that can significantly keep your costs down, both short and long-term.
When the time comes to procure needed equipment, you need to determine if that equipment should be purchased, rented, or leased. A survey by Purchasing.com reveals that renting construction and landscaping equipment is becoming more popular in recent years. In fact, renting heavy equipment has surged in popularity over the last several years by 400% and is still growing.
Renting equipment for your construction or landscaping project can offer many benefits, impacting your costs and your job timeline. You can enjoy more flexibility, reduced costs, and less stress with construction rental equipment.
There are some situations where renting is more beneficial than owning, so it is important to evaluate whether a rental is right for you. So how do you know if you should rent or buy equipment? Consider these situations and the benefits to renting over buying.
If you are just starting up your small business, you may not have enough working capital to get the equipment you need all at once. Renting construction equipment not only saves you money, but it cuts down on your opportunity costs as it frees up your money to pursue new projects, invest in marketing, increase your workforce, improve your technology, and pay for these things that you need right now.
When you buy expensive construction equipment, you should expect to not only keep it a long period of time, but also to use it often. It is helpful to figure out how long it would take to realize a positive return on investment (ROI) and whether it makes sense to rent or buy.
Renting construction equipment makes the most sense if you only need this type of equipment once temporarily or seasonally. Because you only commit for a short period of time with a rental, you don’t have to overpay for the amount of use you’ll get out of it.
Any specialized work is often best served by renting. You may use the specialized piece of equipment in your future projects.
If you have a seasonal business or are seeing a temporary increase in new business, rental construction equipment makes a lot of sense. Renting gives you the most flexibility. It saves you from having to refuse a job due to a lack of the specific equipment you need right away. Renting lets you meet your needs during busy season. You won't have to pay for expensive storage during the off-season.
With construction equipment rental, you can try different types of machinery and tools. You can find the best brands and types before you spend money on expensive equipment. Renting gives you the opportunity to discover the most advanced technologies. Rental companies offer newer, updated equipment updated with the newest innovations.
When you rent equipment or tools for your construction project, rental professionals help you choose the equipment. They will find exactly what you need, making sure it has the power and versatility you need. Then, they will train you and offer advice on the best use practice for the tool or piece of equipment. You also get ongoing technical support while you have the equipment.
Having a fleet of large equipment means you needs lots of storage space. Storage costs are often too much for a start-up or small business. Storage needs increase your costs and your day-to-day operations. Renting construction equipment eliminates all storage expenses.
Storage costs for construction or landscaping equipment can be significant as well. By renting equipment only when you need it, you’ll save on overhead costs. You’ll have more room for your business capital to spend on needs and future growth.
The need for maintenance of construction equipment can be even more significant. From routine maintenance like oil changes and tune-ups to expensive repairs, maintenance requires labor and parts expenses.
With renting, you don’t have to worry about repair costs if your rental construction equipment breaks down in the course of your job. Your equipment rental company provides you with maintenance and replacements at no expense. To make sure you have insurance, ask about their repair service before you rent. Ask about the speed of repairs or replacement. Also, ask about after-hours support. On-call equipment repair guarantee you will reduce downtime and parts and labor costs.
The benefits to renting construction and landscaping tools and equipment are easy to see. But renting is not always the best choice. Sometimes buying makes more sense. How do you decide between buying and renting? Here are some questions to ask.
If it is only needed for a short period of time, it could be better to rent. If you need the equipment on a regular basis, buying is the better choice.
In general, the line between renting and purchasing is the usage of the equipment. If you will use the equipment at least 60-70% of the time, consider buying instead of leasing.
If your projected utilization rate falls below 40%, renting is the better option.
If you have jobs across a large regional area, it’s better to rent equipment from a local rental company rather than moving it long distances. Not only will you save on transportation costs, but local businesses can start on the job right away without waiting for your equipment to arrive.
If you are trying to reduce overhead costs, renting your construction equipment is the answer.
With construction equipment rentals, you save on the initial sale cost, storage, maintenance, labor, and parts. Renting gives you breathing room to keep your initial costs down while you grow your company.
If you want to learn how to use new piece of equipment or tool, consider renting. You can get on-the-spot training and ongoing support from experienced rental company employees. If you plan to buy the equipment later, you can test different models and sizes before buying.
The variety of rental construction equipment means you can rent items from small tools to big construction machinery. In fact, there is most likely a rental option for any tool or equipment you can imagine. Examples of available rental construction equipment include:
Search for a local construction equipment rental company. You will have nearby access to what you need and can get the equipment when you’re ready for it. If you need rental construction equipment, you can develop a good working relationship with a local store for great service.
Hunting down a local rental place on your own is not your only option. Technology has kept pace with the increased demand for rental equipment. Companies such as Getable, Sunbelt Rentals, United Rentals, and BigRentz offer easy ordering, local rates, and availability from websites. Use their online sources to find and order rental construction equipment in your area. These services are great if you don’t have the time to look up a rental company.
With advances in technology in the construction equipment rental business, getting what you need quickly has never been easier. Lindsey Anderson, Editor for Access, Lift, and Handlers (ALH) Magazine explains to ConstructConnect:
“The biggest change I see with rental companies is that everything used to be done on paper. Now, everything from ordering to asset management is going digital.”
Rental consumers will encounter a streamlined process to get what they need.
The factor driving construction equipment rentals is your budget. There are creative ways to rent equipment that impact your budget. Phil Picone, Regional Equipment Manager of Granite Construction, offers this advice:
“Shop around for pricing and service, and be sure to let your suppliers know if the equipment will be needed for longer time frames to get the best rate. If the equipment will be used longer than six months, start looking at Rental Purchase Options (RPOs) to protect your equity for any changes or potential future needs.”
Make sure you get the right equipment and the right size for the appropriate rental term length. The best rental terms include a good rate, insurance, and any needed repairs.
Renting construction equipment and tools saves you from a large capital outlay. It cuts the need for storage, maintenance, and repairs. This is important in times of economic uncertainty. As Dennis Howard, Vice President of RDO Equipment Co. explains:
“While we don’t know what the future holds and what factors will still be affecting the construction industry into next year, one thing is for sure—renting equipment remains one of the best ways to stay flexible, productive, and profitable amidst uncertainty.”
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