Maybe you have a big contract coming up that your current fleet can’t handle, or you just need an upgrade. Regardless, if purchasing the equipment to fulfill your needs doesn’t seem feasible, here are five things to think about before you decide to go with renting.
1. Review your finances
Go over your books, and if you simply can’t afford to purchase new equipment, spreading out the cost of upgrading your fleet by renting is an obvious solution. You also won’t have to worry about storage or resale when you are finished with rented equipment.
2. Think about the cost of ownership
Between maintenance fees and insurance, owning equipment can cost a lot more money than just the face value. Often, when you rent, it’s an all-inclusive cost, and that can be appealing if money is tight. However, you will have to transport the equipment to and from the rental location, so be sure to factor in the necessary fuel.
3. Consider the length of your project
If you only need a particular piece of equipment for one project that spans a few months, a short-term rental is a great idea. The same goes for specialized equipment that you probably won’t need again.
4. Think about the benefits of up-to-date equipment
You can’t always own the most advanced equipment, but if you choose a good rental company, you will likely have the latest machinery at your disposal. That means you’ll be working with the best equipment, and you’ll operate at maximum efficiency.
5. Think about how organized you can be
Staying on top of scheduled jobs is important, and needing to rent equipment for those jobs might have to be worked into schedules. Be sure that you can manage fitting that one extra aspect of getting the equipment you need into planning a project.
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