It has become more and more popular to rent construction equipment for a few different reasons. Some key contributors to the growth of equipment rentals are the rising costs of purchasing equipment, the market is unpredictable, and more companies are offering to rent as an affordable option.
Here are some of the benefits of renting construction equipment:
- You can rent a project-specific piece of equipment: This helps to reduce logistical delays and ensure that you have the right equipment at the job site to get the job done. This also helps to eliminate having to share equipment between job sites which costs time and money to transfer the equipment from site to site.
- Avoid The Overhead: Renting equipment rather than purchasing can greatly benefit the residential or commercial user by allowing them to pay a small fraction of the purchase price. Long term investments will weight you down especially for a piece of equipment that you may only need temporarily.
- Less Upkeep and Repair Costs: By renting construction equipment you won’t be responsible for the cost of wear and tear on the machinery (as long as you don’t’ break it.) Renting equipment allows you to focus on the short-term future rather than taking the time to plan out a long term maintenance plan for your equipment.
- Market Fluctuation: The construction market is very dynamic and a lot things influence rising or sinking costs of equipment. To ensure you get a steady price on equipment, rent instead of buying which leads me right into my final point.
- Avoid Depreciation: When you buy machinery you are inevitably vulnerable for depreciation of the equipment. Reselling equipment puts you at an almost guaranteed risk of losing money on your investment. Renting equipment eliminates the risk of your machinery decreasing in value over time.
Renting may not be ideal for every person’s situation so consider what would be the most optimal solution for you and your company. As you can see, renting definitely has some benefits and major advantages to it. For competitive prices on renting construction equipment, call G&B Construction to see how we can help you!