When you own a construction company, there will automatically be some pieces of heavy equipment that will be better for you to purchase and some that will be better for you to rent from time to time. It can be hard to know which pieces are worth investing in though. The following guide walks you through different factors to consider when trying to decide if you should rent or buy a piece of equipment.
Frequency of Use
First and foremost, consider how often you use the piece of equipment. If the equipment will only be used a few times every couple of months, it may not be worth buying. You want to invest in equipment that will be used frequently to ensure you get the most out of your investment as possible.
You need to consider where you would store the piece of equipment after you buy it. If you do not have a large storage facility for your equipment, you will have to store the equipment at your home or business. You want to be sure that you figure out how you are going to keep the equipment out of the elements, if it cannot withstand them. Renting equipment allows you to get it when you need it without having to worry about storing it for extended periods of time.
You will need to figure out how to haul the piece of equipment from one place to another. This often means that you need to invest in a trailer as well as the piece of equipment that you are buying. When you rent a piece of equipment from the rental company, you can often rent a trailer with it as well. You need to consider that the trailer adds to your overall cost of the purchase, as well as the things you need to be able to store.
Once you have taken these factors into consideration, it should be rather simple to determine if a piece of equipment is worth buying or if you should just rent it when you need it. If you are choosing to buy a piece of equipment, visiting a rental company, such as Ignite Rental Solutions Ltd equipment rental, before buying a piece of equipment could still save you quite a bit of money. Many rental companies sell their used pieces of equipment for a fraction of what you would pay if you bought the pieces in brand new condition.
My 8-year old son absolutely loves everything about heavy construction equipment. As a school project, he was assigned to create a blog that includes as much information about heavy construction equipment as he could "dig up". We had such a great time working together that we decided to continue working on the blog to fill it with even more information about all sorts of heavy construction equipment. We have answered many questions about these machines and have provided a lot of useful information about how they run, what they can do and so much more about all of the different machines used in construction.