As a recent heavy equipment graduate, or someone who is going out on their own, you are now faced with a question: Should I rent my equipment, or should I buy it? There are a few things to consider before making a decision. Here is what we think you should think about before deciding.
Your Financial Situation
While it may seem obvious to say it, you need to think about whether you have the capital needed to buy a piece of equipment. While the cost of renting does add up over time, that becomes a moot point when you don’t have the upfront cost to buy a piece of equipment outright.
Cost of Renting vs Cost of Owning
As with anything from vehicles to pets, the upfront cost that you pay to own something is not your final total. After you’ve made the purchase, you need to start considering things like insurance, maintenance, registration, among other fees. Fees that are not your responsibility when you’re renting.
Amount of Use
Another thing to think about is how often will you need this piece of equipment. Is the job you need it for short-term, or a one-off? Or do you foresee a need for this machine again in future jobs? If a machine is likely to not be used, it may be worth the rental fees.
Equipment Availability
A great advantage of ownership is that the machine is yours and available to you whenever you need it. There’s no danger of a rental company not having it in stock for you, and you don’t have to worry about changing rental terms or times because of changes to project schedules.
Fleet Management
One of the bigger costs of owning machinery is the cost of upkeep. Do you have the capital, and the time or workforce on hand to keep that machinery running smoothly? If not, you may want to consider renting.
Do you still have questions about renting or buying? Or are you ready to learn to run heavy equipment? We’d love to hear from you!
