Investing in heavy equipment is a necessary part of construction work. Project managers depend on machinery to finish challenging work quickly and safely. However, getting your hands on a fleet of brand-new equipment means forking over a large amount of money.
While buying gets you unused equipment in perfect condition, it’s often a significant investment for an operation. Paying for equipment and its maintenance, insurance and storage could leave a serious dent in your finances. Construction contractors and business managers looking for a solution should compare renting vs. buying equipment to find the best solution for their operation. Check out these rental equipment advantages to help you enjoy flexible, cost-effective access to the machines you need for your next project.
1. Increases Cost Savings
When looking for deals, equipment rental cost savings are unmatched. Buying new machinery means paying full prices for multiple machines, which can strain your capital. You’ll need the finances or loans for the equipment, attachments, insurance, maintenance, transportation and storage. While this might be simple for some construction contractors, renting can be smart for operations looking to maximize their money.
Renting lets you get the equipment you need at a much lower rate. If you need to conserve cash, renting is much more affordable. It saves money upfront and cuts out the additional ownership expenses you would’ve had to pay. No paying for insurance, maintenance visits, sudden breakdowns or long-term storage. Renting also lets you avoid the financial loss that comes with depreciation, so you’re never stuck with outdated machinery to resell.
2. More Flexibility
Another benefit of renting machinery is the flexibility. In the construction industry, machine requirements can change from project to project. Renting different equipment based on project needs makes your operation more competitive. You can easily switch between models or sizes depending on the project without the expense of owning a dozen different machines. Tailor your fleet to the needs of each project when you rent.
Renting also gives you more financial flexibility. When you rent, you avoid being locked into a long-term investment. If the new equipment breaks down unexpectedly, you’re on the hook for that machine, and you might need to rent a temporary replacement to cover the downtime. Instead, use renting to grow or downsize your fleet as needed, avoiding worrying about getting a return on your investment.
3. Access to the Latest Technology
Construction can be highly competitive. Buying makes it harder to stay on top of the latest technology. When you rent, you get access to the most innovative tech on the market without the added cost. Heavy machinery is constantly seeing new advancements that offer better productivity and safety. Purchasing equipment means you could be stuck with outdated technology that struggles to compete. Renting offers regular access to the newest models without the investment of buying new equipment every few years.
4. Reduced Storage Concerns
Owning heavy equipment means finding space to store it. Machinery can get large and heavy — proper equipment storage is part of preventive maintenance. You need a dry, secure location to protect equipment from wear or theft. This often means businesses need to invest in large storage spaces, increasing their costs.
Renting cuts out long-term storage needs. You only need to store equipment for as long as your rental contract. When you no longer need machinery, you can just return it. You’ll save space and money while avoiding theft and dealing with maintenance. Choose renting if you want to make using equipment as simple as possible.
5. Minimal Maintenance
Another advantage of renting over buying is minimal maintenance. You’re responsible for all maintenance costs and scheduling when you own equipment. Skipping maintenance could mean unwanted downtime and unexpected repairs can dip into your bottom line. These costs can quickly add up, especially for heavy equipment. These machines often need specialized care from expert technicians to keep them performing.
Renting takes care of these responsibilities. Rental companies typically handle all the necessary maintenance and repairs. They’ll ensure each machine is at its best before it arrives at the site. If you have any issues while renting, the provider often handles repair or replacement, ensuring minimal downtime. This hands-off approach keeps your team productive and increases your savings.
6. No Long-Term Commitments
Renting also means no long-term commitments. When purchasing construction equipment, you’re locked into that investment for years. If your project needs change or the machine becomes outdated, you can’t easily switch to something else. Even if you purchase a workhorse machine, selling it may not get you your full value back. If market conditions change or the machinery has a serious issue, you’re out of your investment.
These equipment rental advantages let you avoid being locked in. Rent equipment for days, weeks or however long the project is. Once you’ve completed the project, just return it. You’ll avoid long-term responsibilities and keep your operation highly efficient. Downsize or expand your fleet as needed. This benefit is great for businesses working short contracts or seasonal work, since you can rent more equipment during more demanding periods without committing.
7. Tailored Equipment Options
When you rent heavy equipment, you can access a wide range of options. Different projects may need unique equipment to get the work done well. However, buying machines for every possible job is only sometimes the most practical or cost-effective choice. You can pick the exact equipment you need for each project with rental services.
This customization ensures your team always uses the most effective machinery for their work. With the most efficient, productive tools for the job, you’ll gain an edge over the competition. Rental fleets’ diverse options let you tailor equipment without the hassle of storing and buying new models.
8. Test Out Equipment
Finally, renting lets you test out equipment before you commit to it. With so many equipment options on the market, choosing the best machine for your business can be challenging. Renting allows you to “try before you buy,” so you can test out different models before buying them. Rent the equipment you might want to buy and test its handling and performance. If it’s a good fit, you can return the rental and invest in your own machine. If it doesn’t meet your expectations, you avoid the cost of long-term ownership. Renting gives you a risk-free way to make well-informed purchases.
Explore the Advantages of Leasing Construction Equipment With Thompson Machinery
If you’re looking to test out equipment or make your operation more cost-effective, consider renting from Thompson Machinery. Our fleet includes the latest Cat® models, designed to deliver maximum efficiency and performance. Whatever your project needs, we offer flexible rental options to fit your operation. With over 75 years of experience and reliable maintenance support, Thompson Machinery ensures you have the right tools for the job. Find a location near you or contact us to learn more about our rental options!
