To Buy or to Rent: When are Equipment Rentals the Practical Choice?

To Buy or to Rent: When are Equipment Rentals the Practical Choice?

In most cases, buying a product is more practical than renting. However this rule doesn’t usually apply to most medium and heavy equipment. Since these units are expensive, borrowing may be the smarter option. Here are a few aspects to consider for your big construction or renovation projects in Lloydminster:

To Buy or to Rent When are Equipment Rentals the Practical Choice

  • Cost – Most Bobcat equipment are very expensive. For example most Skid steers cost $30,000 to $100,000, which probably means that they’re more expensive than your actual renovation project. On the other hand, Bobcat rentals from companies like Double Edge Rentals only cost around $25 per hour. Every project must of course stay on budget, otherwise you’ll be spending money which you most probably won’t earn back.
  • Frequency – How often do you think will you use that new Skid steer? If you’re planning on starting your own landscaping firm or construction company, then purchasing might be more cost-effective, but if you’re only going to use it to clean your barn twice a year, then equipment rentals would be the better option.
  • Storage – Remember that these units are huge and will not fit on your average toolshed. If you’ll be making a purchase, make sure that you have enough space for storage of these equipment.
  • Maintenance – Do you know how to take care of these machines? How often do you need to replace the diesel? How do you take care of the equipment during unfavorable conditions like winter? Having these units repaired tends to be very costly, plus you’ll probably have to hire for pick-up and delivery since these won’t exactly fit on your car’s trunk.
  • Upgrade – One significant advantage of renting is that you can get the most up-to-date and equipment without spending much. Whenever you buy a new equipment you’ll probably lean towards the cheaper and older models, and maybe even purchase second-hand equipment. Sure, you may have your own equipment, but it still doesn’t match the convenience that the more advanced models will give you.

If you’re planning a construction or renovation project for your home in Lloydminster, you should carefully weigh your options and determine which route will get you the better results for less money. Renting of heavy and up-to-date equipment will no doubt make the job a lot easier, faster, and cheaper.

Sources:

Should You Lease or Buy Your Tech Equipment?, Entrepreneur

Managing Equipment: Rent or Buy?, Facilitiesnet.com