Renting versus Owning Equipment: Why Renting is a Great Option for Businesses

You may think that owning is the better option when it comes to your equipment. In some cases, that’s true, but there are a lot of financial and logistical benefits that go along with renting equipment.

 

If you need additional equipment on top of what you have in your arsenal, renting is a must for your business. It can also give you the option of specialized equipment if your fleet is made up of the basics.

 

Big or small, your business can enjoy many benefits from rental equipment and its endless flexibility. It’s a popular option simply because of its many benefits across all industries.

 

1.    No Need for an Upfront Investment

 

Purchasing equipment for yourself can be a considerable upfront cost. Larger equipment especially, such as an excavator or bulldozer, can take up a lot of funds. Once you've made the purchase, you own the equipment, but the money is tied up in the machine.

 

Once you sell it, you have the money back, but typically at a loss. Renting equipment frees up capital for other areas of your business and isn't attached to certain high-cost pieces of equipment.

 

2.    Avoid Long-Term Commitment

 

Making an equipment purchase is a commitment. Whether buying new or used, you need to consider service schedules, warranties, and finance options. Maintenance is a costs time and money, which can be an off-putting side effect of owning equipment.

 

Rental equipment can be a solution. With long and short-term rentals, you don't have to worry about a piece of equipment you own sitting unused. You can rent the equipment you need for as long or as little as you need it. 

 

3.    Use the Latest and Most Precise Equipment

 

Renting helps you get your hands on more precise and up-to-date tools and equipment. If you own a piece of equipment, you have to work within the scope of its technology until you upgrade. With rental equipment, you have the option to get more efficient equipment that will do the job you need to do faster and easier.

 

No matter the industry, equipment rentals play a part in the success of many major and minor projects. When you need quick, low-commitment equipment, a rental company is a path to take.