That shiny new reach truck can seem like a tempting piece of equipment to purchase for your company. However, before you sign on the dotted line and pay that hefty price tag, it is important to think about potentially renting the equipment. Although there are definitely disadvantages to renting, there are many more advantages to it. Thus the following includes five advantages of renting commercial construction equipment for your company.
No Longer Have to Store Un-used Equipment
Although construction is manufactured to be durable, with enough use, it’s going to eventually fail or become outdated. In this case, you simply cannot throw it into the trash can. Thus most companies will have to purchase storage to keep these pieces of equipment until they are ready to be disposed of or sold. That, of course, could take months and a lot of money for storage. With rental equipment, you no longer have to worry about that issue as the rental company will rotate equipment out on their own.
You Are Receiving Up-To-Date Technology
It seems that technology has gotten better year after year. This means purchasing a piece of equipment is likely to become obsolete within one or two years after the initial purchase. Rental companies understand the importance of technology and attracting customers and thus will invest in up-to-date equipment. This, of course, is a win-win situation as you are getting up-to-date technology and the rental companies are obtaining more customers.
Maintenance Costs Eliminated
It can be very expensive to bring in a mechanic every time your equipment begins to malfunction. Add to that list all the parts you’re going to have to spend money on, and the costs can quickly get out of hand. When you rent, you are eliminating 100% of all those costs as it is the rental company’s responsibility to take care of maintenance issues. It must be noted that a rental company may still hold you responsible if you damage a piece of equipment. Thus it is important to always read your contracts.
New Opportunities Open Up
One of the worst feelings for a construction company is having to pass up a project simply because they don’t have the proper equipment to complete the job. Those with their own equipment would also benefit from renting a piece or two in order to complete a job. Failure to do this can lead to a damaged reputation and low-profit numbers at the end of the quarter. That is why it is highly recommended to seek equipment from a rental company, even if it’s just for one or two pieces. Doing so may open a whole new set of opportunities for your company to grow and create a name for itself within the community.
If there is anything a business likes, it’s being able to save on their yearly taxes. That is one of the most attractive benefits to obtaining construction equipment from a rental company. This is because renting construction equipment can be considered a business expense, and thus most companies will be able to deduct those expenses during the tax season. The issue with purchasing equipment is that you are likely to only be allowed to deduct it the year you purchased it and then it begins to quickly depreciate.
As you can see from the information above, there are a number of advantages that come from renting construction equipment as opposed to purchasing it. That is why it is important to always look into this option if you are a business owner. Of course, it is always recommended to shop around first in order to get the best price.