Heavy transport equipment is an invaluable resource for many jobs and industries, without which it would not be possible to do certain types of work. However, many people or companies wonder if it’s better to rent or buy these big machines. Let’s take a look at four reasons why renting is a better option than buying.
1- No Maintenance
When you rent transport equipment, you’re only responsible for any damage the machine takes while you’re using it. If you buy it, however, you also have to conduct routine maintenance to make sure everything is in working order. This can include weekly, monthly, and yearly maintenance, depending on the specific nature of the equipment in question.
Renting allows you to leave those long hours of work to the actual owners, allowing you to spend more time using the equipment during the rental period and working on other projects between rentals.
2- No Long-Term Storage
Transport equipment, by nature, is generally very large and heavy. It needs to be stored somewhere in a safe location when it’s not actively being used, which can create problems if you have a limited amount of space. If the equipment is used every day, this is less of an issue, but for most companies, certain pieces of transport equipment are used less frequently, which means they need to be stored for weeks or months at a time between jobs. Even if you own the land and have space, that space can be put to better use.
3- Reduced Liability
If you own a piece of equipment and there’s an unexpected fault in the machine that isn’t foreseeable, you’ll have to replace it before you can do the next job. Even if you have insurance, you’ll have to wait weeks or potentially months until the insurance company completes a thorough investigation that shows the fault wasn’t caused by negligence or an error on your part.
However, renters can simply take the faulty equipment back and exchange it for a similar piece of equipment in working order. If it was damaged due to operator error, you may receive a bill from the rental company but at least you’ll be able to go back to work immediately and complete the job for you or your customer right away without any significant delays.
4- Lower Overall Cost
The most important overall reason and the summary of the previous three is that your overall costs will be lower by renting transport equipment instead of buying it. You don’t have to buy a depreciating asset that won’t be used every day and will likely spend the majority of its life sitting in a shed or storage space until it’s needed. Renting allows you to avoid the hassle of maintaining and storing equipment, as well as protecting you from liability if anything should go wrong.
The end result is that you or your company can save thousands of dollars by renting equipment as needed instead of buying it outright. This strategy not only frees up capital that can be invested elsewhere in your business but also offers flexibility to adapt to changing demands without the financial burden of owning and managing a fleet of vehicles or equipment.