Construction businesses require a wide range of high-quality equipment, and many owners feel that their only valid option is to buy what they need. However, for numerous reasons equipment rental is becoming more and more popular. Here are some of the advantages of renting construction equipment.
Pay Only for What You Need
Often particular projects need specialized equipment that would afterward remain unused for long periods of time. In these circumstances, you can rent what you need for the short term, and afterward, return it to the rental company. Renting construction equipment for short periods of time also allows you continual access to machines with cutting-edge technology.
Save on Transport
When you buy your construction equipment, you have to transport it to whatever distant site where it is needed. However, when renting construction equipment, you can lease what you need from a local company and forego expensive transport costs.
Avoid Expenses for Maintenance and Storage
Owning construction equipment means that you are responsible for maintaining it and storing it when it is not in use. When you rent what you need, though, there is often a provision for maintenance in the rental contract. Additionally, instead of having to store unneeded equipment, you simply return it.
Take Advantage of Opportunities
Renting equipment allows you to take advantage of new opportunities in two ways. First of all, the funds you save by renting instead of buying are available for new projects. Secondly, you can easily handle special projects that require equipment that you don’t own.
Deduct Rental Costs
When you rent equipment, you can simply deduct the costs as business expenses. However, whatever you buy may have to be depreciated over the equipment’s lifetime.
Try the Equipment First
Buying equipment that ultimately turns out to be unsuitable can be a considerable loss for your company. Some rental contracts, though, offer a lease/purchase option. This allows you to try out the equipment before you buy it. If you decide to purchase it, the rental costs are deducted from the price.
For more advice on renting construction equipment, contact Triport.