Should You Buy or Rent Your Construction Equipment?

When you're thinking about buying construction equipment for your project, you have to ask yourself if you can afford it. You also have to make sure renting is not a better option. Many people make big-ticket purchases like this one, and it can be difficult to decide. Here are a few factors to weigh when considering whether to purchase or rent your construction equipment:

1 - Consider Your Construction Equipment Needs

Based on your project, workout all the equipments you will need. Determine the cost of buying all the equipments and if you are financially confident to buy a big ticket item like heavy equipments. Determine if you will need these equipments for long term. When you're not sure what you'll need later, it can be best to invest in renting construction equipment.

2 - Consider Your Long-Term Plans

You have to think about what you'll do after you're finished. Will you still be able to use it, or will it just sit there? If you feel you'll need it in the long run, it may be worth purchasing. You might also want to consider the amount of time it will take to sell it.

3 - Consider Your Financial Stability

If you're already in a bind financially, it might be best to rent. Only buy construction equipment that you know you need, and only when you know, you can afford it.

4 - Consider Your Renting Options

If, at the end of the day, renting construction equipment is a better option for you, that is okay. You might be able to rent more pieces of equipment for less money than you could buy them for. Most people tend to rent rather than buy, so it's not a bad idea to look into renting construction equipment before purchasing. You can often use the money you're saving to buy the things you really need instead.

5 - Factor in Tax Incentives or Capital Expenditures

If you are in the early stages of a project and willing to invest in purchases that could save you money down the road, you can probably save yourself a lot of money by buying your construction equipment. If you have questions about your tax code, you can always talk to a CPA about whether purchasing equipment will help you get the most out of your tax write-off.

6 - Factor in the Cost of Maintenance

When you're purchasing something that needs to be taken care of, you have to make sure you can afford to take it in for repairs and maintenance. You need to think about whether you can afford that. If you're unsure, it may be best to rent the equipment instead.

Conclusion

If you decide to buy the equipment you need to do your construction project, you have to be sure you can afford it. If you decide it's best to rent, make sure you read about what to look for in a construction equipment rental contract. You can also make sure you have a budget in place for the project and that you can stick to it. Be mindful of what you're spending because it will affect the outcome of your project.

To find out more about construction equipment rentals, talk to a professional at RM Manlift today. Whether you need a boom lift or crane rental, contact us and get a good deal today!