Renting equipment is an easy and affordable way for contractors to increase flexibility and expand the reach of their business by giving access to a wide selection of machinery.
Whatever your reasons are, here are six things you should consider before acquiring your next piece of equipment:
Six Reasons Renting Equipment May Be Right For You.
1. Renting is cost-effective
(Until it costs more than it would have had you bought it.)
The conventional school of thought is that if the equipment isn’t used more than 60 or 70 percent of the time, it’s probably better to rent.
There are many things to consider, but it comes down to this. If you need it so long that the monthly rent you’ve paid is the same as it would have been had you bought it, you should have bought it in the beginning. On the other hand, if you’ve got 10,000 tons of concrete to crush and a week to get it done, it may make more sense to hang onto that cool half-million dollar burning a hole in your pocket and rent a crusher.
2. Expand the reach of your business.
Renting machinery allows companies to explore new revenue streams and areas of expanding their business scope without making long-term commitments or capital expenditures.
3. Try before you buy.
Working with rental equipment lets you gain experience working with the machine and make comparisons before buying.
4. Fill an Immediate Need
Changing circumstances or sudden emergencies often create a need for machinery to be filled as quickly as possible. Access to a rental fleet of up-to-date equipment allows a faster response to these situations.
5. Supply Chain Issues
COVID 19 has created worldwide supply chain disruptions causing uncertain wait times for parts and equipment. But let’s face it, If it wasn’t COVID, it just as easily could have been something else. You’ve been in business long enough to know that there’s always something on the road ahead that’s just waiting to throw a wrench in your plans. Equipment rentals can provide instant access to machinery in stock and ready to work when that happens.
6. Consider the financial implications.
Rental equipment doesn’t depreciate, and you may be able to charge rental expenses back to the customer or deduct them as a business expense. At tax time, purchased.
Find Out Why Foreman Equipment Has A Better Rental Policy
Foreman Equipment’s rental plans can yield significant savings, especially when your business needs the equipment.