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There has been a noticeable, undeniable rise in costs for construction companies trying to purchase equipment. Owing to general inflation and standards all over the globe, the construction company (like every other industry) has taken a definite hit. That is why renting equipment has seen an increase in popularity. From cost savings to improved efficiency, all the advantages are clear to see. This guide takes a look at the benefits found from renting over buying and why they are causing the recent shift.
No Cost of Purchase
The most immediate benefit has to be the lack of upfront cost. Given the current high prices circulating, this is highly appealing. There will be an ongoing cost; however, this is more than workable into the company budget and will be lower than all the associated maintenance, repairs, and running demands that come with owning your own assets. As a starting point, this is a great advantage and one that should absolutely be considered during the deliberation process.
Fewer Repair Costs
Of course, another bonus of this is that there are virtually no repair costs. You may be liable if you break the equipment during your hire period, but this should all be detailed in the lease contract. However, apart from that, you are not responsible for the ongoing maintenance of the asset in question. While there is a matter of being respectful and returning the equipment in a like-for-like state, there is nothing you have to do further than keep it clean and avoid major damages.
No Depreciation
Just like owning a car, construction equipment is only brand new and worth the cost for a short period of time. After that, and a while of being used over and over, it begins to depreciate. This means you lose value on an asset, which is not good for business. Budget wise, renting makes the most sense because you get access to new, top-tier, well maintained equipment whenever you need it.
More Flexibility
When you hire as opposed to buying you also have more flexibility when it comes to what jobs you can take on. Investing in adjustments and attachments is cheaper, more convenient and gives you more autonomy as a business, and is a great way to generally boost your versatility as a company. You can improve your equipment with Rightline Attachments and give your brand a new lease of life. People want the option of a company that can do it all, so it makes sense to bring your brand up to the expected standard.
The benefits of renting construction equipment are too good to miss. Not only will you be saving money but you will also find it gives your business more options in the long term. The advantages of this are clear. Take some time researching all the options and make sure that whatever you decide to do fits in with your budget, agenda, and job demand. That way, you will achieve true flexibility and grow a reputation worth following.