4 Reasons Why Renting Equipment Is More Advantageous Than Owning It

Businesses and companies are always looking for ways to get a competitive advantage over their rivals. Their finance team spends days browsing through their balance sheets trying to find some way to achieve a better stance. One effective way is to compare the cost of renting or leasing heavy equipment instead of owning or buying them.

Almost all businesses use loaders, lifts, excavators, generators, and other essential equipment and like any other resource, these must be streamlined to achieve maximum efficiency. Cost-benefit analysis helps determine whether you should rent or buy equipment.

Renting equipment allows a bigger organization to augment its fleet when needed, while it can aid small businesses to propose projects that require special equipment to fulfill its requirements. Diverse capabilities among different sizes of equipment can help businesses serve niche markets and get a variety of projects.

Continue reading to find out some of the benefits that have made equipment rentals immensely popular in various industries.

Avoid Transportation & Storage Cost

When buying heavy machinery or equipment, you also have to ensure that there is sufficient space or area for their temporary or permanent storage. You do not want to leave such a large investment in heavy rain, blizzards, or scorching heat as continuous exposure to natural elements can damage the equipment. This leads to decreased equipment value and possible financial loss.

Also, rentals can free you from the logistics of transporting machinery or equipment from one location to another. Hence, you are safe from spending large sums of money on storage and transportation.

Decrease Long-run Expenses

Many companies and organizations have equipment consultants and maintenance teams dedicated to the regular service and upkeep of machines and equipment to ensure smooth operations. Mechanics are responsible for checking the hydraulics, fluid levels, regular service, changing of machine components or parts, and technology up-gradation. They are also in charge of managing leaks and controlling breakdowns when using the equipment.

You can gauge and estimate the cost of renting any equipment quite easily. However, the overall expenditure when it comes to the maintenance and service of privately owned equipment is less predictable. In the long run, the maintenance cost of worn-out and aging equipment increases. Hence, the best way to avoid long-run expenses is by renting equipment.

No Upfront Investment

Large and heavy equipment such as tracked dozers, excavators, or telehandlers can be fairly expensive, a cost that needs to be pre-planned and usually requires a year or two to come about. So, if you are buying a piece of equipment, your money will be tied up or frozen until you sell it. The longer the duration of its use, the lower the resale offers you will get which is not desirable for such a large investment.

Most companies tend to avoid freezing large sums of money so they can freely pursue other opportunities to make a profit or maintain other important aspects of the business. So, renting equipment allows you to prevent blocking your money in the form of machines.

Sharpen Your Competitive Edge

There is an age-old concept in the corporate world that it is difficult to compete against large, well-established companies. The possession of new technology and the latest equipment is a major contributing factor in this regard. However, equipment rental is a good way to shift that decades-old characteristic in order to allow new, small businesses to have a competitive advantage against the big fishes in the industry.

Smaller companies can now procure the same type of equipment for their projects. This access to an efficient and diverse fleet of machines will allow them to perform better or equal quality work in lesser amounts as compared to their well-established competitors. Hence, rental service is an effective source for small and medium-sized companies to sharpen their competitive edge and outperform big corporations with quality work.

Read: TOP 6 BENEFITS OF RENTING HYDROVAC SERVICES

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At Ghost Hydrovac, we offer expert hydro-vac services, including hydro excavation, directional drilling, steam cleaning, pressure washing, and more using specialized hydro-vac trucks in Alberta and BC. For more information about our services, contact us today.

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