When Is the Best Time to Rent Construction Equipment?
Renting equipment can be an excellent choice for large and small businesses. Equipment rentals offer a wide range of benefits, including extensive flexibility, cost-effectiveness and no maintenance or storage expenses. Of course, some situations are better than others for renting construction equipment. Let's take a closer look at these situations so you can determine when renting equipment offers the biggest benefits for your company.
How to Know if I Should Rent or Buy Equipment
There are many situations in which renting equipment offers significant benefits, including:
- When you only need the equipment for a short time. Whether you buy or rent equipment often depends on how long it will take to experience a positive return on investment (ROI). If you only need a piece of equipment for a short time, you can see the greatest ROI by renting. Rentals are a great choice for short-term operations because you have no commitment after the rental period ends. If you don't need the equipment for more than a season or two, renting tends to be the most cost-effective option.
- When you want to take on new projects or temporarily augment your fleet. One of the biggest benefits of renting is flexibility. Maybe you've had to turn down projects in the past due to not having the right equipment, or the busy season swamps your capacity to meet client demands. Renting equipment can help you find the right machinery for specific or one-off projects and expand your fleet only for the time you need it, whether for a few months or a few days.
- When you don't want to spend too much upfront. A lot of construction firms want to avoid capital expenses, especially small businesses. Rentals allow you to save on upfront costs with manageable, regular payments over a short period of time.
- When you want to try before you buy. Many equipment buyers like to see exactly how a piece of equipment runs and fits into their operation before making the purchase. By renting equipment, you can try things out before you buy, including newer models with advanced technologies.
- When you want to avoid maintenance and storage responsibilities. Not all companies have the manpower and resources for extensive fleet management. Leaving maintenance and storage to the rental provider is an excellent way to offset these costs and simplify your day-to-day operations — no more oil changes, expensive repairs or fluid checks. By partnering with a reputable rental company, you can expect well-maintained, reliable equipment.
If any of these situations apply to your operation, renting equipment may be the best option, especially when you work with a trusted company like The Cat® Rental Store.
Renting Equipment From The Cat® Rental Store
Sometimes, renting just makes sense, and the experts at The Cat Rental Store are there to help every step of the way. To learn more about our rental equipment or request a quote, call 1-800-RENT-CAT or browse our online selection today.