You can complete more projects and save on costs with rental equipment. While purchasing equipment grants you ownership, renting lets you avoid upfront costs, maintenance fees, repair expenses and monthly storage bills. When renting equipment, you can take advantage of the latest technology without purchasing a large fleet. Rental dealers can help you choose the right equipment for each job and deliver it on time, allowing you to complete projects as efficiently as possible.
Rental equipment helps construction companies save on costs in several ways. Owning equipment may eliminate rental fees, but the savings you can achieve by renting equipment far outweigh the costs. Renting construction equipment can help you save on costs in the following ways:
Renting construction equipment eliminates the need to make long-term investments. Renting is a more budget-friendly option than making the significant financial commitment of purchasing heavy machinery. When renting equipment, you can pay smaller daily or monthly costs to use equipment rather than spending a lot upfront.
Avoiding long-term financial commitments by renting equipment also protects you from market changes. Purchased equipment can lose value over time as the market shifts and certain models become obsolete, but you don't have to worry about depreciation when you rent.
Aside from the upfront purchasing, renting also decreases or eliminates ownership costs. Renting equipment allows you to avoid the following costs:
When you own equipment, you must maintain it properly to ensure it operates efficiently and lasts as long as possible. Maintenance typically consists of inspections, battery charging, parts replacements and cleaning. These tasks can increase your overall operating cost over time. Equipment can also require unexpected repairs if damage occurs.
Renting equipment allows you to use it when you need it and avoid worrying about regular inspections, scheduled maintenance and unexpected repairs. Rental companies take care of equipment maintenance so you can focus on your company's projects.
You can also avoid storage and transportation costs when renting equipment instead of purchasing it. Heavy equipment requires large vehicles to move from one job site to another.
Renting or purchasing trucks to haul equipment to different locations can cost companies significant amounts, but rental dealers typically provide transportation services for rented equipment. Rather than transporting machines yourself, you can depend on a rental company to deliver and retrieve the equipment for you on time. This can also prevent you from losing money from delays. Trusting a rental dealer to deliver equipment promptly can help you complete projects on time and keep your clients satisfied.
Renting also eliminates the need for storage space. While purchasing equipment requires you to use valuable storage space in your facilities or rent storage space, renting allows you to save space and money.
The Internal Revenue Service (IRS) considers machinery a business asset companies can deduct from their taxes. While purchased machines count as tax deductibles, rental payments can be much more beneficial to your company during tax season. Owned equipment depreciates over time, but you can typically deduct rental fees in full. Always talk to a tax professional about claiming deductions to ensure you file correctly.
Diversify your company's fleet and increase the project types you can complete by renting equipment. When you purchase equipment, you limit the types of jobs you can take due to the machines you can afford. Renting equipment allows you to perform more construction tasks you wouldn't be able to otherwise, which increases the number of clients you can serve and improves your profits.
When you can rent the equipment you need to complete specialized tasks and projects, you can attract more clients and deliver the results they expect. If a client requests services you can't provide with your normal fleet, you can rent the machines you need to complete the job and return them when you're finished.
Since renting lets you choose the type of equipment you need for each project, you can tailor equipment to different project demands. You can rent a large machine to break up significant amounts of concrete or choose a smaller machine that's easier to maneuver in tight spaces.
If you face unexpected challenges or receive new project specifications requiring different equipment, you can rent the machines you need when you need them. This ability allows you to avoid purchasing expensive equipment that you may only use for a few projects.
Choosing the right machine for each project can seem challenging, but a dealer can help you choose the best equipment. You have more options when you rent, so you can choose the most effective and efficient machine for each job. A dealer can explain machine specifications and help you weigh your options based on the following factors:
With the right guidance, you can select the machinery that will effectively meet your project needs at the best price.
Evolving technology means equipment manufacturers continually update and improve construction equipment. Purchasing a piece of equipment limits you to the version you buy while other updated models enter the market. When you rent equipment, you can access the latest equipment for the best performance, safety, efficiency and results. Renting equipment allows you to use the latest machines with the best built-in technology without spending significant amounts of money, impressing potential clients and growing your business.
Deciding whether to rent or purchase equipment depends on the jobs you perform and how diversified you need your fleet to be. Purchasing a piece of equipment you use daily may be beneficial, but renting is typically the best option for most machines.
Renting is especially advantageous if you perform a wide variety of jobs for different clients because you can access the equipment you need when you need it. It also helps you avoid purchasing a large fleet of equipment you may only use occasionally.
Renting equipment for your construction projects can save money and help you operate an efficient business without purchasing a large fleet. When you rent equipment, you can use the latest machines with impressive technology while saving money on inspections, maintenance, repairs, transportation and storage.
The Cat® Rental Store offers top-quality construction equipment at affordable rental rates. With our wide selection of machinery brands, we can help you find equipment to meet each project's needs. With Cat rental equipment, you can deliver impressive results, grow your client base and increase your profits. Browse our wide selection of rental equipment or locate a dealer near you to learn more.Find The Cat Rental Store Near You
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