One of the first major decisions that construction business owners must make is whether to rent or own the heavy construction equipment needed to complete projects. If you are being tasked with such a decision, you may want to consider some of the advantages of renting heavy construction equipment instead of owning it.
Maintaining heavy construction equipment is no easy endeavor. In fact, it is often a difficult and complex task. Equipment managers charged with maintaining a fleet of heavy equipment must make important economic decisions as part of the day-to-day maintenance of large machinery.
Maintaining construction equipment requires creating and following a maintenance schedule to make sure that all equipment is repaired in a timely manner. Routine maintenance of heavy equipment also involves keeping track of parts, retiring vehicles, acquiring replacement equipment, rebuilding equipment when appropriate, and servicing equipment regularly to reduce downtime.
When you choose to rent construction equipment, you’re saving yourself the cost and resources that are necessary to fully maintain and repair heavy machinery. Many construction rental companies make provisions for the maintenance, repair, and replacement of their vehicles. But be sure to check your contract for specific repair and maintenance details.
Every piece of heavy machinery you own won’t be in use at the same time. Contractors who own their equipment must allocate financial resources to store some of their construction equipment when not in use.
Idle time for bulldozers, backhoes, tractors, cranes, and forklifts can turn into a several-month period depending on the projects you’re working on. And because these large machines require a lot of space, storage yards charge fees that can significantly influence your bottom line at the end of the year.
Purchasing construction equipment is a long-term commitment that requires significant financial resources. And the costs associated with purchasing heavy equipment can have a big impact on new businesses.
Many new construction companies must often take out business loans to cover the cost of buying new equipment for their projects. You can reduce your upfront costs by renting equipment. When you rent the equipment you need, you’re able to allocate financial resources to other equally important aspects of running a successful construction company.
When searching for construction equipment, you’ll find hundreds of pieces available for sale and rental at any given time. But due to the financial investment required to purchase new construction equipment, contractors often can’t purchase every piece of equipment they need.
But if you can’t purchase all of the necessary equipment for a job, then you risk the chance of not having the right equipment for all of your jobs. You might also have to use the equipment for jobs that overlap, slowing down your work.
When you rent heavy construction equipment, however, you have the benefit of choosing the most appropriate piece for the job and you’ll avoid the need to share equipment between overlapping jobs, which ultimately increases productivity.
How you will transport your equipment between job sites is another factor that you should consider. If your service area is large enough, you might have jobs in different counties or even across state lines. So your business could turn to a local rental company to rent the construction equipment that you need, instead of incurring transportation fees.
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