We are living in the 21st century. Everything from doing everyday tasks to traveling to constructing far easier than they used to be years ago. It’s the age-old argument, which is better; to rent or to buy? Each option has its own powerful strengths and crippling weaknesses. Ultimately it comes down to the situation you are in, and your own personal preferences.
What works for one may not for another, and what works once for someone, may not be preferable to them in the future. For those tackling a one-time project, having recently started a business, or just running low on cash, Renting can be a wonderful option requiring little payment upfront for the needed equipment for a limited time. Buying on the other hand ensured that the equipment is always available when needed, but comes at a much higher cost upfront. Making purchasing equipment outright only ideal for larger companies or contractors with stable cash flows, or individuals who face the need of that particular equipment frequently enough to justify the purchase.
As previously mentioned, renting equipment is an ideal option for one suffering from unstable cash flows. Renting, in the long run, does cost more, making it less attractive to business owners that can afford to purchase outright, but provides an attractive option for many others with much lower upfront costs. Additionally, renting cuts out the need for a dedicated maintenance and upkeep schedule since the rental company handles everything of that nature. If you are a general contractor, Handle highway maintenance, or just starting a business. Renting is likely to be ideal for your situation. For more information on where to find rental services check out this article.
Purchasing equipment is probably my own personal favorite method, I just never seem to have the cash to actually do it, Keeping me firmly in the rental category. But if you find yourself to be one of the lucky few who can afford to purchase your own equipment, you are blessed with much lower total costs than that of rentals. The downsides are that the performance of that equipment is largely up to you, and you are now solely responsible for any failures occurring with the machinery. Additionally, not all equipment is engineered equally. Some even require equipment capable of splitting the tractor or equipment in order to properly maintain them. These further drive up initial cost of ownership, but once purchased will help keep all equipment functioning properly in the long haul.
Ultimately the decision to rent or buy comes down to a case by case basis. There is no correct method that is better than another for all situations, it comes down to each individual or business situation. It’s best to follow your personal preferences while keeping a keen ear on the whispering of the capability of your wallet. Renting can be quite convenient and affordable. But purchasing can save you tons over time, with the risk of allowing the equipment to become a money pit of repairs and modifications. Many locations offer both rental and purchasing options. Consult with them on the specific offerings to find the best option for you and your business.