Equipment Rental NYC Why It’s Better To Rent Than Buy
Renting equipment for construction instead of buying has always been deemed the more economical option. But is it actually the all-around better option? Here’s a comparison between purchasing and equipment rental NYC building specialists explain why the latter truly is the smarter, better choice.
First of all, as already mentioned earlier, the cost is definitely cheaper. In today’s economically challenging times, finding opportunities to cut back on expenses should be the goal of all kinds of operations. There’s a very big difference between the purchase price of brand new equipment and the cost of renting them, especially if the piece of equipment will only be used for a single project.
Secondly, maintenance is not going to be your company’s issue. Heavy equipment maintenance is a must to ensure proper working order; this is an additional responsibility for your company that can take up money and time. If you’re just renting equipment, maintenance and repairs will be the responsibility of the rental company. Likewise, if the piece of equipment breaks down, it’s easy to work out a replacementif you had just rented it (rental companies usually have several units of the same piece, and they’ll even let you try them to see if they’re in proper working order). If you had bought the equipment, though, not only will repairs take a huge bite of your company’s budget, but it can also derail the schedule of your project since you need to wait for repairs to be finished.
Thirdly, when you buy, it’s true that you get an easily accessible asset, but that asset can diminish in value over time—especially now that newer models with better features and functionalities come out on the market frequently. Eventually, the asset can become a liability to your company because not only has it decreased in value, but it’s also unable to deliver the quality of work that newer equipment can.
Fourthly, buying equipment requires space. You need a safe place to store it in when it’s not in use. In New York, that can be a problem, so why take on the hassle of having storage space built specifically for pricey equipment when you can just rent and return it when you’re done with your project?
And lastly, renting equipment can strengthen your company’s borrowing power, which you surely will need for other aspects of your business operations. Rented equipment don’t appear as a liability on your financial records or balance sheet.