What to Consider Before Choosing Construction Equipment for Rent NYC
Renting construction equipment has its benefits—so does buying. Knowing which option to choose at the right time can deliver better results for your company and make life easier for you as you run the business. So it’s important to take a moment to evaluate a few factors before going with construction equipment rental.
Here are key considerations you may want to think over:
The Cost of Ownership
Ownership of construction equipment could get costly. Aside from the initial cost of the purchase, you need to think about the cost of storage and maintenance. There are also operating costs (e.g., insurance and fuel) to think about.
The construction equipment for rent NYC services offer will save you from operating costs. Maintenance, storage, and all other relevant costs are taken on by the rental service.
The Financial Status of the Business
Where does your construction company stand in terms of finances? Can your business afford buying new equipment? Do you have sufficient cash flow after paying for a new forklift or boom lift?
If you buy new equipment without having complete information on your finances, you might have problems meeting other financial obligations. These include permit costs for projects and wages for your workers.
You could resell the equipment you bought, but liquidating this asset may take a long while. And unless you have sufficient capital to work with, renting might be the smarter option.
The Frequency and Variety of Projects
Consider the number of projects that come your way. Then determine the variety of equipment required. Do you get more short-term jobs that call for specialized equipment? If so, then renting should make more sense. Buying equipment you’re not likely to use for several months or a year will lead to more costs in terms of maintenance and storage.
The right equipment rental company in NYC could also provide a wide range of machines and tools. This should give your construction company more versatility with projects, without the big investment.
In addition, some jobs may require the most advanced models, which cost quite a bit upon purchase. Rental companies can give you access to the latest equipment, giving your construction company better capabilities in handling any project.
Using the right equipment for the right jobs can help you win more projects. If the cost of ownership seems impractical, if your capital is going to get affected, and if the jobs demand variety, rent your construction equipment.