Construction is an industry constantly in demand. As cities, towns, and villages grow, the need for new or updated buildings does, too. However, local governments and private construction teams often debate the age-old issue of renting vs. buying construction equipment. This guide will explain the advantages and disadvantages of each to help you choose the right option for your project.
Renting
Renting equipment is a great way to save money, time, and other resources. There’s no need for hiring certified operators, as most construction rental companies use their own. The main advantages of renting construction equipment are that there are no additional fees, it uses the most updated technology, and only certified operators will use it. When renting construction equipment, you avoid repair, storage, and maintenance costs that you’d otherwise face if you owned it. Rental companies often use in-house mechanics and technicians to ensure each machine operates faultlessly. With constant maintenance comes the assurance that each machine is up to date with the newest technology. This technology even complies with emission standards, which saves money on fuel usage and reduces the carbon footprint of that machine. Rental companies also ensure that only NCCCO-certified operators use cranes and other construction equipment for liability, safety, and work efficiency. Even with these advantages, rented equipment is only accessible at certain times, and consistently renting equipment can result in higher total costs in the end.
Buying
Still, when it comes to renting vs. buying construction equipment,large-scale construction crews may find it more feasible to buy their construction equipment rather than renting it. Renting is a temporary solution, but companies with large or continuous projects need equipment at the ready. They can use their own operators, equipment, and operating procedures when erecting new buildings. Financing your equipment could also leverage possible tax incentives that renting wouldn’t provide. Buying construction equipment gives you the flexibility of a higher return on investments and availability whenever you need it. On the other hand, you should only buy equipment if your company has the proper fleet management and inventory control to account for each piece. Smaller or temporary crews don’t need to worry about this overhead, but large crews must.
