Should I rent the Equipment or should I purchase the heavy Equipment for construction.? This is a big dilemma that every construction firm owner goes through. As if you rent you have to pay a monthly or weekly rent. But if you buy you have to put a one-time bog investment which is quite straining n your companies finances.
Now, what should you do? Well, it is better to check the benefits of both and then go for the option that suits you the best.
Don’t know where to read and what to know.
Don’t worry; we have created a full blog post in detail that will give you the details of the pros and cons of renting or buying heavy construction equipment.
But aside from that, you can also consult the Hadeed App expert to help you in the matter so that you can determine the future of your business.
Pros of renting the Equipment
Below are listed the pros of renting the Equipment:
1. No need to worry about maintenance
Renting heavy equipment saves you from the hassle of equipment maintenance. It is not your job to ensure that the Equipment is in its right state. Instead, the renting companies are responsible, and they send the mechanic for this job. Rental companies almost always include maintenance in their contracts. Also, if you buy heavy equipment, you also have to keep some of your money aside for its maintenance. And then we all know that heavy Equipment needs frequent maintenance.
Renting heavy equipment is relatively cost-effective. Almost every Equipment you rent comes in half of the price that you pay for buying Equipment. And the good thing is that you can even get the newer editions at half price. You can even pay the rent in installments. Renting Equipment through some credible dealers like Hadeed App is flexible, easy, and you do not have to deal with any paperwork.
3.You can go for the newer models
New Equipment keeps on coming every day in the heavy equipment industry. And buying them is costly as it can cause a big dent in your bank account. Also, it can be quite upsetting for your budget.
So, it’s better to go rent one. You can find the newer and latest versions on the market. That is also not very costly. You can rent the more modern Equipment from dealers like Hadeed App, use them and return them. In this way, you can get to use the latest equipment, which will be economically best for your company.
4.No need to worry about storage
When you buy construction equipment, you also have to arrange a place for its storage. This cannot be easy, especially for new firms in the industry. And not only the Equipment are massive, but you also have to arrange for a more prominent place, which can be quite painful.
Renting heavy equipment saves you from that worry. You rent the Equipment, use it, return it, No headache of where to park, and how large the place you need for storage.
Cons of Renting Heavy Equipment
1) Your Equipment may not be available
Another disadvantage of renting heavy equipment is that you may not found the Equipment you are looking for. Sometimes, the sellers do not deal with the type of Equipment you want, which can be painful as you have to look for other credible sources that can be quite time-consuming. So, it is better to research before or you can go for the buying option.
2) Long term rentals, more expensive
Long term rental projects can be costly. It mostly depends on the time that you are renting it. For instance, if you are renting it for a week or month, the cost is not bad. But if you are planning for renting for months or a year, then it can be costly, And, you might even have to double the amount. So, it is better to calculate the amount first and then go for renting so that it is cost-effective.
Benefits of Purchasing the Heavy Equipment for Construction
You get what you selected
You always get your desired Equipment when you opt for the buying option. And buying them through trustworthy Heavy machinery companies like HadeedApp is an excellent option to go for.
Sometimes it happens that when you go for the rental option, you do not get the Equipment that you wanted.
And then you have to send it back and wait for the one you want. This is very time consuming and also causes delays in the projects. Buying Heavy Equipment is beneficial as you do not have to wait, and you can start the project right away.
One- time investment
Buying heavy machinery is one tike investment. You have to pay a considerable sum just one time although really painful; but worth it. This one-time investment can be beneficial for you. When you rent Equipment a significant sum of the money, you get from the projects to go to the rental companies. But when you buy heavy machinery, you do not have to spend it on anything rather than the upgrading of the Equipment.
Saves you the rent money
Another benefit of having your Equipment is that you are spared the cost you have to spend while renting Equipment. Although renting Equipment is the right solution for a lot of heavy machinery companies, but it can also be a little disadvantaging. Because sometimes the projects you get are less in budget and you have to pay half of the amount to the rental companies. In the buying options, you get to keep all to yourself.
Latest models that may not be available for rent
Sometimes when you go for renting the Equipment you desire may not be available. Moreover, maybe the rental companies do not deal with the type of Equipment you deal with. Or the latest model of the Equipment you want is not available for rent.
Well, in that case, it is always better to go for a buying option. If you buy not only you get your Equipment, but you can also get the latest model of the Equipment. Heavy-duty Equipment, especially the ones that are used in the construction, should be upgraded with the newest technology as the latest and upgraded model is convenient and finishes the work before time.
Cons of Buying the Heavy Equipment
- Very Costly: The significant disadvantage of buying heavy equipment is that you have to pay a considerable amount of money at one time. This can be really straining on your bank account. And may also disturb the whole financing system of your business.
- Cannot go for the Latest models: Another thing about buying the Equipment is that you can’t go for the latest models. Upgrading to the new models is really costly, and once you have purchased one, you have to be consistent with it unless you have enough amount of investment to go for the newest one.
- Losing Value: The most significant factor that almost breaks every owner’s heart is the depreciation of the Equipment. It is excruciating to watch the gear you put your money is losing its value so early.
Whether you should go for renting or buying the heavy equipment for construction it depends upon your business situation And which choice or more convenient for you. Always consult with your financers first to get to know if you have the total finances for buying the Equipment or you are better with sticking to renting one.
This post is also available in: Arabic