If the owner of a construction company needs heavy equipment to complete a job, he or she has to decide whether to rent or purchase it. Purchasing the equipment may be necessary at times. However, renting the equipment may be the best option for most jobs. Here are a few benefits of renting equipment for a construction assignment:
Prolonged storage of the equipment isn't necessary.
Purchasing heavy equipment may make it necessary to find adequate storage when the equipment isn't in use. Most pieces of heavy equipment can rust and become damaged from lengthy exposure to the weather. However, it can be expensive to purchase adequate warehouse space to store equipment that is only used periodically. Renting the necessary equipment allows the construction company to simply return the equipment once the job is complete. There is no need for long-term storage.
Heavy equipment rental allows for testing before making a purchase.
If a certain piece of equipment is needed on a regular basis, the construction company may purchase it. However, before buying, it is best to give the equipment a trial run. Testing the equipment can help confirm that the machinery is actually needed.
Heavy construction equipment can be costly, and making a wrong purchase can cause a company to lose thousands of dollars.
Equipment can be rented to acclimate an employee to a specific piece of machinery.
If an employee needs to be trained on piece of equipment that is not currently needed for a job, the equipment can be rented for a set period. Once the training is complete, the machinery can be returned until it is needed again.
Maintenance is the responsibility of the rental company.
Some pieces of heavy equipment require routine maintenance. However, the rental company will be responsible for the maintenance and repair of its rented equipment. In addition, if something goes wrong with rented equipment, the machinery can be swapped out with a replacement. Yet, once equipment is purchased, the upkeep becomes the responsibility of the construction company that owns it.
Repairing a damaged piece of equipment can be expensive and frustrating. While the equipment is being serviced, a job could be left without needed machinery.
Renting equipment also has tax advantages.
The cost to rent equipment can be deducted as a business expense. However, when a piece of machinery is purchased, the full cost cannot be deducted in the tax year in which the purchase was made.
If you own a construction company, renting heavy equipment may be advantageous to you. Contact an equipment rental company like Ignite Rental Solutions Ltd construction equipment today if you need to rent a piece of heavy equipment for a job.