With a market share of around 10%, the United States is the second largest construction market worldwide. There is so much heavy equipment involved in doing nearly any construction project that it isn't always necessary to purchase it. Here are some of the benefits of renting construction equipment.
First and foremost, renting construction equipment is exponentially cheaper than buying brand new equipment. While purchasing is considered a long term investment, it also ties you down and can impact your budget. By renting or leasing the equipment you need, you can avoid the upfront costs that come with purchasing and delegate the saved money to something more important.
Renting construction equipment and parts also ensures that there will be less maintenance and costs for repair services involved. Heavy construction machinery like mixers, telehandlers, and loaders usually require frequent maintenance. Depending on your lease or rental agreement, many of those service costs may be covered.
Another benefit of renting rather than buying construction equipment is that there are no depreciation costs. When you own heavy machinery, you might lose money when you resell it. This is important to consider when deciding how to allocate funds and plan projects.
Transportation is another aspect of construction that is much easier when renting. Instead of having to transport equipment and machinery from construction site to construction site, renting assures that your equipment will be where you need it when you need it. It's much less of a hassle than having to move your own equipment all the time, which can cause further delays.
Finally, renting equipment is much less of a liability than owning it. The construction market may seem stable right now, but that can change at any time. The money your company will save by renting can be used as a cushion for any unpredictable market fluctuations that may arise. Instead of committing to a piece of equipment that may not last, renting is a way to get the most out of the equipment you need without spending more than you have to.
Overall, construction projects can uppredictable, but you can make it easier by renting rather than buying the equipment your company needs. For more information about renting or buying construction equipment, visit Grand Equipment.