Equipment Leasing vs. Buying: The Truth
When you run a construction business you may find yourself in need of various pieces of equipment and machinery. However, buying your equipment up front can not only be expensive but may not be the best option for your company. Equipment leasing can be the solution you were looking for.
Short Term Jobs
Leasing or renting can be a great option for equipment you need short term. This means that if you use equipment seasonally or only on a specific type of job every now and then you can still have the equipment on hand when you need it, but return it when the task has been completed. Rental fees may often be cheaper than purchasing the equipment outright and you can have the added bonus of not having to worry about storage space for machinery you rarely use.
Use the Latest Model
One benefit to equipment leasing is that you often may have access to newer models than you otherwise might have. When you purchase a machine you’re making an investment for the long term, even when equipment companies find updates that make their machinery more efficient. Leasing companies often keep the latest model on hand so when you rent from them you can take advantage of those new updates.
One of the main factors many consider when determining whether to lease or buy new machinery is the cost associated with the equipment. This includes not only the price you pay to own the equipment but maintenance and potentially storage fees as well. Rental companies not only store their own machines but in many cases the costs of maintenance or repair are part of the leasing terms. Your rental payments can also be smaller than the cost of purchasing equipment up front. In some cases leasing companies may also offer a rent to own program than can allow you to still purchase a machine you may need while making smaller payments over time.
If you’re considering the best way to acquire machinery for a job, equipment leasing may be an option you want to consider. Leasing can be more affordable in many ways than outright purchasing a piece of equipment. You can make smaller payments, and you may not have to pay for maintenance or worry about storing the equipment long term. You may also find it gives you access to the most recent models, and allows you to use equipment you only need for short term projects.