When you’re in an industry as dynamic as construction, every decision you make for your company is a crucial one. You must constantly weigh the cost versus benefit of how you’re running your business if you want to make a profit, find new opportunities, and continue to grow.
One important consideration to make each season, or even for each project, is whether to rent or buy your equipment. Ultimately, the best option for you will depend on the specifics of your business and projects. There are, however some distinctive advantages to construction equipment rental over buying to think about.
Save money.
The most obvious benefit to renting your construction equipment instead of buying it is the potential cost savings. When you rent your machinery, you only pay for what you’re using while you’re using it. You’re not stuck with a high initial price tag or recurring costs for maintenance, repair, storage, or transportation. Plus, in the face of market fluctuations and a slower season, you’re not wasting money in assets you’re not using.
Get all the equipment you need for each project.
When you own your equipment, you often end up having to share resources between various project sites (or spring for more machines). With rental, you can have everything you need for each project without worrying about astronomical costs, delays in transportation, or coordinating logistics. This allows you to complete projects more efficiently, as well as take on different projects that wouldn’t be worth pursuing if you had to fully purchase new equipment.
Claim tax deductions.
Construction equipment rental is a business expense that can be claimed as a tax deduction. When you own your equipment, you get to write off the purchase cost one time and then are left with a depreciating asset. But when you rent that same equipment, you can deduct the money you pay for it repeatedly.
Access up-to-date equipment.
Rental companies often stock the latest models and advances in construction equipment in an effort to entice their customers and beat the competition. As a result, you have access to the most efficient tools available and can feel confident that everything you’re using meets current compliance regulations. With this updated technology, you can complete projects for your clients faster and more efficiently.
Heavy machinery isn’t the only equipment you need to operate a safe and productive construction site—the support mats that stabilize it are just as important. At Ritter Forest Products, we offer top-quality hardwood crane mats, dragline mats, outrigger pads, and more for rental. When you rent your mats, you know you’re getting the best quality available each time (if you buy, you don’t have the advantage of turning over the inventory). Simply order the mats you need when you need them, then return them to us and don’t give them a second thought.
Get in touch with our team today to discuss renting any of our products!
