Did you know that there are more than 700,000 construction companies in the United States of America? If you’re running a construction business then that is a lot of competition that you’re up against and every little bit helps. This includes your construction equipment and deciding if you should go with renting vs. buying construction equipment.
There are many benefits that come with construction equipment rental that might make it a better choice for your business model rather than buying the equipment from a construction equipment supplier. The tricky part is knowing which equipment you can rent and which equipment you’ll need to buy.
Luckily, you’ve come to the right place to learn all about your different options when it comes to construction equipment rental, as well as which is the better option between choosing to rent construction equipment or purchase it. Keep reading for more.
Renting vs. Buying Construction Equipment
Not every construction company has the same goals or the same obstacles to overcome, so it is difficult to say whether renting is a better option than buying for your business. Both have their own benefits and you’ll need to pair those benefits with your needs to figure out which route will help your business grow and thrive.
Benefits of Buying
There are two main routes that you can choose from when you get started with finding construction equipment for your construction business. If there are certain tools or pieces of construction equipment that you find you’re using on more than 65 percent of your projects then you need to look into what it will take to purchase that equipment.
One thing that holds companies back from choosing to buy construction equipment is the upfront cost that it takes. Construction equipment is not cheap so you’ll need significant capital to start purchasing all of the construction equipment that you’ll use on the job. Still, owning your equipment means you’re paying less each month to use it and that means you can offer lower prices.
There are also big-time tax benefits that come with the decision to purchase the equipment rather than go with construction equipment rental. Add to that the fact that all of the construction equipment you own gets listed as assets on your balance sheet when determining the value or worth of your business.
Benefits of Construction Equipment Rental
Renting is a great option when you’re getting your construction business off of the ground and this is true for a number of reasons. First, it gives you a chance to determine which pieces of equipment you need in order to run your business and complete your construction projects. You’ll get a better idea of what works as well as how much it will cost to purchase.
It is also a great way to get an idea of how much more efficient your business will become if you have these pieces of equipment at your disposal. If you’re renting a piece of equipment and it makes you only slightly more efficient then it might not be worth the thousands of dollars it will take upfront to purchase it.
You also have the benefit of baking the cost of renting your construction equipment into the price that you offer your customers for your service. You won’t see your bottom line hurt by the rental expenses since those costs are essentially passed on to the customer that you’re working for.
There are also tax reasons that come into play when it comes to construction equipment rental. The money that you pay to rent the equipment falls under the category of business expenses. You can deduct this amount of money from your business’s taxes at the end of the year.
You should definitely consider construction equipment rental if you don’t have the capital to make the upfront payments needed for purchasing your own construction equipment. In the meantime, with rentals, you’ll get to use the best technology and someone else has to worry about the maintenance of these pieces of equipment. Make sure you click and read more.
What Can You Rent With Construction Equipment Rental?
There are tons of options to choose from when you’re looking at construction equipment rental, so it is important that you know the tools that are needed for the job. One of the most popular pieces of equipment that people like to rent for construction projects is the excavator.
1. Excavators
Excavators are great because they’re large and powerful but you can use them in a wide variety of ways on a job site. They’re perfect for moving large amounts of earth and digging out the ground in areas that you’re planning on laying a foundation on. If you need help with trenching to run pipes or wiring then you can’t go wrong with an excavator.
2. Forklifts
Forklifts are another great option to consider renting for your next construction job. They’re small and mobile but they are capable of carrying a large amount of weight around a construction site. There are even forklifts designed for use on rough terrain.
3. Skid Steers
Another great option to consider for construction equipment rental is a skid steer. Skid steers are valuable pieces of equipment because you can use them on job sites of all sizes. They’re perfect for getting rid of brush and cleaning up a job site, as well as small-scale excavation.
4. Backhoe Loaders
Backhoe loaders are another popular option if you’re in the market for heavy construction equipment. These loaders are durable and make great use for excavating and landscaping. You can also use them to haul large loads across a construction site.
5. Dozers
Dozers are types of tractors that are designed for Land Clearing Near Me large areas and helping to construct roads on a construction project. They’re another handy piece of equipment to rent.
6. Off-Highway Trucks
Off-highway trucks are another type of equipment to consider renting. These trucks function as Commercial Dump Truck hebron ky that can handle rough or muddy terrain with no issues.
Consider Going With Construction Equipment Rental
Construction equipment rental is a great alternative to buying construction equipment. It allows you to get a better feel for the equipment that you truly need while allowing you to save money and grow your business.
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