The Benefits of Renting Small Equipment vs. Owning It
If you run a business, then you know every decision you make impacts your finances and the company’s bottom line. That includes deciding whether to own or rent equipment. The decision depends on each company’s unique financial situation, internal capabilities, and equipment needs. Due to the costs of new equipment, storage, lifetime maintenance, and transportation, renting is often the better financial decision.
7 Reasons Why Renting Small Equipment Often Trumps Ownership
- Save Money– Renting saves upfront costs associated with purchasing equipment, which ties up working capital or requires an interest-bearing equipment loan. Renting also saves long-term costs associated with repairs, routine maintenance, storage, and transportation.
- Improve Safety and Compliance– When it comes to equipment safety and meeting compliance standards, renting shifts the liability from the renter to the rental company. It’s the equipment rental company’s responsibility to ensure equipment is well maintained.
- Eliminate Downtime– Every time a piece of equipment breaks down. Without a readily available back up, this means the loss of valuable time and money. With an essential piece of equipment broken down, your operation stops, halting productivity and wasting time. Rental equipment is kept in top shape, meaning fewer break downs and readily available equipment replacements.
- Seek New Opportunities – The ability to rent a piece of specialty equipment, which your business cannot afford to purchase, opens your business up to new markets and new revenue channels.
- Be Competitive– Renting will ensure you always have access to the latest and greatest equipment. When purchasing, you buy once and then have to get the most out of an old piece of equipment. Renting allows you to keep a competitive edge with continuous access to the newest, nicest equipment.
- Don’t Get Stuck in a Commitment– Purchasing a piece of equipment, large or small, is a big commitment. Not only do you have to make a large investment up-front, you must also cover all the additional long-term expenses. If you pick the wrong piece of equipment, you could get stuck with an investment that doesn’t pay off for your business. When renting, you can try out different pieces of equipment without the expense or risk of purchasing.
- Schedule Easily– Owning equipment means doing everything you can to get the most out of it, making sure it’s operating as many days as possible. Owning a piece of equipment also limits your company to executing one job at a time. With equipment rentals, you can lease equipment when you need it, as you need it, for one or multiple job sites.
Book Rental Equipment for Your Business Today
If your production has halted due to equipment breakdowns or you think renting is the best option for you to grow your company, we welcome you to contact any of Young Motors‘ three locations in Fort McMurray to learn about our entire fleet of equipment rentals. Fill out a contact form or call our office today.
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