When choosing to rent or own construction equipment your decision will be determined by your unique circumstances. There are a lot of benefits to construction rental which we’ll cover in this article. Likewise, owning construction equipment can make more sense in certain cases. Some construction companies prefer renting and owning. They may own a partial fleet and rent out additional equipment when demand increases or a particular project comes up that requires certain equipment.
Benefits of Renting Construction Equipment
- Expenses You Can Predict – Having predictable monthly expenses is one of the primary reasons construction companies choose to rent. Knowing what your monthly costs are ahead of time helps with budgeting as part of the budget is determining costs for transportation and equipment. Moving equipment between jobs adds up fast.
- The Latest Equipment – Like all technology equipment eventually gets out of date. Having the latest and most effective equipment translates to getting the job done faster. Staying on schedule and not dealing with old equipment breaking down pays off.
- Avoid Storage Costs – Storing large construction equipment is costly if you don’t already have an adequate and secure facility. Renting construction equipment frees you from the headache of storage fees and facility maintenance.
- Less Maintenance Time – A big part of owning equipment is the time invested in preventative maintenance. Maintenance for rental equipment is minimal and usually just requires washing and keeping the oil and gas at proper operating levels.
Benefits of Owning Equipment
While there are clear benefits to renting equipment, there are plenty of benefits to owning when it makes sense for your operation. If you have the infrastructure in place to store and transport equipment, purchasing equipment you use regularly could be a better option than renting. Owning equipment also can give you more flexibility when unexpected changes occur with a project schedule or new work comes in.
Another benefit of owning comes in the form of tax breaks. There are several different types of equipment that you can write off including construction equipment purchased for business
And business vehicles. Make sure to consult with your tax accountant to make sure you qualify for a deduction before making a big purchase.
Do You Need to Rent or Buy Construction Equipment?
Headquartered in Southwest Iowa, Duke Rentals is locally owned and operated, supplying the Midwest with an extensive fleet of over 9000 machines. We provide rentals and sales of scissor lifts, boom lifts, telehandlers, industrial forklifts, light, and general dirt equipment. Whether you're a contractor, a homeowner, or anything in between, we've got the equipment you need to get the job done quickly and safely.
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