Project managers understand the importance of having the right tools, equipment, and people on every jobsite. Without these items, the project won’t run smoothly, potentially leading to delays, cost overruns, and unhappy customers. However, project managers must also consider cost when obtaining these items.
The right equipment is required to keep the project on track. Many companies purchase equipment they will use regularly, but don’t want to invest in items that are rarely used. In this situation, they find that heavy construction equipment rental options are best. Renting this equipment allows them to have the right items on hand for efficient operations. Furthermore, this equipment increases the safety of the jobsite. Why is renting the right choice in many situations?
Cost-Effective Operations
When a company buys heavy equipment, it assumes responsibility for maintaining, repairing, and storing the equipment. It must pay any taxes on the equipment, insurance premiums, and other related expenses. Furthermore, the company bears the brunt of any depreciation. If the company rents the equipment, these expenses are shared by all rental customers, resulting in cost savings. The company has the necessary equipment while keeping costs down.
Increased Flexibility
Project requirements can vary greatly. A company might invest in a piece of heavy equipment only to find it sits more often than it is used, wasting money. Renting construction equipment ensures the company always has what it needs for a project. The company determines which items to rent and when, allowing for increased flexibility when it comes to projects. If multiple projects require the same equipment, the company can rent the necessary machines and prevent delays. It can scale based on each project’s demands.
Storage
Any company that owns heavy equipment understands the challenges that come with storing this equipment. The company must pay for a building to keep the items and ensure that this building is secured. When renting equipment, the company no longer needs to worry about storing the items. The machine is delivered to the job site and picked up by the rental provider when it is no longer needed. The funds allocated for equipment storage can be redirected to other expenses.
Operational Efficiency
Nothing is more frustrating than investing in heavy equipment only to find the machinery is outdated in a year or two, thanks to advances in technology. Sadly, this happens more than people would like. Avoid this issue by renting equipment rather than purchasing it. Doing so ensures the company always has access to the latest technology for improved performance and reduced downtime. The rental provider keeps the equipment in excellent running condition and will replace the machine if it breaks down during a project.
Sustainability
Renting construction equipment is the environmentally friendly choice. When people share resources, fewer machines must be manufactured, minimizing the manufacturer’s impact on the environment. Furthermore, thanks to advances in the industry, new machines are frequently more energy-efficient, leading to fewer carbon emissions.
However, the biggest reason a company might wish to rent construction equipment rather than purchase it is that it helps to mitigate risks. The company will no longer need to worry about high repair bills or unexpected maintenance costs. Its equipment will never become outdated, and the business owner won’t need to worry about failing to comply with safety regulations. The peace of mind that comes with knowing workers have access to the safest equipment, enabling them to complete tasks promptly, is priceless.
