According to the statistics for the global market for construction equipment, demand is estimated to increase annually between 2020 and 2025 at a compounding growth rate of 4.7 percent.
Due to the escalating cost of new machinery, construction equipment rentals have been increasingly popular among contractors and significant construction businesses. Renting gives you access to whatever equipment you want for as little or as long as you need it. You also avoid the risks that come with purchasing construction equipment.
Consider these benefits of renting equipment if you’re unsure if it’s the ideal option for your company.
Lower Start-up Costs
Construction equipment rentals are the better option because the costs remain low. Renting construction equipment is less expensive than purchasing it altogether. Furthermore, when you rent equipment, you won’t have to pay for maintenance, insurance, or other expenses that come with ownership.
Minimal Maintenance and Storage Costs
The total cost of equipment ownership includes storage and upkeep. Most rental companies will handle repairs, maintenance, and long-term storage for their clients.
Your rental service provider may give free emergency service if a rented machine breaks down on the job site. This accessibility reduces downtime and guarantees that you have all you need to achieve project deadlines.
Protection from Costs of Depreciation
The equipment you own depreciates over time. When you decide to sell your fleet’s equipment and replace it with newer equipment, you incur extra advertising costs and the services provided by the equipment broker.
Rental equipment depreciates like any other asset. Yet, it won’t harm your business since you won’t be responsible for selling it once you’ve finished using it.
Access to Up-To-Date Technology
The rental industry is competitive. Construction equipment rentals are more likely to provide newer machinery that completes work faster and more efficiently. The latest technology almost often entails adherence to emission rules.
Summary
Not all businesses should opt to rent. Further financial and logistical preparation is required for companies to identify which course of action is best for them. A strategy that combines equipment rents and purchases may be the most efficient.
Construction equipment rentals provide several significant benefits that assist businesses of all sizes. They increase efficiency and cut logistical concerns making them an appealing option.