Machines like excavators, bulldozers, and wheel loaders are crucial equipment you need on the job. Yet, there are more options than purchasing one outright for your company. Renting heavy equipment is an alternative, helping you get the necessary tools without investing a significant portion of your budget.
Renting vs. Buying Construction Equipment
Many companies would purchase the newest and latest heavy machinery models if they could. Yet, for some companies, the costs of purchasing, storing, insuring, and maintaining are too much.
Instead, they rent or lease the equipment they need to complete their jobs, which can often be more economically feasible when working with a reliable rental company.
Before deciding whether to purchase or rent heavy equipment, consider the following factors:
- Examine ownership and rental costs: Compare the costs of storage, maintenance, insurance, and transportation to the rental quote, including delivery and pickup charges and necessary rental insurance.
- Look at your short-term and long-term budgets: It’s always smart to use a budget to determine how your business will be affected by significant purchases or multiple payments.
- Evaluate your use frequency: Analyze how frequently you’ll use the machine. Businesses that use their equipment less than 60% of the time generally find renting more economical.
Benefits of Renting Construction Equipment for a Project
Wondering what the advantages of renting heavy equipment are? Whether you want to rent for a day or a month, renting heavy equipment can help your business save money, tackle various jobs, and streamline your daily operations.
Here are some reasons why you should rent heavy equipment.
Avoid Depreciation Costs
As with a car, the value of new heavy machinery drops significantly as soon as you walk off the lot. Despite proper equipment maintenance and storage, your investment’s value will depreciate over time.
Rental equipment still depreciates, just like the equipment you own. However, someone else is responsible for selling it later. Additionally, instead of dealing with complicated depreciation deductions, you can deduct rental costs as a standard business expense on your taxes, another inviting reason to rent heavy equipment.
Obtain Equipment Suited to Each Job
No job on your schedule is the same. So, rather than investing money in equipment you may or may not use again, you can rent machines tailored to a specific job. You’ll meet every job’s unique demands while also having the resources you need to take on a wider variety of projects.
Access the Latest Models
Construction equipment manufacturers routinely release updated machinery with the latest features and technology. These upgrades often enhance safety, performance, and efficiency on-site, helping workers streamline tasks and complete jobs on schedule.
Renting enables you to reap the rewards of this new equipment at affordable prices. You can even use these rental periods to test a machine before buying it permanently.
Reduce Storage and Maintenance Costs
After a big purchase, you’ll have to continue investing in storage and maintenance to ensure your heavy equipment runs smoothly and efficiently. Unless you have a department dedicated to logistics and have the funds for routine maintenance, you may be putting more capital into this investment than you intended.
Most rental providers manage the maintenance of their rental fleets while also offering emergency services on the job site. They also offer pick-ups and drop-offs to the site, eliminating any extra storage and transportation you need to arrange. These rental benefits give you time to focus on other areas of your business and put your capital to other uses.
Lower Upfront Costs
Renting equipment benefits your business with low upfront costs. Buying equipment requires making a substantial one-time payment with additional expenses on insurance and upkeep. In contrast, renting means more manageable rental payments, so you still have funds to spend elsewhere.
Renting equipment is an excellent way for newer companies to get the necessary tools without sinking all their money into one asset, making it possible for more companies to get going.
How Do Construction Equipment Rentals Work?
If you’ve determined that renting your construction equipment is the path you want to take, you’ll want to know how the rental process works. Once you’ve chosen a rental company and understand their rates, rental periods, and service records, you typically follow these five steps:
- Choose your machine: Consider the kinds of jobs you work on, the length of your projects, the type and size of equipment you need, and any additional attachments you might require.
- Sign a rental agreement: Make sure you carefully read your rental agreement, which outlines the company’s policies, payment terms, and procedures for any loss or damage to the machine.
- Participate in operator training: Some companies may require you to partake in training to ensure you and your crew have the skills and knowledge to operate your rented equipment safely.
- Get to work: Once you’ve picked the machine up or your provider has transported it to your site, you’re ready to start the job. After you’re done, contact your provider to arrange pickup or drop-off.
You Can Depend on Thompson Rents to Offer the Best Equipment Rentals
When you’re looking to rent the heavy machinery you need, you can count on Thompson Rents to help you find only the best. We are a full-service provider in Alabama and northwest Florida and have worked with companies in various industries for more than 60 years. We offer an expansive selection of machines and equipment available for rent at affordable prices, ensuring you have the resources to go above and beyond for your clients.
We will help your business access top-of-the-line equipment with our customizable rental agreements. We offer these with various durations, including daily, weekly, and monthly terms, to help you better meet the demands of your schedule. You can also lease or enroll in a rental-purchase program for your longer-term projects for a cost-effective solution.
Plus, we’ll drop off and pick up your equipment and take care of all repairs or maintenance throughout the rental period, giving you the confidence to tackle any job. Thompson Rents strives to be a partner you can trust, providing a service to take your business to the next level while meeting the needs of your budget.
Request Your Rental Quote Today
Whether you need extra help during a high-volume week or want to keep expenses low, you could benefit from renting your heavy equipment. Our team at Thompson Rents will help you find exactly what you need and walk you through the entire rental process. If you’re interested in renting from us, explore our inventory and request your quote today!