Buying equipment and tools is no longer the only option. Many construction owners have learned that tool rental is a better fit for them.
If you are considering switching to renting tools, weigh these pluses and minuses before making your decision.
Why Choose Tool Rental
From saws and blades to cement mixers, construction companies tend to accumulate a small arsenal of equipment. With overall costs continuing to rise, renting is a way to potentially save money.
Today, it isn’t always advantageous to purchase construction tools and equipment. There are numerous reasons why it could be a mistake to dismiss the tool rental trend.
- Less upfront charges
- Doesn’t require storage space
- No responsibility for maintenance
- Option to upgrade equipment
Tool rental offers contractors greater flexibility in switching equipment to new and better models. Renting is also attractive, because it provides construction companies with easier set-up and tear down of their job sites. Owners are saved the expense and hassle of transporting their own equipment.
The Argument for Buying Tools
While renting saves money in the short-term, there are benefits to owning as well.
Owning tools and equipment over a long period of time is actually cheaper than the accumulated expense of renting. As a result, construction companies who use the same tools consistently and frequently are often better off owning them.
For example, tools that last longer than three years and require minimal maintenance are often less expensive to buy.
Another prime reason contractors choose to buy is that they never miss a job. They always have access to their equipment at a moment’s notice.
While tool ownership has long been the industry standard, it has a downside as well.
After buying a construction tool, the obligation of maintenance falls squarely on your shoulders. The cost of repairs and replacements is something else to be factored into your decision to rent or buy equipment.
The expense of owning numerous construction tools is another reason many opt to rent. Since these purchases must be financed, owners must have a good line of credit.
Construction owners now have options when it’s time to update construction equipment or tools. Depending on the situation of your business, switching to renting or buying could be a practical way to cut costs.