13 August 2015
 Categories: , Blog

When you own your own construction firm, you're faced with a bevy of choices that may determine the long-term viability of your business. One of the most important of these concerns your heavy equipment, and whether you want to commit to large purchases that will require constant upkeep and which may suddenly seem out of date or obsolete.

Below, you'll find a guide to some of the advantages of renting, rather than purchasing, your heavy construction equipment. Keeping these upsides in mind should give you the confidence you need to commit to this valuable business model, making it more likely that your firm can remain profitable and avoid potential liabilities for many years to come.

Decreased Maintenance

One of the biggest challenges for many construction companies is keeping their equipment in its best possible shape. Heavy equipment can undergo serious stress on a job site, and most people who specialize in building construction don't have a simultaneous expertise in equipment and vehicle maintenance.

Rather than struggling with a maintenance calendar and committing large sums to hiring outside repair contractors, relying on rented equipment allows you to shift the burden of maintenance to someone else. When your rented equipment is damaged, most standard rental agreements will allow you to receive a replacement component quickly, rather than struggling to fix what you already have.

Guaranteed Turnover

Heavy construction equipment represents a serious investment, and that investment can quickly seem like a regret in the face of evolving technology. If you find yourself buying an earth mover or demolition crane which is then quickly replaced on the market by a newer version, it can be extremely frustrating to see new features that would improve your efficiency.

Most equipment rental services work to turn over their stock and provide the newest and best equipment to their clients. This allows you access to that equipment without having to pour a constant stream of money into new purchases and, therefore, cutting off some of your cash flow.

Limited Liability

The construction industry can be somewhat fickle and volatile, and even successful firms will go through down periods of struggling to secure work. In those periods, it can be difficult to keep enough cash on hand to meet all the requirements of operating your firm, including payments to be made on purchased equipment. If you rent instead of buy your equipment, however, you can return what isn't being used. This prevents you from pumping money into idle gear and will allow you significant savings that can help keep your company strong and solvent.