Owning your very own earthmoving equipment can be advantageous. There are some people, however, who find it more convenient to rent heavy equipment and earthmoving spare parts as the bulk and duration of the job often dictate the pros and cons between renting and owning. If you wish to buy and maintain your own equipment rather than rent heavy machinery, consider these criteria.
Long-Term Cost Savings
When you rent heavy equipment for a contractual job, you often have to pay for top-of-the-line equipment. This can rack up a sizable cost as you are paying to temporarily use the latest technology.
On the other hand, buying heavy equipment (even if it is second-hand) can save you more money in the long run. This is true especially if the second-hand equipment can perform the same job as the state-of-the-art equipment.
In the area of maintenance, there are people who dislike the cost of equipment ownership, which includes operational and maintenance expenses and other government licensing fees. Although renting appears to be a practical option as you only rent the machinery when you need it, there is a risk that the rental company might not be up-to-date with its maintenance practices. Thus, it may be ideal to buy heavy equipment yourself and let a maintenance company handle any needed repairs.
Renting It Out
If you own heavy machinery, you can opt to rent it out and earn money from this business venture. Renting out your own machines is a win-win situation—you not only have a machine of your own, but you can also earn some money on the side by letting others use it.
Consider these pros and cons when buying or renting heavy machinery. If you are not sure which route is best for you, consult with a heavy machinery company to help you arrive at the best possible decision.