As with any business decision, there are pros and cons of renting vs. buying your heavy equipment. In fact, this might be the oldest dilemma in the book for the construction industry, and yet it still plagues contractors today.

At Prosrent, we obviously prefer you rent (and from us!) but understand there are some situations where it does make more sense to own some construction equipment. When evaluating your decision, consider the following questions:

  • What is my usage ratio and frequency for this piece of equipment?
    If you’re going to be using it for almost every project then perhaps consider investing and owning one to cut down on repeat rental costs.

  • Do I have the room to store the equipment?
    The answer for a lot of companies is no – particularly as companies look to cut costs and work in a more remote capacity. Consider the costs associated with the land, building as well as the travel to and from your most frequent cities or locations for your jobs as those costs can all be cut with renting equipment.

  • For most projects, do I need specific equipment as opposed to a universal piece?
    Some projects require a piece of equipment that is an exact size. If you don’t do a lot of “rinse and repeat” projects that always require one size of equipment, renting is your best option so you aren’t trying to make something work that could be done better or more efficient with the right piece of equipment.

  • Do I have the resources to keep up with maintenance and repairs?
    If you don’t have the manpower and/or knowledge base of how to fix repairs and handle the maintenance required, then you are better off on renting the equipment so the supplier and rental company can do so correctly.

  • Am I ready to own?
    One of the biggest benefits of renting is the ability to “try before you buy.” If you are on the fence on buying or even just want to try out the newest equipment, then consider renting the pieces for a couple of projects before jumping in and investing. In fact, at Prosrent we offer several options that allow you to test drive the equipment before you buy. For example, our Rental Purchase Plan allows your rental payments to go towards a final purchase price in the future should you choose to buy the equipment.

The biggest piece of advice we can give contractors is to think long term and beyond the initial cost argument. Consider what will be the best decision for your business in a year, five years and 10 years.

If you do decide renting is the way to go, we’d love to help you. Contact us today to explore our online marketplace and learn how having a one-stop-shop for all your renting needs can benefit your business.