There are always going to be instances when, no matter how carefully an excavation company plans out a project, there simply isn't enough heavy machinery on hand to handle the requirements of the project to stay within the project deadline. The choices at this point are clear - rent the machines you need or go ahead and make the purchase. It is however, not easy to make these types of decisions, thanks to several factors that you'll need to consider.
Rental pricing
It’s no secret that rental companies make a killing with the heavy machinery they rent out. Most companies will rent on a daily or weekly basis, which is good for them but can be bad for you. Depending on what area you work in, the price can be very high or just right.
Depending on what type of heavy machinery you need, the price to rent will vary. Excavators and off road dump trucks are among the highest to rent, as they can cost as much as 12,000 dollars per month! This may seem a bit outrageous at first, although those you owning a profitable company and are working on a big project, won’t have problems meeting the price.
Buying
When you need more heavy machinery and don't want to rent, you can decide to buy your equipment. Buying is the way to go for using the heavy equipment more in the future. By working on large projects on a frequent basis, you may want to look into buying the equipment you need instead of renting them.
Buying will save you money in the long run, providing you are going to be using the equipment again. Having the need for the heavy machinery for one or two projects, you may just want to rent. Sure you won't own the equipment but you certainly don't want to buy something you won't be using.
Servicing
One of the great things about renting is the fact that the company you rent from is responsible for fixing anything that breaks. Your company won't be responsible for repairs, as you don't own the heavy machinery. In the event something breaks or goes wrong, simply call the company and they will come out there and fix the problem, as the price for repair is included in the rental contract.
One the other hand, by choosing to go ahead and buy the heavy machinery, then your company will be responsible for the repair of the equipment. As you probably know with owning other equipment, you'll need to do regular maintenance and service on the heavy machinery too.
Making that final decision on renting or buying is ultimately up to you. You should always think about finances, and whether you can afford the heavy machinery. Without the finances or capital to buy what you need, you should go with renting. Either way you go, you'll get the machines you need to complete your job and stay ahead of schedule.
Rental pricing
It’s no secret that rental companies make a killing with the heavy machinery they rent out. Most companies will rent on a daily or weekly basis, which is good for them but can be bad for you. Depending on what area you work in, the price can be very high or just right.
Depending on what type of heavy machinery you need, the price to rent will vary. Excavators and off road dump trucks are among the highest to rent, as they can cost as much as 12,000 dollars per month! This may seem a bit outrageous at first, although those you owning a profitable company and are working on a big project, won’t have problems meeting the price.
Buying
When you need more heavy machinery and don't want to rent, you can decide to buy your equipment. Buying is the way to go for using the heavy equipment more in the future. By working on large projects on a frequent basis, you may want to look into buying the equipment you need instead of renting them.
Buying will save you money in the long run, providing you are going to be using the equipment again. Having the need for the heavy machinery for one or two projects, you may just want to rent. Sure you won't own the equipment but you certainly don't want to buy something you won't be using.
Servicing
One of the great things about renting is the fact that the company you rent from is responsible for fixing anything that breaks. Your company won't be responsible for repairs, as you don't own the heavy machinery. In the event something breaks or goes wrong, simply call the company and they will come out there and fix the problem, as the price for repair is included in the rental contract.
One the other hand, by choosing to go ahead and buy the heavy machinery, then your company will be responsible for the repair of the equipment. As you probably know with owning other equipment, you'll need to do regular maintenance and service on the heavy machinery too.
Making that final decision on renting or buying is ultimately up to you. You should always think about finances, and whether you can afford the heavy machinery. Without the finances or capital to buy what you need, you should go with renting. Either way you go, you'll get the machines you need to complete your job and stay ahead of schedule.
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