In this scenario, a company can either purchase more equipment which can be very expensive and require borrowing the funds, leading to reduced profits due to paying high-interest rates, or they can rent the equipment which is a much more feasible option. Ultimately, this leads to fewer projects and jobs completed and less revenue realized.
Smaller to medium-sized companies are challenged with how many projects and jobs they can schedule at any one given time because the amount of industrial equipment and dredging equipment they own is smaller than what can accommodate a schedule that includes a larger volume of projects. Securing and Scheduling a Larger Volume of Projects and Jobs Another benefit to renting is that, because the equipment is newer, the dependability and durability mean that you should experience fewer mechanical breakdowns and last-minute equipment failures. Most equipment rental companies offer the newest technology, which means that you gain all the benefits of having the latest and greatest functionality, digital gadgetry, and accessories without having to make a big purchase and drain your business’s bank account. When you rent industrial equipment it does not require a long-term commitment. Buying equipment is a long-term commitment and it binds your business to whatever technology was the big advancement at that time of purchase. In this digital age, technology is advancing at the fastest pace ever. In previous times technological advancements in industrial equipment and dredge pumps did not happen as rapidly as in today’s times. Purchasing new industrial equipment and industrial pumps is a big commitment, and even though the new equipment has all the new technology, gadgets, and accessories it quickly becomes outdated. buying.Īccess to the Latest and Great Technology The following article provides an understanding of the many benefits associated with renting heavy-equipment vs. buying is that if the equipment is going to be used less than a year it is better to rent the equipment but, if it will be used for a longer period of time than a year the best option is to go ahead and buy the equipment. construction industry expected to grow 4.5% every year until 2027 makes this question of particular interest for any companies trying to capture a portion of this incredible industry growth.Ī popular approach to renting vs. Renting industrial equipment can be very advantageous, but the question that companies struggle with is when to rent equipment and to buy.
One option for companies that use industrial equipment is renting equipment instead of buying new equipment. In business, having options can be of great value and can be the deciding factor to increasing profits and gaining new projects. What are the Benefits of Renting Versus Buying Industrial Equipment?
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