The Benefits of Renting Business Equipment over Buying

The Benefits of Renting Business Equipment over Buying

When it comes to business, the general rule of thumb is: “If you don’t have it, but you need it – buy it”. Getting new or used equipment, however, does have a tendency of setting the buyer back more than enough to make a hefty dent in their budget. This is why renting instead of buying is often a smarter way to go, when it comes to equipment. With this in mind, we’ve listed some advantages of hiring the machinery you might need.

The Benefits of Renting Business Equipment over BuyingGet the Most Recent Stuff

The only problem with buying quality, expensive, up-to-date technology (in addition to cost) is the fact that it’s going to remain at the top of the food chain for a limited amount of time. After a couple of years, you will either have to come to terms with the fact that your top-dollar brand-new piece of equipment is slowly becoming outdated, or buy the most recent technology. While large companies generally have no problem paying for state-of-the-art equipment, small or medium businesses are better off renting their stuff. The rental market is actually very competitive, which makes the rental companies offer recent-generation equipment.

Renting is Cost-Effective

Although hiring equipment is obviously significantly cheaper than buying it, people often think that ownership always beats renting when it comes to long-term money-saving goals. While buying a car is certainly a more reasonable way to go than getting a rental each day, this can’t be said for business machinery. Equipment is generally expensive and includes a hefty number of other costs, such as registration fees, storage, maintenance and repairs. Hiring, on the other hand, doesn’t entail a large upfront outlay, which means that you can easily predict your budget – there isn’t a whole lot of unforeseeable things that can happen with hired equipment.

The Benefits of Renting Business Equipment over BuyingYou Pay Only When You Need It

While we are talking about the benefits of renting equipment here, this is not to say that it is always a better solution than buying. For example, if you’re a delivery company, your business will likely be based on getting items from point A to point B, which means that you wouldn’t really rent a delivery truck – you’d buy it. However, as a delivery-specialized small business, chances are that your staff will be able to load the majority of items that are set for delivery or shipping. In some cases, a large item might pass through your storage, which means you will need a lift, depending on the occasion – a perfect opportunity for renting it out.

No Transport Costs

Let’s say that your equipment is in Sydney, but your project is in Melbourne. Now, moving your machines is certainly a possibility, but this not only does tend to take time, but will likely put a sizable dent in your budget. In the above example, if you have business to do outside the town your company is based in, a smart way to go would be to keep your lifts (for example) in Sydney and opt for forklift hire in Melbourne. In addition to not having to pay for transport fees, your machinery won’t be at risk of being damaged on the road.

Dealing with Experts

When renting out equipment, you will be dealing with experts in the field. Not only do they usually offer quality advice, but some will actually allow you to hire their own personnel to operate the machines.

The Benefits of Renting Business Equipment over Buying

Buying equipment is often unavoidable, especially when it comes to your field-related machinery. In other cases, however, hiring equipment that you need at the given moment is a smart choice. Renting will offer you the most recent stuff, save you some money, cut a variety of fees and give you access to expert advice and help.

Written by Diana Smith

Diana Smith is a full time mom of two beautiful girls interested in topics related to business and technology.

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