What to Know When Renting or Buying Heavy Equipment

No matter the size of the job, construction contractors know that the right equipment can help them get the job done faster, more efficiently, and for less money. Used construction equipment can be a great and cost-efficient option. But before you jump into the used construction equipment market, there are a few things you should know.

Let’s review what you need to consider when looking to rent or buy used construction equipment.

Buying or Renting Heavy Equipment – Factors You Should Consider

Before making a major decision that will require a financial commitment and long-term maintenance, you should consider the following factors:

1. Total Cost of Renting vs. Ownership

Start by calculating what it would cost in both scenarios, whether you rent or buy. The total cost to rent or buy will depend on a variety of factors, including how long the job will last, how often the equipment will be used, and what type of equipment you need. When renting, consider all associated costs, such as hours of operation, fuel, maintenance, and insurance.

2. Assess Your Financial Situation

You should assess your financial situation before making a decision. Consider your budget and whether you can afford to finance the purchase of the equipment, as well as any maintenance costs. If you’re not sure what you can afford, a financial advisor may be able to help you create a budget and make an informed decision.

3. How to Reduce the Financial Impact of Heavy Equipment

Whether you’re renting or buying, there are a few ways to reduce the overall financial impact of the equipment. Consider renting used equipment instead of buying new. Used equipment is often more affordable and can be just as reliable as new equipment. You can also look into leasing arrangements, which can offer more flexible payment options.

4. Availability and Usage Restrictions

When you’re renting or leasing equipment, make sure you understand the usage restrictions and availability. For example, some rental companies may have restrictions on how many hours you can use the equipment or have limited availability if the equipment is in high demand.

5. Project Length or Multi-Job Frequency

Consider how often you’ll need to use the equipment. If the job is short-term, it may make more sense to rent the equipment. However, if you’re doing multiple jobs or the job is long-term, buying the equipment may be a better option.

6. Are You Equipped for Fleet Management?

If you’re buying multiple pieces of used construction equipment, you’ll need to consider fleet management. Fleet management involves tracking and monitoring the performance of the equipment, as well as scheduling maintenance and repairs. Make sure you’re prepared to implement a fleet management system before you make a purchase.

Buy or Rent Used Construction Equipment from Five Star Equipment

At Five Star Equipment, we have an extensive selection of used heavy equipment for sale or rent. Our team of experienced experts can help you find the right piece of equipment for your project.