Backhoes, loaders, excavators, and trenchers are essential to several industries, such as construction, demolition, agriculture, and forestry. If you own a business that uses heavy equipment as part of its everyday operations, you may wonder whether to rent or buy it. Use this guide to help you make the right decision for the company.

When to Purchase

If you use heavy equipment over half the time your employees are on the clock, buying it is often a better long-term investment. The cost of rental fees accumulates when you need loaner equipment for most of the average workweek.

Although it’s costlier than renting upfront, the heavy equipment purchase will eventually pay for itself. Newer models have better technology, like payload weight and telematics. These features will let you monitor materials moved at job sites and alert you when the machine is being misused. Modern features will help the team work efficiently so that they can complete more jobs, increasing the business’s revenue.

The Benefits of Renting

If you use certain pieces of heavy equipment infrequently, rent them instead of spending more money to buy them. It’s also a good idea to rent if you use different pieces of equipment but only for short periods, as rental rates may be available by the hour. You’ll also save money in the long run since you won’t have to pay for routine maintenance over the years.

Renting is helpful for getting a feel for certain makes and models, allowing you to test them to see if they’re a good fit. Additionally, you may be able to deduct rental fees on your tax return since they’re business expenses.

If you want to rent heavy equipment for a project, turn to the team at Contractors' Equipment & Service in Waipahu, HI. These professionals provide Oahu businesses with a variety of machines, including excavators, forklifts, and water trucks. View their full list of rental options online, or call (808) 676-7566 to request a free estimate.