The Difference Between Buying New And Renting Construction Equipment

March 22, 2022

Depending on the scale of your construction project, there may be several different types of equipment and tools needed to get the job done. From mini excavating in Victoria to concrete mixers or even simple hammers, your equipment needs may differ. Managing your project, tools and equipment as well as labour can be a tiring task. In addition to the usual stressors that come along with construction, you will also have to ensure your equipment is in good working condition. If not, you can have unexpected costs creep up and may have to fork out even more money for new equipment. Overall, it can lead to a more complex and frustrating process when you own your equipment.

In this blog post, we explore the biggest advantages you can benefit from when choosing to rent your equipment.

Decreased Expenditure

When you own equipment, you need to factor in maintenance and repair costs to your project budget. These will impact your project schedules, but costs can also arise due to unfortunate accidents. And although these are not planned for, you can steer your project off course while you try and acquire more equipment to do the job.

Hassle-Free Storage

While renting out equipment, storage will be a concern. But prior to you renting out specific equipment for your project and after use, the responsibility of transportation and storage moves over to your rental company.

Avoid Depreciation

Owning equipment can give you more seamless construction schedules, but there is depreciation to consider. If you are only using precise equipment every few months, you could be accumulating more depreciation costs than the actual value of your machinery. In the long run, depreciation costs will decrease the value of your equipment and can make for a low resell sale.

Up-front Costs

Purchasing new equipment requires a large amount of money upfront before you take ownership. This cost will impact not only your project’s expected spending but also your business’s finances over time because it is an investment. Conversely, renting out equipment is much more affordable and will have a smaller impact on your finances overall.

Renting out equipment is a good financial decision to undertake, as it can be cost-effective for the current business climate. Essentially, you can save money by renting, as the associated costs of purchasing new will not affect you. For high-quality and excellent working condition equipment rentals, always use a reputable and trusted rental company.

At VI Rentals, we provide our clients with equipment that gets the job done in a reliable manner. We can assist with rental equipment for mini excavating in Victoria. Give us a call today!