Renting heavy lifting equipment has become a necessity in today’s fast-paced industrial setup. As technological innovations abound, there is a plethora of equipment to choose from. They can be easily rented on a daily, weekly or monthly basis. Boom lifts, scissor lifts, forklifts and telehandlers are among the renting equipment of choice.
Here are some reasons why it is beneficial to rent heavy lifting equipment vis-à-vis buying it.
- It accomplishes the work hassle-free within a stipulated time.
- It allows customers to choose from a wider range of machines to fulfill their requirements.
- Some rental companies rent out their machines in discounted packages which can help in overall cost-cutting.
- Many companies prefer hiring as it is a cheaper alternative.
- Besides increasing productivity and sales, these machines do not need to be stored or maintained which means less time is spent on maintaining them. In case of breakdowns, the insurance offered by the rental company usually covers them.
Let us now look at some of these benefits in detail:
Primarily, the greatest benefit is that renting equipment is more cost-efficient. Hiring equipment means lower costs, better utilization of resources and lesser waste.
Some companies are purchasing rental equipment for just one or two pieces as these machines are exorbitantly priced. Thus, it makes greater sense for businesses to rent equipment at a lower cost and get a better and more diverse range.
NO INITIAL INVESTMENT
Rental companies rent out their equipment with a minimal deposit which means that businesses do not have to incur heavy investments to hire these machines. Purchasing requires huge capital which adds to the overall cost of the business.
The biggest issue with purchasing complicated machinery is the rate at which it depreciates. There is no doubt that technology is bringing in more complex machinery regularly, thus, rendering older machines obsolete. The rate of depreciation of older machines is faster, coaxing companies to go for bigger investments.
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Rental companies often lease out their equipment with trained staff. The workers are well trained and efficient at operating these machines. Other companies offer training to businesses who rent their equipment. Either way, it is a win-win for both—the rental companies and businesses that take these machines on rent.
THE RIGHT EQUIPMENT FOR THE JOB
Having machines that do not fulfill your job requirements can put a financial strain on the company as well as impact project deadlines. Equipment that is too small to do the job results in frequent turnarounds which decrease output and efficiency. On the other hand, equipment that is too big can lead to size and safety issues. It is critical to get the right equipment with the right specifications for the job. There are myriad pieces of equipment, each with its unique specifications and applications. Therefore, it makes better sense to take these on rent, which gives access to a variety of models.
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REDUCING THE MACHINE FLEET
Contracting businesses are known to evolve in a very natural manner. With time, companies inevitably make the jump to industrial contracts from commercial ones. As businesses expand there is a need to bring in newer and bigger equipment offerings with a host of different applications. Renting these equipment allows the business to conveniently ramp up its expansion and investment activities without incurring overheads. They want to do this by renting and without keeping a large fleet for themselves. Many also adopt a hybrid approach where they keep bigger core pieces and rent smaller equipment on a need basis. The biggest benefit perhaps is the ability to try before you buy. Renting equipment allows you to do that.
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Buyer’s remorse can be curtailed with easily available rental services. It is a savvy and astute business decision that allows operations to run smoothly without incurring heavy expenditures.