Aerial Lift Equipment: Buying Versus Renting?
At Alberta Lift, we have a wide array of aerial lift equipment that is suited for both commercial and non-commercial use, whether you are using it for work around the house or at a construction site. Our inventory includes machinery such as articulating boom man lifts for both use on rough terrain and indoor use, battery powered lifts in the DC Scissor Lift category, as well as extended reach forklifts (otherwise known as telehandlers). Regardless of what type of equipment you are looking for, the decision to buy equipment versus renting it is a big one, and it requires some careful considering. Here are some of the factors that you should consider.
Pros for Buying
Pay once, then it is yours. Especially if you are going to use the equipment frequently, or you need it for work, the high initial investment will pay itself off over time and many uses of the equipment. You’ll have the choice between buying something new and paying a little more, for the most up-to-date technology, versus finding a great deal on used gear. When you own your own machine, you will have the advantage of getting to know the equipment inside and out and developing a very high level of familiarity with it as you maintain it over the years.
Cons for Buying
One of the biggest factors that prevents people from buying their own aerial lift equipment is the high up-front cost associated with buying equipment. If you won’t be using a lift on a regular basis, it may not be a financially viable investment. You need to carefully consider your finances before making this decision. Consider the cost of paying for the maintenance and repair of heavy machinery over the years to come, coupled with the fact that once you buy, you will have less flexibility when you compare to renting machinery that can be carefully matched to each task at hand.
Pros for Renting
You can always get gear that is up to date. You can rent gear that is precisely fitted to the job that you need to get done. Renting can also provide the unexpected benefit of not having to manage a large fleet of machinery. This type of administrative task can add expenses to your businesses’ overhead. Plus, when you rent you don’t have to worry about covering maintenance or repair fees. Since a reputable rental company will cover these issues, your business can focus on the main task at hand, instead of getting distracted by managing machinery.
Cons for Renting
You don’t necessarily know what you will get, since the piece of equipment you rent is not one that you are have necessarily worked with before. For this reason, it is very important to rent from a reputable business that maintains and inspects their equipment regularly. Of course, another con is that while the upfront cost of buying machinery is high, this is an investment, while the cost of rental equipment is simply paid on a per-use basis. If you are renting the same equipment on a very regular basis, it may be worthwhile to check how these payments compare to financing equipment that could become your own and compare the cost.
There are many factors that are important to consider in the decision to rent or buy your own equipment. Each has advantages and disadvantages, that may affect you and your business differently. At Alberta Lift, we offer both rental and equipment that you can buy. Feel free to contact us if you have any questions about our machinery or about buying versus renting.
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