Should I Rent or Buy Heavy Equipment?

The choice to rent or buy heavy equipment is a big one. You must make smart financial decisions in order to keep your transportation company’s budget intact. Thinking logically, your budget is the first thing that should be addressed.

Once you are certain of your company’s financial situation, you can go ahead with the decision to purchase or rent the heavy equipment you’re in need of.

Questions to Ask Yourself

• Think about the future of your company. Is your company steadily increasing in profit? Do you believe your company will be able to uphold its current financial status?
• How often will you be using the truck? Is it enough to warrant purchasing one of your own?
• Are you able to keep up with the maintenance that the truck will require?
• Do you have somewhere the truck can be parked safely and legally throughout the year, or would it be more convenient to only have the truck during the weeks or months that it will be in use?
• Are you considering renting the truck because you only have one project to complete? How does the rental cost for the time period of the project differ from the cost of the truck, should it be purchased?

Not only is it important that you ask yourself all of the obligatory questions, but you should weight out all of the pros and cons for renting and buying. This will give you a much different perspective on the matter.

Biggest Benefits of Renting a Truck

Renting a truck will require no maintenance on your behalf, and you’ll pay less in the end for renting rather than buying.

Additionally, renting is more convenient than buying in that it is less time consuming. The buying and renting process of large trucks is similar to that of a traditional car – There’s a lot more research, paperwork and hoops to jump through when you buy. It also lessens the worry of parking stressors and other similar matters. Having no storage place for the vehicle while not in use could be detrimental to its upkeep.

Whether you’re looking to rent for a short period or long, you’re likely to be saving money and hassle if you choose not to buy. Talk to Truck Loan Center today for more information on how you can improve your company with rentals!