Why You Should Rent Industrial Cleaning Equipment
Should you buy or rent industrial cleaning equipment?
Determining whether to buy or rent your industrial cleaning equipment can be a little tricky. It depends on your situation. Everyone in need of the right cleaning equipment for a job is tasked with making these decisions with all their equipment purchases.
There are several pros and cons to both renting and buying, but here is what you need to evaluate first. What is your company’s current situation and capabilities and plans? You must carefully consider which method of acquiring cleaning equipment will be most advantageous to your business. Which decision is going to make your life easier?
Aside from factors specific to your company, here’s an overview of some general factors you should keep in mind before deciding when to buy and when to rent equipment.TMHOHRENTS.com
Buying vs. Renting? Here are five topics to Consider:
1) Financial Situation
It may seem obvious, but it’s crucial to review your current financial situation to determine if you have the capital to buy that sweeper or floor scrubber. Renting, financially is a safer option and may project to manage your costs over several months or years. Buying may be a large one-time financial commitment, but the cost of renting can add up quickly as well. And don’t forget, when you own, you can see a return on your investment when you sell. Be sure to measure all of these financing options.
When you rent, you are often paying for the newest equipment with the latest technology. Purchasing well-maintained used equipment can be cheaper than buying new equipment and may be more cost-effective than renting over the long term. Second, you could give your company some financial breathing room by financing your equipment purchases and maintaining capital.
2) Cost of Ownership
What is your cost of equipment ownership versus the cost of renting equipment? Ownership can lead to maintenance and operating costs, as well as insurance and other government licensing fees, which vary from machine to machine. Renting equipment, on the other hand, is generally an inclusive cost.
3) Length of the Project
How often will you need the equipment? How long is your project? Of all the things to consider, project length or the frequency of jobs is a significant factor in deciding why you may need to rent industrial cleaning equipment. For a short term job or a one time use, renting may make the most sense. The risk, of course, is that a project may take longer than expected, or there is a hold up where the equipment is temporarily not being used. A rented machine just sitting around is like throwing money away.
If you’re working on a long project, or if you’ve got several jobs on the horizon, then buying probably makes better sense, given that rental costs add up quickly the longer a situation goes on. Our PowerBoss equipment can be used to tackle several cleaning jobs.
4) Equipment Availability and Usage
The significant advantage of owning your equipment is that it’s available to you 24/7! If there happens to be an unexpected project or schedule change, you have the necessary equipment sitting in your back pocket. Take on jobs at a moment’s notice and complete projects with less downtime. Renting goes hang in hand with the length of the project. The equipment is available with proper planning and can be a cost saver if the project is executed.
5) Inventory Management and Control
Finally, managing your equipment should also be considered. If you have the skills and the time, you can save money over the long haul by buying some or all of your equipment and taking care of insurance and maintenance yourself. If not, don’t worry about it! That little extra cost will save you the stress of trying to figure all that out. You’ll know where the equipment is, who’s running it, and you can schedule jobs and equipment accordingly.
For shorter-term jobs, you may want to consider renting, but, as mentioned, buying provides you with added flexibility. Let’s say your project that you’ll need a piece of equipment for six months. If, for some reason, that job extends to a year, guess what, that machine is still there and ready for use. If the job ends and you decide you don’t need it, sell it again recoup some of your investment. You have a great ability to control your inventory, and even profit from the equipment you don’t need anymore.
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