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When renting your equipment is the best option

by | Aug 23, 2016 | Learning Center

There are many factors specific to your situation that you should consider before deciding whether to buy, rent or lease. For those that lift and position people too infrequently, or require many different types of equipment, it may be difficult to justify buying aerial work platforms or cranes outright. Renting provides the equipment you need when you need it, without having to pay for it when you don’t.

Renting an aerial work platform or crane is an often attractive proposition. If the work that necessitates the equipment is infrequent, for instance, or if it’s uncertain how frequently such work will come along, then renting can be a logical approach. For companies occasionally lifting loads or positioning personnel, access to the right piece of equipment is still essential, but doing so on rare occasions may not be enough to justify buying the equipment outright.

Similarly, if the work frequently makes different demands of the equipment, such as personnel positioning one week and heavy load lifting the next, renting the right equipment each time can save time, and therefore money, for crews. Owners might not want a highly specialized piece of equipment in all cases. This hurdle can be overcome, though, by working with an equipment manufacturer able to find a custom solution capable of various applications in various environments.

When renting occurs too frequently—when the fees from doing so approach what the operation may spend on a monthly payment as determined by a financing plan, for instance—then it can become a case of lost equity. The argument is similar to what a potential home-buyer must consider when deciding whether to purchase or rent. Payments will have to be made in either case, but buying involves the accrual of equity which can likely be recouped later, whereas the other (renting) does not. Hence, frequency is a very important factor that should be considered when renting.

Renting pros:

  • Less overhead cost than with buying or leasing
  • Eliminates maintenance and other cost-of-ownership expenses
  • Allows for a high-degree of flexibility in the equipment used for lifting and aerial work
  • More conveniently positions people or lifts loads, leading to return on investment by saving time

Are you ready to talk to someone about what equipment options are best for your organization? Get in touch with us today to learn what Elliott can do to solve your equipment needs.

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