Renting vs Buying Lifting Equipment: Which Is Right For My Project?

If there’s one thing a construction site needs to be successful, it’s plenty of equipment. Reliable construction equipment is vital, from cranes to earthmoving tools. While traditional construction companies purchase their equipment, a new option for accessing construction equipment is emerging: renting.

Deciding between renting vs. buying lifting equipment is a big step for any engineering and construction company that relies on equipment in everyday operations. This guide will help you choose between buying and renting equipment to find the best solution for your needs.

Factors to Consider for Renting vs. Buying Lifting Equipment

Ultimately, there are several pros and cons of renting and buying equipment, and there’s no one-size-fits-all solution to this dilemma. To make the best decision for your company, consider the following positive and negative factors of each option.

The Cost

One of the most prominent factors to consider when deciding between renting vs. buying lifting equipment is the cost of each option. Overspending on construction equipment can cause challenges with other financial needs.

Still, renting equipment is often considered preferable for cost-effectiveness for several reasons. Rental companies will have experienced maintenance, repair, and transportation professionals who eliminate the cost of additional maintenance for equipment you would otherwise purchase.

Frequency of Use

One of the core determining factors in deciding between renting and buying construction equipment is how frequently you plan on using the equipment. One-time projects that only require certain equipment for the project duration are typically better suited for renting – purchasing this equipment means it’ll likely remain idle most of the time.

Storage Requirements

Beyond purchase and maintenance costs, storage is another financial element to consider when deciding between renting vs. buying lifting equipment.

Renting construction equipment is often preferable because it doesn’t require significant storage costs, and you won’t need to worry about creating extra space to store your equipment. This benefit can take a financial investment off your shoulders and be incredibly cost-effective in the long term.

Equipment Availability

Another important factor to consider before making a decision is equipment availability. If you’re dealing with a particularly urgent project that requires on-site equipment as soon as possible, having equipment available from an extensive rental fleet can be incredibly beneficial.

Upgrade Needs

Upgrading your equipment can be costly and incur additional expenses. When you rent your equipment, the rental company covers the cost of upgrading, and you’ll have access to the latest equipment.

Save on Maintenance

One of the main advantages of renting over buying construction equipment is how much you can save on maintenance costs. All construction equipment will require maintenance at some point.

Renting equipment reduces maintenance costs. This benefit means you can avoid costs like technician labour, emergency repairs, and tools for maintenance that would cause financial losses.

Safety Considerations

Safety holds utmost significance in the construction industry, given the elevated risk of accidents at construction sites. As a result, proactive implementation of precautionary measures is crucial to effectively mitigate the potential for worksite injuries.

If you purchase lifting equipment for your projects, you are responsible for its maintenance and safety inspections.

Find the Solution for You

Lifting Gear Hire & Sales has an extensive fleet of rigging and lifting equipment available for hire. Here are just 5 reasons why hire may be the best option for you.

1. Reduce Costs

Hiring is often the most cost-effective approach to your project.

2. Get the Right Equipment

Speak to us and you’ll get the best lifting and rigging advice. We always provide the right equipment to suit the task.

3. Safe & Certified

Our equipment is always certified when it leaves our warehouse so you can be certain the equipment you use works.

4. Storage

Don’t waste space storing equipment you no longer have a use for. Just send it straight back to our warehouse.

5. Eliminate Lost Time from Breakdowns

It’s frustrating when your equipment lets you down. We understand the costs associated with lost time. When you have an equipment setback we’ll be ready to send a replacement.

Lifting Gear Hire & Sales provides the best rigging rental solutions for construction organisations looking to rent reliable and trustworthy equipment. Lifting Gear Hire & Sales provides quality gear and professional solutions to meet all your construction needs.

Contact Lifting Gear Hire & Sales today to learn more about our solution.