There comes a time in some business owner’s lives when the choice to buy heavy machinery or rent various items has to be made. This type of machinery is anything but cheap, and buying can make sense in a lot of cases. On the flipside, renting machinery can also make sense depending on your situation. If you’re currently trying to make this tough decision, here are some of the things you’ll want to consider prior to making that choice.
Your Budget: Top Consideration
It makes sense to look at your current budget in order to figure out whether or not you can afford to buy a piece of machinery, but it also makes sense to consider what the costs are of renting that item numerous times throughout a year or month – which brings us to the second part of calculating your budget. Figure out how often you rent that machine. If you are renting something three or more times per month, it may make sense in the long run to just buy the item. If you are renting a machine one to two times per year, you may not be able to justify that cost of buying something so expensive.
Look for Used Equipment
When you rent heavy machinery, you’re probably renting the best and newest item or model on the market. But when you it’s time to buy, it’s a good idea to look for a machine that’s in good used condition. Why? You can save a lot of money this way, and that will make all the difference where your budget is concerned. Just make sure that you purchased used equipment from a reputable place, and that there’s some kind of warranty attached to the purchase.
A One Shot Deal?
You may find that you’re renting a machine a few times per month simply because you are working on a project that will last for a year or two. But what about after that project is finished? Will you still use the machinery that you’ve purchased, or will you have to sell it? This is something important to consider because buying something so expensive only to use it for a short period of time doesn’t often make sense. So figure out how long you will want to use an item before you purchase it.
One Benefit to Buying
The one really good thing about buying your own heavy machinery is that you can use it whenever you need it. You don’t have to abide by rental rules, and you can do whatever you want with that item once you have purchased it. But this also means that you need to take extra good care of whatever machinery you are buying. If you don’t have a yard to lock up equipment, make sure that you do place it somewhere that’s secure. You don’t want to spend thousands of dollars on something so expensive only to have it stolen.
Protecting Your Machinery
The best way to make sure that any equipment you have purchased is safe is to equip that equipment with a GPS tracking device. These devices can let you know when someone has tried to move an item that you own, where your drivers are at all times, and where your machinery is if someone tries to steal it. Whether or not you buy or rent is up to you, but it makes good sense to ensure that your equipment is safe with the help of a reliable GPS tracker.
If you want to find out more about a GPS tracker for your heavy machinery, call Rocky Mountain Tracking today for more information.Google+