If you are in need of new industrial equipment for your business, you first need to decide how you will purchase that equipment. The decision comes down to a variety of factors, from the space you have on-site, to how often you use it and what your budget is. Here are some things to consider when choosing between buying, renting, or leasing the equipment.
Pros and Cons of Buying
The first option is to buy the industrial equipment. Naturally, the main disadvantage to buying your industrial equipment instead of renting or leasing is that you will have the highest costs upfront. You need to be absolutely sure on your choice since it can be quite a big investment. However, there are also some benefits to buying. First of all, you could save more money in the long run if you use the equipment on a regular basis. It also keeps the equipment at your disposal at all times so you can avoid having to call up the rental company every time you need use of the equipment.
Pros and Cons of Renting
If you don't have a lot of money right now, but still need to use industrial equipment on occasion, you can choose the renting option. You will call up a renting company when you are in need of equipment like an excavator or bulldozer, and have it delivered to the job site. In addition to the benefit of it costing less upfront, renting can also benefit you as you don't need to worry about storage or transportation of the equipment between different job sites. However, you won't have it available at all times, and risk the equipment company not having any available when you need them. On the other hand, another benefit is that they take care of all the maintenance and repairs for you.
Pros and Cons of Leasing
Don't forget about the option of leasing the industrial equipment, such as a forklift or crane, instead of buying or renting. This can be a good moderate option if you don't have a lot of money upfront but you want the equipment to be available for frequent use. Leasing lets you simply put a down payment down and pay lower monthly payments, but not worry about constantly dealing with an equipment rental place. The main disadvantage is that not only do you not technically own the equipment, but you might end up paying more in the long run to lease the equipment than if you bought it.
For more information on industrial vibrating equipment, talk to a professional like VSS - Vibration Systems & Solutions (Australia).