Excavators, loaders, lifts, generators, power supplies, and other equipment are essential to any business. Like any other resource, picking and choosing what is necessary or not can help with the amount of spending and what would be considered a waste.
What industries rent, and why? Anywhere from agriculture to trucking, renting equipment is sometimes the best option. Other industries include logging, retail, landscaping, mining, and more. These companies rent for many reasons, such as catering to short-term equipment need, eliminating the need for maintenance, testing, and service, as well as making projects easier to manage by having on-demand resources to use.
Large equipment is an expensive investment that needs to be planned out. Purchasing capital equipment means your money is now tied up in it until you are ready to sell it. If you keep it a while and use it frequently, selling it is not going to give you a lot of money back. Not having a big chunk of money tied to a piece of equipment frees up funds to use in other parts of your business.
When you purchase new equipment, there needs to be a short-term storage spot as well as one for the long-term. Equipment can’t sit out in the sun or cold because it will be damaged and decrease its overall quality. Rentals can save you from having to find storage solutions for purchased equipment. If you know you don’t have space or means to store these significant investments, you should not be buying.
Many companies look at others who have the newest and nicest equipment and think they can’t keep up with them. Rental equipment can help these smaller companies be able to use nicer equipment than what they could afford to buy on their own. Having access to a wide variety of equipment enables you to stay on top.
Test it Out
If you are looking for a new piece of equipment, you might not be sure if you’ll like it or which brand you want. Renting it out to test the way it works can save a lot of money. You may end up not needing it as much as you thought, or just aren’t a fan of using it. Don’t waste your money on entirely purchasing it.
Flexibility is a huge demand in today’s market. Being able to rent equipment helps companies be able to respond quickly to different projects, whether or not they are urgent. Renting also helps to be able to service those with niche projects and needs.
Rental expenses are a deductible expense on tax returns, while purchased equipment is taxed at a depreciated rate during its lifetime. Expenses for rental equipment are more financially flexible than major equipment purchases.
Tri-Rent-All wants to make the most of your equipment rental experience. With our wide variety of inventory, we are sure you’ll find what you need, and more. For whatever reason people choose to rent, we hope it is worth it for our customers. Contact us to learn more about our renting options and pricing.