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Buying vs Renting Equipment For Construction: Which Is Better?
By caterpillar | Posted: September 10, 2023
You’re thinking of growing your construction business by investing in a new piece of equipment – great!
Growth is always exciting and when purchasing new equipment for your construction company, you’ll probably be faced with multiple decisions relating to financing, maintenance and more. One of these decisions might be whether you’re going to purchase or rent your new equipment.
What’s the difference between owning or renting your construction equipment?
Purchasing your equipment grants you full ownership of your equipment, meaning that it’s yours for as long as it keeps going (and we all know, when you choose Cat® equipment, it’s a long time!)
However, while renting construction equipment doesn’t grant you ownership, it means that you avoid paying any upfront costs, repair and maintenance fees and monthly storage charges. Put simply, renting equipment can be better for your bottom line.
Is owning or renting construction equipment right for my business?
It entirely depends on your business and the kind of projects you work on.
If you work on a lot of similar jobs that don’t require you to have a diverse fleet, purchasing one or two pieces of equipment might make more sense for your business.
On the other hand, if you regularly work on several different types of projects, renting equipment may be your best option as you’ll likely be required to use machines that you don’t have an ongoing need for.
If you’re looking to expand your business into different areas, renting your equipment may also be a good choice for you. This is because it’ll allow you to access different equipment when you need it, or quickly scale your fleet up or down depending on customer requirements and market fluctuations.
Why rent equipment?
There are plenty of other benefits to renting construction equipment. As well as helping you to reduce paying upfront costs for your equipment, these advantages include:
- Easily accessing the latest equipment that uses up-to-date technology
- Choosing the best equipment for each job
- Increasing profitability by taking on new clients, more work and a wider range of projects
- Receiving support from rental dealers to help you choose the right equipment for each job
- Reducing or eliminating ownership costs
Find the rental equipment you need at The Cat® Rental Store
The Cat Rental Store is your destination for the latest, high quality construction equipment at affordable rental rates. Whether you’ve just taken on a large new project and need to quickly scale up your fleet or you’re looking to diversify your equipment, you’ll be able to find everything you need via our online store.
You’ll also be able to tap into the expertise of our rental dealer network who can help your business to deliver impressive results, grow your customer base and increase your profits (while reducing your bottom line).
Learn where to rent equipment near you by locating your nearest dealer or browse our wide selection of equipment on The Cat Rental Store.