Heavy construction equipment is expensive to operate compared to other industries. Not only are these tools expensive to buy, but they are also costly to run and maintain.
Additionally, paying for equipment has tax and insurance issues.
Construction equipment is one of the most significant expenses for contractors, affecting their bottom line.
As a result, equipment rental is becoming more popular in this industry sector.
The equipment rental procedure is now smooth and stress-free, thanks mainly to technology.
Telematics is advancing, for example, in the equipment rental industry. The majority of OEMs have developed their telematics systems for tracking equipment, or they have teamed up with outside vendors.
Here, we will explore how renting equipment can help construction contractors.
NO REPAIR COSTS
Contractors who rent heavy equipment from trusted suppliers avoid the ongoing responsibility of repairs and maintenance, ensuring the equipment operates at peak performance. This eliminates costs such as leasing workshop space, purchasing tools, sourcing parts, covering technician labor, and scheduling preventive maintenance.
Renting equipment also reduces nonproductive equipment time, reducing project productivity and profitability.
So, this approach minimizes the risk of production interruptions due to equipment repair needs.
FLEXIBILITY TO SUPPORT YOUR DEMAND
Balancing multiple projects simultaneously can be challenging, and sharing equipment between locations is not feasible. Renting equipment is more cost-effective, timely, and practical for short-term jobs.
Contractors must be flexible in sourcing equipment for each job, especially in tough construction jobs.
Fast and flexible equipment rental solutions from trusted suppliers like Cat Rental Stores can help contractors complete projects with efficient equipment. This flexibility is becoming increasingly desirable in today’s challenging business environment, ensuring contractors’ competitive advantage.
Some specialized tools, or aerial lift rental services, have access to a wide range of equipment options.
THERE IS NO NEED FOR STORAGE
Owning construction equipment involves initial capital investment, maintenance, storage, and transportation costs. Large pieces require long-term storage to prevent damage.
Expansive storage facilities can increase overhead and increase storage costs. Renting equipment reduces overhead costs by reducing storage space, insurance, security, and monitoring expenses.
Renting equipment allows for easy returns, no need for long-term storage, and no need to invest in security.
It also avoids maintaining storage areas or having equipment take up valuable real estate.
CONTROL PROJECT COSTS
Renting equipment allows for greater control over project costs, as it is a fixed expense quoted from a supplier.
This upfront cost helps estimate construction budgets, resulting in more profitable projects. Equipment rentals also eliminate surprise expenses, allowing for budgeting and reserving funds for other investments.
They also eliminate the need for maintenance to meet emissions standards, which can be costly for smaller companies.
Additionally, renting equipment eliminates the need for insurance, which can be expensive for smaller companies. Overall, renting equipment allows for more cost-effective and efficient project management.
ACCESS TO THE LATEST TECHNOLOGY
New construction equipment frequently has built-in technology to increase performance, safety, and efficiency. This technology allows operators to perform duties more quickly and efficiently.
Many construction teams and contractors need help to afford these changes due to the high cost of new machinery.
However, rental firms make the newest construction technology more accessible by providing it on a short-term, cost-effective basis.
Renting a machine for the day or a week is an excellent option to try out new gear, such as forklift models with the latest safety features.
When the time comes for you to purchase your equipment, you can find a system or valuable feature that you wish to look for.
