You know that it’s time to acquire some heavy equipment. You also know that the method you use to purchase that equipment will significantly affect your business. Renting does have its benefits, but could buying make your life easier down the road? It’s a dilemma. Here are three signs that you should look for an inexpensive low loader trailer.
You Are in a Financial Position to Buy
If you have the capital to buy equipment, then you should go ahead and do so. Renting may seem like the cheaper option now, but in the long term, the costs can add up. Owning the equipment, on the other hand, allows you to use the machine whenever you want to and get a return on your investment.
You Have Lengthy or Frequent Projects
This is perhaps the most crucial factor when it comes to deciding as to whether you should purchase equipment. If you have a project that’s going to take much time or if you have many projects in a calendar year, then buying the machine is the more convenient and affordable option.
The Cost of Ownership Seems Affordable
Owning equipment means that you’ll need to pay for maintenance and operating costs. You’ll also need to pay for insurance and other expenses. However, you also need to know that the rental company puts that into consideration and includes those costs in your fees, plus their profit. In the end, the cost of ownership is lower, especially if you are going to need the equipment for a long time.
From time to time, you need to acquire additional equipment to keep your projects running smoothly. When that time comes, deciding the best acquisition method can make a big difference in your business.