Often times it doesn’t matter how well you plan out your excavation project, you find that you run into a shortage of equipment on hand to handle requirements without running over the time allocated. You then have to make the decision – rent what you need or go ahead and purchase new equipment.
It’s not always a clear cut decision to make so let’s take a look at a few factors that may come into play.
Costs of Renting Excavation Equipment
Without doubt, rental companies rub their hands with glee especially for expensive heavy machinery hire. Most of them will rent the excavation equipment to you on a daily or weekly basis which can prove to be an extremely expensive option, especially if the project is further held up due to other factors as well.
Renting excavation equipment and off road dump trucks often attract the highest rental fees in the heavy machinery marketplace. You could be looking at a price range of up to $18,000 per month not including any attachments or buckets you might need. This may be in your budget if your company is large and profitable and the project is big enough but could prove to be beyond reach to a less established company. If you’re not sure where the next big projects are coming from then renting equipment would be a wiser decision than buying. You won’t own the equipment but it is better than having it sitting around unused. You won’t have the worry either of having to fix it if it breaks down – the rental hire company will take on that responsibility.
So What About The Option Of Buying Excavation Equipment?
If you are thinking that the equipment you need will be required for further projects, it makes sense to seriously consider buying the excavation equipment that you need rather than renting it, especially if you have several larger projects on the calendar.
Of course, with this option you will be responsible for the regular service, maintenance and repair of the excavation equipment you buy. But buying what you need will most definitely save you money in the long run if you do have those further large projects in the pipeline.
Ultimately the decision is yours on whether you buy or rent but of course you need to think about your finances carefully and make the best decision for your company. If you really don’t have the finances or capital to buy what you need, renting would be your best option obviously.
But if you really feel that you will need the excavation equipment on a regular basis in the future, it would be best to speak to a professional finance option company to get expert advice and the best deal for you in order for you to buy the equipment; thus saving you thousands in the long run.
Either way you go, you’ll get the machines you need to complete your job and stay ahead of schedule.
Unlike the big banks, at Finlease we take the time to visit you, understand your situation and assist you in selecting the right financing solution. If you are not satisfied with our solution, simply walk away with no cost. We are delighted to seek approvals as over 85% of them are taken up by clients!
Don’t just take our word for it though, visit product review at
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