There are always going to be instances when, regardless of how carefully an excavation company plans out a project, there simply isn’t enough equipment available to deal with the requirements of the project without running out of time.  The choices at this stage are clear – rent the machines you’ll need or go on and make the purchase. It’s however, not easy in making these kinds of decisions, thanks to several factors that you’ll need to consider.

Rental pricing

Its no secret that rental companies make a killing using the equipment they rent out.  Most companies will rent on a daily or weekly basis, which is good for them but can be bad for you.  Depending on what area you work in, the cost can be very high or just right. Depending on what type of equipment you need, the price to rent will be different.  Excavators and off road dump trucks are some of the highest to rent, as they quite simply can cost as much as 12,000 dollars a month!  This may seem somewhat outrageous at first, although if you own a profitable company and are also concentrating on a big project, you’ll have problems meeting the cost.

Buying

When you need more equipment and do not want to rent, you can buy your equipment.  Buying is definitely the way for you to go if you intend on using the equipment more.  In case you work on large projects on a frequent basis, chances are you’ll choose to look into buying the equipment you’ll need rather than renting. Buying will save you money in the long run, providing you are going to be using the equipment again.  If you’ll need the equipment for one or two projects, you might just want to rent.  Sure you won’t own the equipment, although you certainly do not want to buy something you won’t use.

Servicing

One of the advantages of renting is the fact that company you rent from is responsible for fixing anything that breaks.  Your company will not be responsible for repairs, as you don’t own the equipment.  If something breaks or goes wrong, simply call the company and they’ll come out there and fix the problem, as the price for repair is included in the rental contract. If you decide to go ahead and buy the equipment, then your company is going to be responsible for the repair of the equipment.  As you probably know with owning other equipment, you’ll need to do regular maintenance and service on the equipment.

Making that final choice on renting or buying is ultimately up to you.  You should always think about finances, and if you can afford the machinery.  If you don’t have the finances or capital to buy what you need, you should go with renting.  Either way you decide to go, you’ll get the machines you need to complete your job and stay ahead of schedule.

These are effective points we wrote in our post, but it isn’t the only place to find this information.  We have found other articles like this one about excavation that you might find insightful too.  Why don’t you share it socially too!