Buy vs. Rent
When you are considering buying vs. renting, you should note your current financial situation.
For example the cost of ownership vs. the cost of renting, length of project or job frequency, equipment availability & usage, and inventory management and inventory control.
Pros and Cons of Renting vs. Buying
- Lower initial investment
- Access to a broader range of equipment at all times
- Latest equipment usually offered
- Maintenance, insurance, etc. handled by another party
- Cheaper over the long-term
- Get a return on your investment when you no longer need the equipment
- More flexible—equipment available whenever you need it
- Less downtime
- Possible tax advantages