FACTORS TO CONSIDER WHEN RENTING OR BUYING

HEAVY MACHINERYCompanies may need to buy heavy equipments or trucks. Such requirements may arise when companies are expanding or are in the process of signing new contracts. In such a case, companies might want to upgrade their old heavy equipments. At this juncture, companies need to decide whether they would like to rent or buy, forklifts, terminal tractors, etc. It is essential to weigh the pros and cons of both these options. The next step would be to select equipment that will prove advantageous for the business. There are few other factors that companies should consider before renting or buying heavy machinery.

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COST FACTORBefore buying new machinery, companies should consider the cost. They should think about whether they should invest in purchasing machines or rent them out. Companies can make this decision depending on

how much investment is required and what the requirements of a project are. Buying equipments can require a big investment from companies. The cost of renting equipment can add up over time.

MAINTENANCEIt is essential for companies to estimate the maintenance and operating costs that comes with buying heavy equipments. There are other factors to consider such as insurance, government license, etc.

Renting equipment means that businesses will not have to pay for maintenance. In some cases, companies will have to pay for transporting equipment to and from the work site.

DURATION OF PROJECTThe time period of the project can help companies decide whether to rent or buy equipment. If the project work is for a short period of time, then opting to rent out can be a better option. The risk factor here might be machines can remain unused for long especially if there are changes in project schedule. On the other

hand, if companies work on long projects, then buying could make better sense.

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