If you have a project coming up that is going to require some construction equipment, then you may be considering whether leasing or buying is the right option for you. You can look at sites like www.equifyauctions.com now if you want to get an idea of what sort of heavy equipment is up for sale in your area, but before you take that step, consider these three factors. They will be the most significant areas you’ll need to examine as you make this decision.
What Are Your Plans for the Future?
The composition of your company and what you have on the horizon will make a great deal of difference as you think about whether buying some heavy equipment is going to be worth it to you. Do you know for a fact that you’re going to need a bulldozer or a compactor three months down the line, or are future projects strictly in the speculative stages? If you have concrete plans for the future building, moving, or demolition projects for which you know that you’re going to need this equipment, then it might be worth it to buy. If this equipment is intrinsic to the very nature of your company, then the financial outlay makes sense. However, if all you have is the one project, you should lease.
Less Money Up Front
Renting or leasing construction equipment is going to cost you less than buying. Let’s say that there’s a scenario where you feel strongly that you’re going to need this machinery soon, but you’re not sure. Why not take the safer route and lease? You’ll have a relationship established with the leasing company, and if it does come about that you need the machines again as you had envisioned, you can easily get your hands on them.
Where Will You Put Them?
If you do decide to buy, then you’re going to need a place to store all of that equipment when it’s not in use. If you have a warehouse or a garage that is well situated to be used for that purpose, then that’s all well and good. If you do not have a place for it picked out, though, you might want to pump the brakes before you commit. A dump truck takes up a lot of space, and you can’t just park it in your driveway for weeks at a time. This might also make leasing the more attractive option.
In addition to all of these considerations, you’ll need to think about whether you have the people on staff who are trained in the use of these machines. You need special licenses to operate most of this equipment, and if no one you employ has those yet, you’ll probably want to train them before you either buy or lease. Ultimately, you’ll have to look at what the next six-to-twelve months are looking like for you, or perhaps even your plans for the next couple of years. If you have the staff who know how to use this machinery and a place to put it, and you know that you’ll be needing it again sooner rather than later, buying seems like the right move. If any of these factors are off, leasing will likely be your best play.