If you find yourself needing lifting equipment for an upcoming project, you will have two choices. You can rent this equipment, or you can buy this equipment. There are certainly distinct advantages to both buying and renting, and one of these options will likely be better for your needs. In addition to this, there are also some considerations you will need to take into account before making your choice. Read here on the type of lifting equipment you can use and how to safely use them.

Pros of Renting & Buying Lifting Equipment

One of the options you have is to rent your lifting equipment. According to the U.S. General Services Administration,  one of the biggest advantage to renting is that it is a more affordable option. Lifting equipment can be quite expensive to buy, and unless you are going to need this equipment long-term, renting is a better value for your money. In addition to a lower upfront price, you also won’t have to worry about extra fees like insurance or maintenance, which can also be expensive. Renting lifting equipment will also give you access to the latest technology, as odds are good the equipment you rent will be fairly new.

You also have the choice to buy lifting equipment. There are also benefits to this. First of all, you will have access to this equipment at any time. You will also find that you will be able to become well-versed in using this equipment as you will be using it often. This means you will be able to make repairs, adjustments and be aware of safety issues at all times. Another pro of buying your own lifting equipment is that you are making an investment into your company and building up capital, an important thing to have as a business owner.

Cons of Renting & Buying Lifting Equipment

Just as there are pros to renting lifting equipment, there are also cons. For one, you will find that you are limited on what you can do with the equipment. Since you will be under contract, there might be things that you want to do with this equipment, but you are unable to due to the terms. Another con of renting lifting equipment is that you may not be able to use it correctly. Since this is a new piece of equipment, and you may not be familiar with it, it could take some time to get used to. You will also be limited on the amount of time that you can keep the equipment. Finally, when you rent, you will not be investing in your business like you would be if you buy.

The main con of buying lifting equipment is the cost associated with buying. The price of the equipment is only part of the story. You will also need to pay for insurance, maintenance, fuel and other costs of running and using the equipment. Another con of buying lifting equipment is that, over time, you will find that new technology will come onto the marketplace. Eventually, your equipment will become obsolete. You will also need to consider storing and transporting the equipment.

These are only a few of the pros and cons of buying versus renting lifting equipment. Most of the time, if you find yourself needing lifting equipment quite often, buying might be a better option for you. However, you don’t want to get in over your head financially, either, so in some situations, it is best to rent, even if you use the equipment often. There is no right answer to the question of buying or renting, what matters is that you evaluate your own situation and needs, and choose which option meets those needs better.