4 Ways to Save Money When Renting Heavy Duty Equipment for a Construction Project
The construction sector is a project-based industry, and as such, heavy-duty equipment is only needed for specific periods. For this reason, equipment is often left to collect dust until there is a new project. Therefore, from a financial point of view, it makes more sense to rent than buy heavy-duty equipment for your business. However, this doesn't mean that it's always the cheaper option. Therefore, before you sign a rental agreement, check out these tips that will help you save money in the long run.
1. Rent the Right Equipment for Your Project
You may wonder, "Is it possible to rent the wrong equipment for construction work?" The answer is yes. Getting the right machinery means renting equipment that is appropriately sized for your project requirements. For example, if you rent equipment that's smaller than what you need, you will spend more time completing the project. This will translate into increased project time, labor hours, and, ultimately, more money.
On the other hand, if you rent machinery that's bigger than what you need, it will cost more to rent and fuel. Any additional rental costs are also directly linked to the size of the equipment; therefore, you will end up paying more. Therefore, to keep rental costs low, evaluate your project needs, and rent heavy equipment that's appropriately sized.
2. Look for Newer Models
One advantage of renting heavy equipment is that you can easily access newer models. Over the last decade, there has been a 400% surge in the popularity of some equipment rentals. As a result, players in the industry have been continually looking for ways to stay above the competition. One of the strategies they use is to put newer models of heavy-duty equipment on the rental market. Consequently, older models now come at a lower price.
Now, you may think that renting older equipment is the best plan to save money. However, it's not. Old heavy equipment and machinery break down easily due to prolonged use. They are also less fuel-efficient, and most don't come with advanced safety features. On the other hand, newer models are incredibly fuel-efficient, which can save a lot of money over the rental period. They also require fewer repairs and come with safety features, which can reduce accidents on your construction site.
3. Go for Operated Equipment Rental
Operated equipment rental refers to equipment rental where the supplier company provides an operator. This option may seem more expensive at the start, but it is affordable in the long run. If you rent equipment without an operator, you have to find one on your own. This option has the following cons:
- You may waste a lot of time looking for a qualified operator for the equipment.
- Inexperienced operators can cause downtime or increase the risk of equipment damage due to poor operation.
- Additional costs, such as overtime, will be billed differently, and this can increase the overall cost of hiring an operator.
Using a professional operator mitigates the risks associated with hiring your operator. What's more, it comes with the following benefits:
- You won't be liable for any damage caused to the equipment by the operator.
- If the operator gets injured due to equipment malfunctions, the supplier company will be liable for their personal injury claim.
- The package usually covers for additional expenses such as lunch breaks, travel, and other services such as preparing the site for earthmoving or rigging tasks.
4. Consider Leasing for Long-Term Projects
Renting equipment is financially viable and ideal when you need machinery for a short period. On the other hand, leasing is cheaper for long-term projects. Thus, evaluate the cost of renting and leasing equipment against the estimated project period. If you need the equipment for an extended period, leasing may be more appropriate for you.
Renting heavy-duty equipment can end up being an expensive endeavor if you're not careful. Thus, have these factors in mind to ensure you make savings and get the best value for your money.
To learn more, contact a heavy-duty equipment rental company.