At some point, you might need to get your hands on some large equipment for either business or personal reasons. But when you’re in need, should you rent the equipment or purchase it outright?
Here are just a few reasons why renting the equipment vs. purchasing it in Monroe, LA often makes the most sense:
- Save money: In renting the equipment, you only pay for how much you’ll be using it, rather than for the entire cost of the equipment. When you purchase a piece of equipment, you’re committed to tying up a significant chunk of money in that equipment until you sell it, and even then, the ultimate sale might fetch you only a small fraction of the price you originally paid. Not only will you save money in the long run by renting, but you will save money in the short term as well, because you won’t have to save up for a down payment.
- Avoid long-term storage issues: If you purchase new equipment to keep, you’ll need to figure out where you’ll store it over the long term. If this is a particularly large piece of equipment, this can be difficult—you might not have room on your property to dedicate to it, and you’re not going to want to keep it sitting out exposed to the elements all year long. You can avoid the inconvenience and expense of having to figure out a long-term storage situation by simply renting the equipment only for the duration of your project.
- Tax deductions: If you itemize your taxes, you’ll be able to deduct the equipment rental expense for a single year. Compare this to purchasing equipment, when the purchase is taxed with a depreciated rate over the course of its life.
- Avoid a hit to your credit: Rental expenses will not show up as a potential liability on your credit history, so if you rent equipment, you can protect your credit and avoid taking a hit when you need to take out a loan or finance another project or piece of equipment.
- Time efficiency: Rather than having to wait to get working on a project until you’re able to afford to purchase a piece of equipment, you can rent the equipment exactly when you need it at a lower expense, allowing you to cut out that waiting period and get right down to work. The equipment will arrive when you need it, and leave when you no longer do.
- Don’t worry about long-term commitments: The purchase of a piece of equipment can be nerve-racking, because you might not know for sure whether it’s something you’re going to use over and over again to get your money’s worth. By renting you can avoid the need to make a long-term commitment to the equipment, which can give you some much-appreciated peace of mind.
For more information about the various benefits associated with renting equipment rather than purchasing it, we encourage you to contact Ram Rent-All, Inc. about our selection of equipment rentals in Monroe, LA.