Top 3 Benefits of Leasing Construction Equipment for Big Projects
Rather than passing up a large construction project because you lack the equipment necessary to get the job done, you should instead consider leasing the equipment. There are three unique benefits that come with leasing construction equipment rather than buying it outright.
You Get to Enjoy More Flexibility
Imagine buying a brand new piece of construction equipment that becomes useless halfway through a project. Rather than feeling as if you might have wasted your money and wondering what to do next, you and your nerves will be much better off if you simply lease your equipment. You can easily find leasing terms that come with “improvement throughout the lease” terms. What this means is that you can switch out one piece of leased construction equipment for another halfway through a project if you determine the initial equipment is no longer useful. Even if you don’t need to switch out equipment in the middle of a project, you may enjoy being able to easily exchange an older model for a newer one.
Reduced Cost of Ownership
Something else to think about with leased construction equipment is that it often comes with an overall lower cost of ownership when compared to brand new equipment. If you’ve bought equipment in the past, you already know the down payments and monthly installments that come with such purchases. You’ll likely find that leasing construction equipment comes with more payment options and no down payment to worry about. Not only will leasing result in more cash flow, it can also come in handy when the next tax season rolls around.
You Don’t Have to Worry About Manufacturing Backlogs or Wait Times
You may have noticed how difficult it can sometimes be to buy up the specific construction equipment you need for your project. Even if you have the financial resources to buy up new equipment, there could be a waiting list or manufacturer backlog that keeps you from getting the equipment you need. By choosing to lease used construction equipment, you’ll have easy access to what you need when you need it. Now you don’t have to but projects on hold, which you and your clients are sure to love.
Rather than choosing between buying and leasing construction equipment, you might want to consider doing both. Your decision is likely to hinge on your specific needs as well as your current financial situation. If there’s a big construction project for which you feel well qualified, consider leasing equipment to save time and free up your cash flow.