Dispelling common misconceptions about renting heavy equipment
Heavy equipment is a vital part of the construction industry, and the simple fact is, the industry couldn’t operate without it. And a big part of contracting, is having the right machinery for the job. And every contractor has a fleet of equipment they use regularly. But sometimes, jobs call for a specialized asset that you might not have on hand. That’s where equipment rental comes into play.
But there is a lot of misinformation floating around out there about rental equipment, what it is, and how you can use it for your business. Let’s take a look:
Myth #1: Renting is expensive.
While sometimes it makes sense to buy a piece of equipment, this is not always the case. There are many factors to consider when considering ownership, including how much it will be used, what your annual upkeep costs will be, and whether or not it will be a positive or a negative on your budget. Before you rent, figure out all of the tasks this asset will be used for. If you only need a specialized piece of equipment for a one-time operation, renting is a much more economical option. For more help making a decision, read this blog post and consider all the factors.
Myth #2: Rental equipment is old and/or in poor shape.
This fear is easy to understand. No one wants to risk shutting down their entire jobsite just because one piece of equipment broke down. Luckily, with companies like EquipmentShare, this isn’t a problem. We have one of the newest fleets available and every machine is thoroughly inspected to make sure it’s up to our rigorous standards. That means you don’t have to worry about mechanical issues and can focus on getting the job done.
Myth #3: You need to schedule rentals far in advance.
Contracting is a business of seasons, that’s a given. And while some pieces of equipment are in much higher demand than others, you don’t always have to book your rentals months ahead of time. More often than not, we’ll be able to work with you to get you the equipment you need, sometimes that very day. Rental terms are flexible, so if you need a backhoe for a couple of days, you can rent it for just a couple of days.
Myth #4: Rental fees aren’t tax deductible.
Wrong. Equipment rental fees are a tax-deductible business expense. You can include them on your income tax return for the year in which they were incurred, along with any extra costs for reserve, delivery and insurance.
Obtaining heavy equipment can be a huge headache for contractors. There are a lot of misunderstandings, misconceptions and outright myths about renting equipment in the construction industry. And while it’s not always the right answer, other times it makes far more sense than buying an asset. Ultimately, you need to understand your needs, the project scope and the impact on your bottom line. If you have more questions about equipment rental, get in touch with EquipmentShare and get the answers.