Success in the construction industry largely depends on how well you manage your finances. If your construction company currently faces uncertain business activity, it might not be the best time to expand your arsenal of heavy construction equipment.
Heavy equipment purchase is a capital-intensive proposition that may leave you without enough money to meet your business's operating expenses. But with equipment rental, you can get what you need without bearing the costs associated with equipment ownership. However, be prepared to pay an all-inclusive rate for your equipment rental.
Read along to learn about the various things that will affect the cost of heavy construction equipment rental.
Equipment Type And Size
When it comes to construction projects, there's a machine for every task. As a result, construction equipment rental companies offer a diverse range of equipment types and sizes, including mini excavators, backhoe loaders, bulldozers, cranes, cold planers, and dump trucks, to suit different applications.
Different types of equipment are rented out at different rates, depending on their size and uses. For example, it would cost you more to rent a large excavator than a mini one due to the increased digging depth and speed.
Equipment rental companies consider the cost of equipment transportation when pricing your rental. Transportation costs for equipment largely depend on the type and size of the equipment you need and the location of your construction site.
The larger the size of your equipment and the farther your work site is from the equipment provider's location, the higher your transportation costs will be. To save money on transportation costs, consider getting what you need from a company near you. Minimizing travel distance is a smart way to reduce transportation costs.
How long do you intend to keep or use your rented equipment? The duration of your equipment rental is another factor that will impact the total cost of your equipment rental. The longer you need to keep the equipment, the more you'll need to pay for it.
The good news is that most companies offer discounted rates to clients who rent their equipment for longer periods. As a result, you can save more money on long-term rentals than short ones.
You can't do without heavy equipment — it's indispensable to any construction business. If your business situation doesn't allow you to buy the equipment you need, equipment rentals can help keep your business going strong.
Look for heavy construction equipment for rent near you.