Having the right equipment in your garage is crucial to taking care of your property. However, a lot of tools can be expensive and hard to find. If you’re only going to use them a few times a year, sometimes is better just to rent them when you need them. Knowing where to draw the line between renting and buying equipment can be tough. Use the information in this article to help you make a decision!
Pro’s to Buying
There are a lot of benefits to buying equipment. You have it all year round, and it’ll often last you a very long time. If it’s a piece of equipment that is hard to come by, owning it can be a great thing sometimes because you can lend or rent it out to other people. You never know what can happen to your property, so the more equipment you own, the more equipped you are to deal with unexpected challenges.
Owning pieces of equipment should be seen as an investment, and can really benefit your property!
Con’s to Buying
While there are many benefits to owning equipment there are also a lot of drawbacks. Buying it can be extremely expensive. Not only do you have to worry about the cost, but you also have to think about storage, maintenance, repairs, and complimentary equipment costs. You probably don’t have room in your garage for several large machines. Chances are your basic lawn equipment already takes up most of your storage space.
Pros to Renting
Renting equipment can be the right thing to do for many reasons. First of all, nowadays you can rent almost anything from your local landscape supply store. From aerators to pesticide sprayers, to trenchers, you can rent pretty much anything! Another benefit is that you don’t have to worry about the upkeep. You can use it and give it back all in the same day without any maintenance concerns.
Cons to Renting
One of the drawbacks to renting is the fact that a lot of the time you have to pick it up yourself from the rental company. If it’s a large piece of equipment that requires a trailer, you may also have to rent other materials to get it to and from your property. These costs can add up quickly. If you don’t want to pick it up yourself, many times companies will charge delivery and pick-up fees. You should factor this into the total cost if you’re considering renting.
Questions to Ask Yourself Before Deciding
When deciding if you should rent or buy, consider this: Think about how many times per year you’ll use the piece of equipment. Next, do some research to see how much it will cost to rent vs. buy. You’ll want to factor in maintenance and delivery fees. Once you have the two costs, take the total cost of purchasing the equipment and divide it by the number of times you plan to use it in the year. If the number is less than the cost to rent the equipment each time you need it, it’s probably more economical to purchase the equipment. If the number is greater, it’s most likely better to rent it!
Here’s an example. I want to know if I should rent or buy a trencher. I anticipate I’ll use it about 4 times a year.
- Total rental cost: $150 per day
- Total purchase cost: about $1,200
- Uses per year: 4
1,200 ÷ 4 = $300
$300 > $150 rental cost. In this case, it looks like it’s more practical for me to rent!
If you have more questions or want to ask the opinion of a professional, give our landscapers a call today!