Does your construction business routinely use equipment like bulldozers, excavators, skid steer loaders or backhoe loaders?
You probably know that adding work tools to your inventory is an excellent way to maximize productivity. Construction attachment parts like rakes, forks, buckets, mulchers or augers can transform a product into a multipurpose workhorse that enables you to increase job site performance and efficiency while reducing your operating costs.
You can either rent or purchase the attachments you need. But which method is better for your business? Evaluating the advantages of each process can help you make an informed decision.
Why Buy Attachments?
Before we explore all the benefits of renting, it helps to understand why many businesses choose to buy. The benefits of buying include:
- You own them: The attachments are yours to use or modify however and whenever you see fit.
- You take care of them: Many business owners prefer to repair or maintain their equipment instead of relying on a third party.
- Always there when you need them: It can be comforting to know that frequently used attachments are in your possession and ready to go when you need them.
- Brand loyalty: With renting, you don’t always know what the store will carry. When you buy, you can target products from manufacturers you know and trust.
- Return on investment: If you find that you no longer need the attachment, you can recoup some of the purchase price by selling it.
Benefits of Renting Attachments for Construction Equipment
Renting construction attachments offers several advantages. When you rent construction attachments, you can:
- Introduce flexibility: With renting, you can pick up a tool whenever you need it and return it to the store after finishing the job. The right rental supplier will provide flexible terms for daily, weekly and monthly rental needs, so you always have an attachment when you need it.
- Reduce upkeep: You won’t have to maintain, insure or store products you rent. When you're done renting an attachment, it goes back to the dealer.
- Test new products: You’ll be able to test an attachment to ensure it’s the right fit without making a long-term financial commitment.
- Receive work tools immediately: A rental is ready to go when you are — you don’t have to wait for a product to arrive from the factory, and your team can stay on schedule.
- Enhance job site performance: Renting allows you to match attachments with specific applications, leading to more reliable project results and decreased downtime. Make sure to communicate with your rental supplier to create a contract that fits your project timeline.
- Diversify projects: Attachments give your equipment fleet new abilities, opening the doors to a broader pool of projects. Taking on new projects increases your company's profitability and makes you more competitive among other businesses.
- Save money: In most cases, the rental provider absorbs any maintenance and repair expenses, which can reduce your company's operating costs. When renting, you only pay for your attachment when you need it — no large upfront investments are required.
What to Consider Before You Rent
If renting sounds like an excellent option for your business, consider the following:
- Your financial situation: One of the most notable benefits of renting is saving on operating costs like maintenance and storage. While you'll likely save money compared to buying, it's still vital to assess your current financial situation. If your business is just getting started, even renting for too long can strain your finances. Create a budget to help you stick to a comfortable level of spending.
- Project timeline: It's essential to determine how long you'll need a work tool attachment before interacting with a supplier. Your rental contract will define how long you'll have access to the attachment. Your provider may offer some flexibility for your rental terms, so it helps to ask if extensions are an option. If your project timeline is unclear, this extra flexibility will be a great help.
- Potential risks: Most business decisions will come with a level of risk. When renting work tool attachments, consider the risks of the process and how to respond to them. The most common risk in renting is your supplier not having the attachment you need for your current project. You can reduce this risk by working with the right supplier.
Choosing Your Rental Supplier
Your rental supplier will have a significant impact on your rental experience. When you're looking for a supplier, research the following characteristics:
- Equipment availability: A provider's equipment availability will play a role in how much risk is involved. More established dealers with plenty of locations will likely have a large stock of attachments available at any given time.
- Location: Renting should be an easy process, and it helps to have a location near you. Look for a supplier with plenty of sites close by, so you have plenty of options for equipment rental.
- Customer service and support: Beyond accessibility, you want your rental supplier to answer all of your questions and guide you to the right attachments for your job. Your rental provider should care about your success and have a team of experts on hand to help you build your contract.
- Transparency: Billing transparency is critical for your budgeting. You should trust your supplier to provide upfront prices in the contract without any unexpected fees.