a loan to purchase the item and will also provide a flexible term based on the current project or need for the asset,” explained Franklin.“ Another cost saving is the absence of costs of warranties, insurance, transportation and storage, which will free up more cash to support business growth.”
Maintenance:“ Renting eliminates the recurring costs associated with maintenance, repairs and storage of the equipment,” said Franklin.
Manage Depreciation:
Equipment – especially heavy equipment and anything tech-related – depreciates over time. And, according to Franklin, an asset’ s value at the end of loan payoff could be substantially less than the purchase price, making rental an attractive option for avoiding depreciation losses.
Technology: Renting equipment with newer technology can increase productivity, improve accuracy and reduce costs. Additionally, renters avoid equipment obsolescence and add more efficient machines to a fleet.
“ Lower monthly payments that generally come with renting may enable you to afford better, or newer, equipment than you could obtain if buying outright,” said Franklin.
www. contractorshotline. com April 25, 2025 21