When mobilizing your construction equipment for a project site, the enigma whether to buy, rent or lease must be tackled in a very sane and judicious way. Important questions pertaining to the duration of the need for equipment, the number of hours it'd be working at sites and geographical suitability must be answered to come to a decision.
There are various factors that affect the buy-rent-lease decision in an equipment's selection. Some of the vital ones are capital budgeting, equipment specification, life-cycle cost analysis, financial and risk management strategies, and employee training.
With the surge in the demand for construction equipment, contractors have been buying more machines and at the same time have also been adopting rentals and leases to assist their own fleet.
There will never be a direct answer to whether to buy, rent or lease a piece of construction equipment. It would always depend upon the unique conditions you are up against.
Here in this article we have laid out some points in favor and against when opting for buy, rent or lease.
BuyProcurement can be done through calling enquiries, technical and financial evaluation, ordering, contract making/purchasing, transporting, assembling and installation and operation/commissioning.
RentAlso Read: Select Construction Equipment Suitable for Construction Project
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