Best Option for Integrating Heavy Equipment & Parts into the Work Process

 

The best three options to use heavy equipment parts for your construction or other industrial work process are buying, renting, or leasing. Each of them has its significance, but you need to opt for the suitable one by considering its advantages and loopholes. 

The economic conditions and the industry owners' budget make it quite difficult for them to choose one of these three options. Therefore, here are some explanations on all the three aspects to help you make the best choice for yourself. 

Pros & Cons of Buying

Buying the equipment is the right decision as it helps you to add another heavy equipment to your inventory. However, it is a huge investment to make at once still many big enterprises or industries invest a hefty amount for purchasing the equipment, depending upon their level of requirements. 

Mentioned below are the pros of buying heavy equipment parts. 

Pros:

• Complete ownership of the equipment.
• It would prove to be an economical option if you have a long term need for the equipment.
• You can keep a track of the machine's health and improvise on its maintenance needs accordingly. 

These are some of the pros you would need to keep in mind before buying the heavy machinery instead of renting or leasing them. Apart from the pros, there are certain cons too. They are as follows: 

Cons:

• If you have short term needs, buying machinery might be too expensive and not a worthy decision. For instance, excavator rental in Pittsburgh is cheaper than purchasing it for temporary needs.
• You will require to handle the maintenance and storage of the equipment that may slow down the work process. 

Pros & Cons of Leasing 

Leasing is comparatively a better option than buying the equipment but is yet less flexible than renting. For leasing, you need to commit and sign an agreement in order to own the equipment for a particular tenure. There is a limited low-end tenure that you need to agree on for leasing the equipment. As a result, you need to handle the storage and maintenance of the equipment even if you do not require it after a certain period of time. 

Some of the pros & cons of leasing the heavy equipment and its parts include: 

Pros:

• The monthly payments are low when you lease the equipment.
• You can return the product after the end of the term.
• You can choose specific features. 

Cons:

• Fixed time period.
• Unused days and hours are also charged. 

Perks of Renting

Whether you go for long reach excavator rental or articulated truck rental, the prices are nominal for all heavy equipment and parts. You do not need to worry about the storage, neither the maintenance. You can rent the machine only for a limited period of time, as per your need. After which, you can hand it over to the rental firm. 

Some of the perks of renting over buying or leasing include:

• A flexible option amongst all.
• Capital requirement is less.
• Free from maintenance responsibility
• Pay only for the required time. 

Conclusion

Hence, these are a few of the details that will help you choose the right option for your heavy equipment needs. OEC Rentals is one of the professional firms that offer you the best equipment at lower rental fees. Get in touch to know more!