Should you choose forestry equipment for rent or purchase?
Your forestry business seriously needs some heavy-duty forestry equipment to fulfil your obligations. Perhaps you have just landed a large contract, or you are trying to improve your company’s capacity, or maybe you just need to replace some current unsatisfactory equipment. The question here is whether you should choose forestry equipment for rent or to buy? Of course, both of these have their own advantages and disadvantages, but it is really helpful to have a look at certain factors, and your business, before making a decision whether to rent or buy.
It is vital that you consider certain things to determine which of these two options will best contribute to your business and your finances. One of the most important considerations will always be cost, but it is important to remember that this decision is about more than that, and there are other factors to think about. Here we provide you with some ideas about whether to choose forestry equipment for rent or sale:
- Finances: Do you have access to the capital that it will be required to purchase the forestry equipment that you need outright? These machines are not cheap, but they are a worthwhile investment. Obviously, there are a lot of financing plans out there, but can you afford financing in the long run? Even though the initial purchase will set you back a lot of money, the cost of forestry equipment for rent can add up if you use it for a long time. When you purchase something, it becomes an asset, but only if it is maintained and serviced well and according to schedule – all of which costs money.
- Period of use: It makes no sense to purchase forestry equipment if you will only be using the machinery for short periods of time. If it is a piece of equipment that you only need for specific parts of a project, it will be better to choose forestry equipment for rent.
- Servicing and maintenance: Remember that, if you purchase your equipment, you will be responsible for the maintenance and servicing. If something breaks, you will have downtime that you may not have budgeted for, and this means that you may have to rent additional equipment during this time. Usually, when you choose forestry equipment for rent, you will have the maintenance, repairs, and servicing built into the contract, and the supplier will be responsible for all these things. In addition, if a piece of equipment needs to be repaired, they will provide a replacement, which will cut down drastically on downtime and unproductivity.
- Availability: One of the main benefits of owning your own forestry equipment is that it will always be available, and you don’t have to worry about rental equipment being unavailable when you need it. If there are changes in the schedule and you have to rent, it will affect the continuity of the project, and this is where the choice between forestry equipment for rent and for sale may influence your decision. At the end of the day, the reliability of your schedules will be affected by the availability of rental equipment, especially if it is a piece of equipment that is in high demand.
If you are looking for advice on forestry equipment for rent or sale, give our team at Kanu Equipment a call!