Purchasing.com’s massive, 2011-2014 polling of 70,000 management and procurement professionals indicates that equipment rentals have sharply increased. The most important concern accelerating the increase is the fact that heavy construction equipment often sits idle during the gaps between projects, incurring both depreciation and storage costs. Although it is generally more economical to buy equipment when it’s going to be used frequently and you have ample capacity to maintain and store it, equipment rental does offer cheaper up-front costs and maintenance.
- Advantages of renting equipment include lower up-front cost and avoidance depreciation of idle equipment between projects.
- Major players in the equipment rental sector
- Buying equipment can still be more cost effective but only if you use it frequently and have the ability to store it.
“In a survey of over 70,000 business owners, CEOs, managers, and procurement professionals between 2011 and 2014, Purchasing.com found that heavy equipment rentals are increasing across the nation. During that time period rentals for compact truck loaders shot up 925%, wheel loader rentals skyrocketed 273%, and forklift rentals jumped 90%.”