Typically, around 25% of contractors opt to rent compact excavators, whereas the remaining 75% prefer to purchase them. Many companies make a balance by acquiring the mini excavator size they utilize the most and renting extra units during peak periods to enhance their fleet. Renting or buying comes with its own set of advantages, but it is crucial to consider specific factors to assess which choice will be better for you.
When to Buy Compact Excavators?
Future Utilization Needed
If you have ongoing projects or expect to use a compact excavator frequently in the future, buying is often the best choice. Owning the machine means you can use it whenever you need it without worrying about rental costs piling up.
Flexibility with Work Scheduling
When you own a compact excavator, you have the freedom to use it on your own schedule. You won’t have to wait for a rental company to have a machine available or rush to return it by a certain deadline. This flexibility can be a significant advantage.
Consistently Needed Same-Size Excavators
If you regularly need the same size and type of compact excavator for your work, buying makes sense. Having a consistent machine can help your team become more efficient and skilled in using that specific model. You’ll also know exactly how the machine operates, which can improve safety and productivity on the job site.
Budget is Not a Problem
Buying a compact excavator can be a solid investment if your budget allows. While the upfront cost is higher than renting, owning the equipment means you won’t have to pay rental fees repeatedly.
When to Rent Compact Excavators?
For Short-term Tasks
If your project is short-term or a one-time job, renting a compact excavator might be the better option. Renting allows you to access the equipment you need without the long-term commitment. You can rent a machine for just the days you need it.
Low on Budget
The upfront cost of buying a compact excavator can be quite high, and not everyone can afford it. Renting allows you to get the equipment you need without a large initial investment. You can use high-quality machines without the financial burden of ownership.
Less Commitment Required
Renting a compact excavator requires less commitment than buying. If you’re unsure about how often you’ll need the machine, renting can provide flexibility. You can try out different models to see which one works best for your needs without committing to a purchase. If your needs change, you can easily return the rented machine.
Maintenance is Difficult
Owning a compact excavator means you are responsible for its maintenance and repairs. If you don’t have the resources or knowledge to maintain the machine, renting can be a better option. Rental companies usually take care of maintenance and repairs. It allows you to focus on your work without worrying about equipment issues.
Final Thoughts
Deciding whether to buy or rent a compact excavator depends on your specific situation. However, it is essential to carefully consider your needs, budget, and work schedule before making a decision. By doing so, you can choose the best option that fits your requirements and helps you complete your projects efficiently.