Many companies and contractors in need of acquiring new or used construction equipment often don’t have the financial resources needed to buy the construction equipment outright, unless it is a large corporation or some branch of the government. This is when the option of renting or leasing construction equipment comes into play. Deciding to rent or lease often depends on what the contractor or business manager feels most comfortable doing from a financial perspective after evaluating the many possibilities and deciding what suits their need from long term leasing to short term renting. The side of construction equipment rentals has met a positive growth since 2004, where nearly 50% of construction equipment dealers’ are offering heavy equipment rentals as part of their operation.
There are two ways most companies acquire their construction equipment, renting or leasing. Many contractors or business managers viewed renting or leasing as an opportunity to test out construction equipment at no extra cost and with no strings attached with the possibility of buying. Most often the rental would be converted into a purchase to avoid losing the invested equity....