When you’ve got big projects on the go, it’s critical to have access to the right equipment for the job. By partnering with top construction equipment rental providers, you’ll be sure to get top-of-the-line equipment so you can get contracts done faster and smarter. When you rent from the Cat® Rental Store, you’ll take advantage of many benefits of equipment rentals for improving your bottom line.
1. NO REPAIR COSTS
Contractors who rely on dependable, well-serviced heavy equipment rentals don’t have the ongoing responsibility of repairs and maintenance that all heavy equipment requires to remain in top condition.
Owning your own construction equipment provides your business with a capital asset but has the added factor of repair and maintenance costs to extend the equipment’s life cycle. Contractors who rent heavy equipment from trusted suppliers can be confident that their equipment is always dependable and operates at peak performance. That’s because all repairs and servicing are done in-house by the supplier’s expert technicians.
When you choose to rent equipment, you’ll avoid some of the following costs in both time and money:
Leasing or buying workshop space to conduct repairs and maintenance
Buying tools and equipment to perform repairs and maintenance
Sourcing and purchasing machine parts and stocking parts inventory
Covering technician labor costs
Funding emergency repairs from unexpected equipment breakdowns
Managing equipment records, including hours of operation, wear and tear and parts replacements
Scheduling and coordinating ongoing preventive maintenance
In addition to the direct costs of repair and maintenance, nonproductive equipment time due to repair needs also costs contractors. Whenever construction equipment isn’t in use, it’s wasted time that erodes a project’s productivity and cuts into the contractor’s profitability. For contractors who rent their equipment, the risk of interruptions in production time due to equipment repair needs is virtually eliminated.
2. REDUCE YOUR DISPOSAL COSTS
Another long-term benefit of heavy equipment rental is that contractors who rent their equipment have no concern over disposal and resale costs. Owning equipment requires a dedicated plan to retain the asset’s value over time. When it’s time to invest in new equipment or sell off existing equipment, equipment owners need to be sure they’ll get as much value as possible from their disposal.
Renting equipment eliminates the responsibility of preparing your machine for resale. Here are some of the costs associated with equipment resale that you don’t have to be concerned with when renting machinery:
Avoid preventive maintenance costs required to retain equipment value
Eliminate the need to market your equipment resale
Avoid equipment broker costs to help facilitate equipment resale
Prevent being subject to lower market-value when selling in a downturned economy
Renting equipment gives contractors the peace of mind in knowing that they aren’t responsible for the maintenance and upkeep necessary to retain the machine’s value. Additionally, some contractors don't use their equipment as much as initially intended and may have an immediate need to liquidate their asset. Contractors who rent equipment don’t feel the pressure of having to sell-off machines when market conditions fluctuate.
Renting equipment can help prevent the constraint of long-term commitments in certain cases. By partnering with the right rental provider, you’ll be sure to always get well-maintained equipment even just for short-term use.
3. FLEXIBILITY TO SUPPORT YOUR DEMAND
Experienced contractors know that no two jobs are equal. Each job has unique requirements, whether it’s in project scale or specific scope details. For this reason, having the flexibility to source the right equipment for a particular job whenever you need it is a tremendous asset.
Tough construction jobs can sometimes bring up unexpected hurdles, even for the most prepared contractor. Emergencies such as unforeseen work and re-work, equipment failures or canceled equipment operating contracts can delay project completion and cause project costs to rise.
If you’ve ever been faced with equipment shortages for any reason, you know how helpful it is to have the ability to fill in gaps on short-notice. This type of flexibility is becoming increasingly more desirable. In today’s challenging business environment, contractors can gain a competitive advantage with fast and flexible equipment rental solutions from trusted suppliers like Cat Rental Stores.
Partnering with the right supplier ensures you get the flexibility you need to complete the job with the most efficient equipment available. Whether you're taking on a new type of project or have unplanned or emergency equipment needs that arise during production, rental suppliers like the Cat Rental Store can help you get the job done without delay. For contractors, one of the most practical equipment rental benefits is knowing that you always have solutions available from a local supplier.
4. MINIMIZE YOUR EQUIPMENT FLEET
Contracting businesses naturally evolve. While many contractors start out offering a select few services, many eventually grow to provide additional works. Many companies make the jump from residential to commercial and eventually into industrial contracts. This type of growth is excellent for companies, subcontractors and suppliers alike.
With business expansion comes the added need for newer, bigger equipment with more offerings or different applications. Renting equipment to fill in these new needs allows you to quickly and efficiently expand without the responsibility of managing more equipment yourself. You can conveniently ramp up production without spending the time securing financing to cover capital expenditures. The rental market for construction equipment has grown significantly in recent years for this exact reason — contractors want access to a full line of equipment and applications to fulfill immediate needs on an ongoing or short-term basis. But they don't want to keep a large fleet themselves.
Having the option to rent equipment gives you many more options without having to expend your own fleet. Many contractors take a hybrid approach where they own their core pieces of equipment and supplement with rental equipment on an as-needed basis to boost their production capacities. Having a go-to rental provider allows you to take on more projects and not leave money on the table.
5. THE RIGHT EQUIPMENT FOR THE JOB
Being locked into the wrong equipment for the job can strain your project’s bottom line. Equipment that’s too small for the job causes operators to double their efforts. With earthmoving equipment, for example, models with too small load capacities force operators to move materials in more trips than necessary compared to if they have access to equipment with higher load capacity.
On the other hand, equipment that’s too big for the job comes with more safety and operating concerns and can put workers and structures at unnecessary risk of injury or damage if used incorrectly. In addition to choosing the right size equipment, it’s also crucial to get equipment with the right specifications for the job. Different equipment types have a variety of models, each with their own unique features designed for specific applications. Working with equipment that isn’t designed for your needs is inefficient and wastes time.
Renting your equipment can give you access to a variety of models to fulfill each job’s scope. However, not all equipment dealers are made equal. When choosing a supplier, it’s critical to go with one that has an extensive inventory network capable of sourcing the right equipment for your job. Some equipment rental outlets may not have the equipment you need when you need it, forcing you to settle with something too big, too small or wrong for the job.
Cat Rental Stores have a massive distribution network of reliable, dependable equipment. Whatever equipment you need for the job, you can find through your local Cat Rental Store. Our equipment representatives also have the expertise to help you choose the right equipment for the job so you can complete your contracts more efficiently.
6. NO NEED FOR STORAGE
Storage costs can quickly add up when running a construction business. The more tools and equipment you own, the more warehousing space you’ll need to protect, organize and store it all. With increased warehouse space comes higher costs. In addition to the cost to rent or own the space, there's also the cost of insurance, security and monitoring that accompanies storing assets as valuable as construction equipment.
Renting equipment provides a huge benefit in keeping overhead costs low, including reducing the need for storage space. When you rent equipment, you return it when you’re done. There’s no need to make space available for it long-term. And there’s no need to invest in the security you’d need to keep your equipment safe from weather or theft. You’ll also avoid having to maintain the storage area or have equipment take up valuable real estate.
7. CONTROL PROJECT COSTS
Renting equipment allows you to have more control over your project’s costs. Equipment rentals are considered hard costs — expenses you can get quoted from a supplier and that won’t fluctuate. Knowing upfront what your equipment costs are can make it a lot easier to estimate a construction budget, resulting in a more profitable project.
With equipment rentals, your project costs are clear — the equipment rental fee your provider quoted you plus fuel costs. Depending on the dealer, you might also have insurance and deposits as additional expenses, but these can be factored into your total fixed rental cost on the project.
With equipment rentals, there are no surprise expenses. You simply pay for the equipment when you need it. Knowing ahead of time exactly what your equipment rental will cost can help you stick to your budget, allowing you to reserve funds for other significant investments your project may require.
8. GAIN ACCESS TO THE LATEST TECHNOLOGY
When you rent equipment from your local Cat Rental Store, you gain access to the newest equipment with the latest built-in technology. Construction equipment technology has significantly advanced over the last decade, filling a vital need that contractors had to be able to manage their projects more efficiently and improve profitability.
That’s where Cat Connect technology comes in. In construction, the Cat name brand is synonymous with technology that drives performance. We offer technology solutions to a wide range of challenges contractors face regularly. Whether you’re looking for equipment that has the latest in safety technology, or you want to tighten up operating costs, Cat Connect gives you invaluable safety information and operating data right at your fingertips.
One of the greatest benefits of equipment rentals is access to the latest technology you get by renting newer and more efficient Cat models. When you rent equipment from the Cat Rental Store, our equipment experts can match you with the right technology solution for your business goals. No matter what aspect of your project you’re looking to improve, Cat Connect can deliver a tailored application.
9. IMPROVE CASH FLOW
Renting equipment allows contractors to improve their cash flow because they aren’t required to make any capital investments and other associated expenditures. In addition to not having to invest capital outlay, contractors also earn more cash flow by avoiding repair costs and maintenance programs. Access to more cash flow helps your business stay nimble, giving you the required capital to take on more projects at once.
Rental equipment is an expense deduction that you can claim against your business taxes, allowing you to keep more money in your pocket. The regular cash flow you gain by choosing to rent equipment means you can reinvest your profits back into your company, whether that’s hiring more skilled tradespeople, investing in new construction software or ramping up sales and marketing efforts.
10. TRY BEFORE YOU BUY
As mentioned, many contractors today employ a hybrid approach to their equipment fleet. By having a mix of rented and owned equipment, contractors can remain flexible for any given project’s needs and stay as competitive as possible. By renting some of your equipment initially, you can “try before you buy.”
If you’re unsure of whether to go ahead with an investment in equipment ownership, then you can rent a similar machine as the one you’re thinking of buying. This way, you can test out the equipment on a few jobs first. You can see how it performs, how your operators like it and whether it’s the right model for you. This way, you can prevent buyer’s remorse of purchasing the wrong equipment for your needs. Being able to try before you buy is a smart business decision, and it allows you to keep operations running smoothly until you’ve made your decision.