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Should You Buy or Lease Heavy Equipment?

Mar 30th 2023

Should You Buy or Lease Heavy Equipment?

Getting the job done right sometimes requires extra help. Construction crews often utilize heavy equipment to complete complex tasks and stay safe.

Unfortunately, heavy equipment can get pretty expensive. Should you buy or lease heavy equipment? Here are some things to remember when making your decision.

Upfront Cost

Heavy equipment has a high upfront cost but can pay for itself over time. Sometimes, renting equipment as needed will save money. However, it might be better to purchase it outright if you think you’ll need it for more projects.

You’ll need to account for upfront and long-term costs to decide whether renting or buying is better. Remember, continuing to rent equipment for extended periods over multiple jobs can quickly get more expensive than buying.

Replacement Parts

The cost and availability of replacement parts are other things to consider when deciding whether to buy or lease equipment. Some heavy equipment is harder to maintain than others, and spare parts can be tricky to find. In such cases, leasing may be better to save yourself the trouble.

Knowing where to get replacement parts can make a massive difference in this decision. Some manufacturers are more accessible to buy from than others. Getting Volvo construction equipment parts is pretty straightforward, making it an excellent brand to invest in.

Lease Terms

Whether it’s better to buy or lease heavy equipment depends on the rental lease terms. Sometimes, you can get a terrific deal, and there’s no point in purchasing the equipment yourself. However, heavy equipment lease terms can get out of hand if you aren’t careful.

Pay attention to the initial cost, interest rates, and term lengths to ensure you get what you need for the project. You can sometimes get a lease-to-own agreement, but you’ll want to guarantee a fair deal.

Do What’s Necessary To Get the Job Done

Worksite crews must have the best tools available to complete tasks without a hitch on big jobs. Knowing whether to buy or lease heavy equipment is an important decision that you shouldn’t take lightly.

Understanding the job and what’s required to complete it will give you a better idea of which path to take.