Myths and Facts About Rental Equipment
Myths and Facts About Rental Equipment
Although rental equipment is commonplace in various industries, several assumptions surrounding the subject can make it challenging to make an informed decision. Below are some common myths about the rental distribution industry, as well as some helpful rental equipment facts for you to consider.
Myth: Rental Equipment Is Not as High Quality
When you think of rental equipment, what do you imagine? You might think all rental equipment is used, dirty, uncared for or outdated — but is that always the case?
Fact: There Are Many Reputable Rental Equipment Distributors
The quality of the rental machine depends on the standards and reputation of the equipment distributor. A good distributor has a history of taking care of all the equipment in their fleet, including regular maintenance check-ups, proper storage and prompt repairs. Most distributors have strict acceptance standards for all used equipment before they put it in their rental inventory.
To determine whether you’re working with a reputable rental equipment distributor, consider the following:
- Testimonials and reviews: Read verified and third-party reviews about the distributor, the brand and the product before signing a rental lease.
- Customer service: A quality distributor will have a good customer service team on staff that you can communicate with easily to help you navigate the rental process and give direction should anything go wrong with your equipment.
- Professional Development: Many companies let you participate in optional education courses before taking your rental equipment to your home or job site and offer after-sale support in case you have any questions or concerns while operating the machine later. In some cases, the distributor might assign you an account manager to act as your single point of contact.
You can also ask the equipment distributor what their inspection and acceptance process is like and what standards new equipment must meet before they add it to their inventory. To make sure you’re getting the most out of your rental investment and choosing the right equipment for the job, perform an inspection before signing a contract. Check that the equipment works correctly and that any fixtures or accessories are secure and operational. During this inspection, note any pre-existing damages.
Myth: Renting Is Not Cost-Effective
Another common myth is that renting equipment is too expensive, making it impossibile for smaller businesses or tight budgets. Many people might compare the reoccurring rental fee to the one-time initial investment when purchasing a piece of equipment.
Fact: Equipment Rental Can Be a Great Solution for Businesses of All Sizes
While owning equipment is the best option for some businesses, rental equipment can be a very cost-effective, high-quality and long-term solution for others.
- Your initial investment is smaller: For many small or young businesses, purchasing equipment is a steep upfront cost that might prevent them from getting started. When you rent equipment, you can choose what works best with your budget and use the equipment until your job or project is finished and then return it. In many cases, rental equipment fees are even tax-deductible.
- You don’t have to worry about depreciating value: When you purchase any type of equipment, the value of that machine will depreciate over time. Then, should you want to resell it, you risk losing out on some of that investment. When you rent equipment, you no longer have to worry about this, because you are only paying to use the equipment for a small window of time.
- There are fewer costly logistics: When you rent equipment, you can use it to get your work done without worrying about the cost of transportation, maintenance and ongoing care. For some equipment — especially large or cumbersome machines — the cost of these logistics can be too much for a permanent solution. While you are responsible for the basic care of your rental equipment during your lease, you do not have to pay for upgrades or continuous storage.
Before agreeing to a rental contract, ask about any additional fees, including documentation fees or late return penalties. Make sure you fully understand the billing schedule to avoid any surprises.
Myth: Rental Equipment Is Limiting
One of the most common rental equipment myths is that when you decide to rent instead of buy, you have fewer options to choose from or have to commit to a lengthy lease.
Fact: The Rental Market Is Extensive
In reality, the market for rental equipment continues to grow. In the construction industry alone, the value is projected to reach more than 121 billion dollars over the next few years. This is great news for businesses and individuals seeking short-term equipment solutions.
When you rent, you have options such as:
- New and used equipment: Due to the use-and-return nature of the rental market, it is unlikely you will find a brand new piece of equipment. That does not mean that all of the available options are old or outdated. You can find newly released equipment with all the latest technology upgrades and advanced features.
- Short and longterm leases: The best part of renting equipment is flexibility. Whether you need the equipment for several months or one-day use, you have that option. Once your rental term has ended, you can always rerent or find additional equipment until your project is complete.
- Different brands, models and accessories: Every distributor’s inventory is different, but many have access to a large network that can help you find the exact brand and model of equipment you’re looking for, as well as any accompanying accessories. Access to these extensive networks also means you will get your rental equipment quickly.
Learn More With Associated Equipment Distributors
For many businesses, renting equipment is the ideal way to secure the specific tools and machines needed for the job while keeping costs low. To learn more industry-specific facts and access professional development opportunities, become a member of Associated Equipment Distributors. As an international trade association, we work alongside industry-leading distributors, business suppliers, equipment manufacturers and rental services in the construction, mining, forestry, industrial, agricultural and power generation industries.
Visit us online to learn more about what an AED membership can do for you.