Should You Rent or Buy Tools?

If you’re thinking of taking on your next DIY project, you may be looking at the daunting list of things you need to complete and wondering to yourself, “Where on earth am I going to get all of this stuff?” 

There is no one simple answer for this. Of course, consumable things like nails, screws and paint will all need to be purchased. But when it comes to those bigger, and more expensive, tools, it can be hard to know which you should buy and which you should rent. 

Let’s go through a few things you should consider before making that decision. 

What’s The Cost? 

Overall, renting is going to cost you less money in the short term. If you have a very limited budget and only need the tools for this one project, it makes a lot of sense to rent your tools instead of buying them. 

If it costs more to buy a tool than what you’ve budgeted for your entire project, it makes sense to rent the item you need. Renting usually isn’t anywhere close to the actual cost of buying the tool outright. 

You also have to consider what your space costs are. Buying a large tool that you use infrequently will cost you a lot of space in your home, shop, or warehouse. You may even need to rent a storage location to store large equipment, which of course adds to your monetary costs. 

How Much Maintenance Is Needed? 

Another thing to consider is how often a piece of machinery needs maintenance. If you aren’t able to provide the maintenance on a piece of equipment, it may be best to rent so you don’t waste your money sourcing and paying for labor and parts. If you buy a tool and fail on its upkeep, you could end up spending hundreds–if not thousands–of extra dollars in repair costs than if you just rented the piece you needed. 

Another advantage of renting is that your tool is professionally maintained at the cost of the company you’re renting from. If you own a company and need the part, you have to consider that, if you buy it, you will need to pay your employees for the maintenance as well as for all of the material costs associated with upkeep. If your company doesn’t plan on using the piece often, it might be better for you to rent. 

Renting Lets You Test Drive A Tool

If you’ve been considering investing in a certain tool or piece of machinery, renting may allow you to test drive it to see if it truly works for what you want it for. If you’re wondering whether or not a tool will get the job done, you can rent it to see if it really does what you want it to do well enough to warrant the price tag. 

However, that means that, should you want to buy it, you have to pay for the rental on top of buying the item. If you make this a regular practice it can get quite pricey, so choose your battles and do your homework before pulling the trigger on either. 

How Are You Paying? 

If you’re working on a job for somebody else and they are paying for the cost, you may be able to bill the cost of the item to the job. If this is the situation you’re in, it might be most beneficial for you to buy the tool as you can build up your inventory. This is obviously job-dependent, so use your best judgment and don’t attempt to place surprise costs on the contractee. 

Alternatively, in this situation, it may be a great option to rent. By renting, you can cut the cost of the project for your employer, making it more likely they will consider you and your company for future projects. 

What Do You Do First When Renting? 

First things first, you need to know how to operate it. Even if you’ve used similar equipment before, don’t be afraid to ask clarifying questions and ensure you have all the knowledge you can. Don’t waste time at the job, ask the professionals who own the equipment. 

Next, make sure you have an instruction manual, even if you don’t plan on using it. It’s handy to have in case something goes wrong and it can be a good reference material for you to decide which functionalities work best for your goals. 

You also want to ensure you have all additional supplies. Make sure your worksite has all necessary safety equipment to properly use a product as well as any add-ons the tool or machine may require, like extra blades, fuel, or sandpaper. 

Finally, make sure you completely understand what it is you’re paying for. Is delivery included? What about the particulars of the renal agreement? Does it come with a trailer, or does that cost extra? Make sure you go over your rental agreement carefully to ensure all your needs are being met. 

Still Considering Renting?

For many contractors, renting is the best option for their business and their budget. 

Reach out to us at Elephant Construction Solutions to get your free quote for any machinery your site may need. Whether it’s as simple as a lawnmower, as important as scaffolding, or as small as a nail gun, we have the tools you need to successfully finish your next project and stay under budget while doing it. 


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