If your company needs to use snow equipment, there are three options available to you: renting, leasing, and buying. Which choice is best for your business depends on your situation. Let’s take a look at the pros and cons of equipment rental, leasing, and buying.
If you only need to use snow equipment for a specific task that you wouldn’t be repeating often, equipment rental is the obvious choice. Renting equipment — or even just equipment parts — can save your company a lot of labor.
However, it is worth noting that long-term seasonal rentals may cost approximately the same amount as a lease. If you might use certain equipment occasionally outside of winter, it may be worth investing a little extra in a year-long lease.
When it comes to equipment that is used all year, many contractors prefer to buy rather than lease. This way they can own the equipment outright and not need to worry about paying interest. However, be aware that equipment doesn’t last forever, and repair and replacement can be expensive and inconvenient. With a lease, you don’t need to worry about maintenance.
Before deciding whether equipment rental, leasing, or buying is best for your business, be sure to thoroughly weigh the benefits and downsides of each option.