When your business needs waste handling equipment, such as compactors and balers, you have three options. One is to buy your equipment brand new, the other is to buy it second-hand, and the third option is to rent.
Ultimately, in the long run, you will always pay more in rental costs if you opt to rent out the equipment you need for your business when compared with the one-off cost of buying it; however, there are numerous benefits to renting which will offset that extra cost.
For many businesses, it’s helpful to have the option of renting the equipment rather than having to buy it outright, and there are a number of compelling reasons to do so.
There is generally no capital outlay required when you rent waste handling equipment, which can be a real lifesaver for many businesses, particularly for small businesses and start-ups that typically have limited funds. When there is limited cash flow, the option to rent is a breath of fresh air, reducing the capital outlay a business needs to raise in order to obtain essential equipment.
When renting any equipment, you can easily budget for the monthly costs as they’ll be the same each month. This makes your cash flow easier to predict whilst giving you peace of mind by spreading the cost out evenly over an extended period of time.
An added bonus is that any expense you incur renting out any equipment needed to ensure your business runs efficiently counts as a tax-deductible business expense, which helps to reduce the long-term net cost of the rental.
Renting not only enables businesses to afford the equipment that’s needed, it also enables them to afford newer and better quality equipment. This is a huge advantage over buying second-hand machinery which may have been discontinued by the manufacturer and therefore spare parts for repairs may not be available. By renting, you’ll have continued access to new equipment which gives you added flexibility as your business develops and your needs change.
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