Owning vs. Renting a Mini Excavator?

Answer 1

Say you need to move some earth around for a one-time landscaping project. Or perhaps you want to erect a small storage building but the site you plan to build on is a bit hilly. These one-time projects don’t really justify the purchase of an expensive piece of equipment like the mini excavator. The likelihood that you will ever use it again is low, so renting is the best option here.

On the other hand, a mini excavator purchase could be a lucrative investment. If you own a lot of property and anticipate the need for a mini excavator frequently, then the cost of purchasing outright could very well be lower than the cost of renting overall. In addition, you have the option of renting out your own personal property, so you may be able to earn a return on your purchase.

Each option comes with its own set of benefits and drawbacks. When you choose to rent, you have possession of the machine for an agreed upon amount of time. Provided you do not intentionally damage or misuse the mini excavator, you don’t have to worry about the expense of maintenance and repair. However, should you need the mini excavator longer than agreed or at a later date, you will have to pay another day’s rental fee.

When you are the owner of a mini excavator, the machine is yours to do with whatever you will whenever you want. You don’t have to sign any forms past the original purchase or wait on the equipment to be delivered before you can begin your project. But if something goes wrong with your mini excavator you are solely responsible for its repair.

Repairs on heavy machinery can be quite costly, so you must make preparations in advance for these inconveniences.

When you find yourself in need of a mini excavator, be sure to consider the long term. Owning a mini excavator could save you money over the years, but you don’t need to invest thousands of dollars in a machine you only need a handful of times. Sometimes renting has its advantages.