Should I Buy Or Rent a Boom Lift – Complete Guide

Should I Buy Or Rent a Boom Lift – Complete Guide

Meta Description: Deciding whether to buy or rent a boom lift? Learn about the key factors to consider for your business needs and budget.

Buying or renting aerial equipment like boom lifts is critical for many contractors and businesses. This article examines the key factors to consider when evaluating purchasing versus leasing this type of heavy machine.

Various aspects will be discussed, including ownership costs and responsibilities versus the flexibility of renting. The goal is to provide helpful guidance on buying or renting boom lifts based on individual needs and circumstances.

Key Takeaways

• When deciding whether to buy or rent a new piece of equipment, such as a scissor lift or cherry picker, consider the frequency of use and project timelines.
• Frequent, long-term needs may make buying more economical than recurring rental fees.
• Renting offers flexibility for irregular or short-term use without ownership responsibilities.
• Ownership involves ongoing maintenance costs, while renting eliminates long-term expenses.
• Weigh individual circumstances like budgets and future equipment needs to determine the best option for your business requirements.

Comparing Buying vs. Renting Options

When considering whether to buy or rent a boom lift, weighing several vital factors is essential. Two main options exist – purchasing the heavy equipment outright or renting on a short-term basis from a rental company. Both approaches have advantages and tradeoffs depending on your specific needs and situation.

1. Frequency Of Usage

How often you use a scissor or boom lift dramatically impacts the buying vs. renting decision. Contractors handling large jobs, multiple job sites, or other frequent needs on a long-haul basis benefit most from owning aerial equipment like lifts.

With heavy, frequent use anticipated over an extended period for their business, purchasing makes the most economic sense. Regular users include utility, construction, and facility maintenance companies. Infrequent users with irregular needs are best served by rent lifts from rental companies on a short-term basis.

2. Project Timelines

Another essential factor to consider is the duration and length of your projects. Owning an aerial lift makes the most sense for contractors involved in long-term projects where lifts are essential equipment, like constructing a sizeable commercial building over an extended period.

Having reliable access to lifts without recurring rental costs ensures efficient operations. However, for short-term projects like occasional repair work that requires lifts, renting lifts from rental companies on a flexible, short-term basis allows completion without long-term ownership obligations and expenses. Renting offers a cost-effective choice for contractors focused on temporary jobs or smaller projects.

3. Customization Requirements

For contractors and businesses that require customized aerial rental equipment, such as boom lifts fitted with project-specific safety or access features, purchasing may be preferable to renting standardized lifts.

Owning a lift allows for modifications and upgrades, such as adding railings, guarding, or controls, to suit your unique worksite needs. Rental companies often do not offer customized options, focusing on providing standard, generic lifts.

If your work involves non-standard lifts with job-specific safety features, purchasing a lift allows these tailored modifications for efficient operations at construction or maintenance job sites over the long haul of large projects.

4. Cost Considerations

Expenses are essential when buying or renting aerial equipment like boom lifts. While purchasing lifts involves a high upfront capital cost, renting lifts from rental companies introduces recurring rental fees.

Owning requires considering additional long-haul costs over the years, such as maintenance, repairs to keep lifts in safe working condition per OSHA standards, transport procedures between job sites, and storage space. However, renting eliminates expenses associated with owning, like repairs and space rental.

For contractors on a budget, short-term rental costs from equipment rental companies may better suit their business plans than large purchase prices.

5. Equipment Availability

Rental companies maintain large fleets of aerial equipment, such as boom and scissor lifts, to serve contractor needs. They offer access to various aerial work platforms from top-name brands. Renting provides the flexibility to choose different lifts tailored to specific job requirements without significant upfront costs.

Contractors can use new technology in rental man lifts without significant capital investments.

Rental companies ensure safe lift rentals comply with OSHA standards through proper maintenance and certification. This allows contractors to focus on their core business without equipment ownership responsibilities.

6. Storage and Flexibility

Renting aerial lifts allows contractors to complete jobs without concerns over equipment storage. As lift needs fluctuate, contractors can rent equipment as required from rental companies without long-term storage obligations.

This saves costs compared to owning multiple pieces of heavy machinery like boom lifts. Rental companies efficiently manage large fleets, eliminating contractors’ need to maintain storage facilities, equipment yards, and transport trucks.

Renting allows access to any lift type based on short-term project needs without space or transport worries.

7. Making the Final Choice

Weighing all factors carefully allows contractors to decide whether renting or purchasing aerial equipment like boom lifts suits their needs.

Evaluating individual circumstances like project timelines, budgets, and frequency of lift use helps determine if ownership or short-term rentals provide better value. Consultation with equipment rental companies allows for exploring flexible rental options versus high purchasing costs.

Considering lift requirements, maintenance responsibilities, and future work opportunities aids the choice. For most contractors, rental meets occasional needs, while buying fits frequent, long-term equipment access without recurring rental fees.

Benefits of Renting a Boom Lift

• Cost Savings: Renting a boom lift eliminates the need for upfront capital investment, maintenance costs, and storage expenses associated with ownership.
• Flexibility: Renting offers flexibility in terms of duration and type of equipment needed, allowing businesses to adapt to changing project requirements.
• Access to Latest Technology: Rental companies often offer a range of boom lift models with the latest features and technology, providing access to advanced equipment without the commitment of ownership.
• Maintenance and Repairs: Rental agreements typically include maintenance and repair services, reducing downtime and ensuring optimal equipment performance.
• No Depreciation: Renting avoids depreciation costs associated with owning equipment, allowing businesses to allocate resources more efficiently.

Renting a boom lift gives businesses cost-effective access to flexible equipment solutions, enabling them to complete projects efficiently while minimizing financial risks.