Making Industrial Changes

Rent Versus Buy: Four Factors To Consider When Determining Whether You Should Rent Or Buy Hydraulic Tools

Trying to decide if you should rent or purchase hydraulic tools is not an easy decision. The answer may vary from one person to another based on how long they plan on using the tool and may vary based on the specific type of hydraulic tool they plan on purchasing. If you are torn between whether you should purchase or get hydraulic tool rentals, here are some of the factors that can help you make a decision. 

If You Can Use the Same Hydraulic Tool on Multiple Projects

One of the first factors you need to consider is whether you can use the same hydraulic tool for multiple projects, or whether you would be better off renting different types of tools for different projects. Many people use the same tool for various projects even though it may not be the best tool for the project, simply because they own it. If you rent, you are able to always select the best tool for the project instead of settling for what you already have. 

How Long You Plan on Using a Hydraulic Tool

Another factor to consider is how long you plan on using the hydraulic tool. If you are building a home yourself, you may use the tool daily for several months or even a year. If you are just building a small shed, you may only need a hydraulic tool for a month or two. Renting makes more sense when you only need a tool for a short period of time. 

What the Resale Value of the Hydraulic Tool Is

Just like new cars, hydraulic tools lose their value once they are used. Think about how long you plan on keeping the tool and then look at the resale value for tools that are two years old or five years old. Then compare the cost of renting the tool to the cost of buying the tool and reselling it when you no longer need it. You may come out ahead renting instead of buying and reselling. 

The Types of Maintenance the Hydraulic Tool Needs

Finally, consider the types of maintenance the hydraulic tool needs and how much that maintenance is. When you rent tools, you are not responsible for the maintenance. Some types of maintenance can be costly, so this is always important to consider. 

Unless you plan on using a hydraulic tool for a prolonged period of time, or you are looking at one of the few tools that retains its value, hydraulic tool rentals may be the best choice for you. With these rentals, you are able to get a new tool for every job, you do not have to worry about maintaining the tool, and it is often cheaper to rent than it is to purchase when you only need a tool for a couple of projects. Reach out to a hydraulic tool rental company today to learn more about the tools they carry and the price to rent those tools.