Use your Enterprise Resource Planning (ERP) software to generate an accurate picture of what owning equipment is costing you and how those costs are translating into actual work done. You may very well have some surprises pop out of the data, that suggest you're spending too much money on the equipment you own, and you’re better off renting.
In addition to the calculations above, you might want to take into consideration some other things that are harder to quantify. When you buy equipment, it starts becoming obsolete the minute it's delivered. On the other hand, your local Home Hardware Rental centre frequently upgrades its fleet to make sure you're getting the latest technology. There are certainly productivity benefits to using modern equipment that's not somewhere in the middle or at the end of its life span. When you own, and the equipment breaks down on site, you are stuck until it can be fixed. Your local Home Hardware Rental location likely has a second unit in its fleet that can be rushed out to you if the equipment needs a major repair. Minimizing downtime means dollars on your bottom line. Also, working with a Home Hardware Rental centre means you can ask the knowledgeable counter staff about the best equipment for your job. There can be some real savings when, for instance, you don't take a generator or heater to the job site that is much too big for what is needed. Renting gives you the opportunity to match your equipment to the application.
Finally, don't be afraid to drop into your local Home Hardware Rental store to ask their advice on whether it makes more sense to own or rent a particular item. Home Hardware Rental locations are independently owned and managed by people with years of experience in the rental industry. There's probably no one in your community that knows more about buying, selling, and maintaining construction equipment.