It can be challenging to decide between leasing and buying equipment. Truthfully, there is no right or wrong decision. The choice ultimately comes down to your business situation. To choose the appropriate equipment for your company, you should first determine what your needs are. Know what your projects require and what kind of budget restraints you’re dealing with.
In addition to knowing your needs, it’s crucial to understand all of your options. While it seems like both of these options provide the same outcome, there are different dynamics at play when it comes to leasing vs. buying hydraulics equipment. Here, we’ll discuss those differences and how to select the right equipment for your business.
A new equipment purchase makes sense for some companies. The benefits of buying new equipment include:
New equipment is ideal for large companies that can handle the cost and need it long-term. However, if you are pushing your budget too far, take a step back and evaluate the situation. It’s tempting to want the latest, greatest equipment, but do you need it? Will it boost your profits and raise productivity levels? Will you use the equipment enough? If you buy new equipment and it sits for weeks or months, that’s a waste of resources. Plus, you’ll have to do more maintenance work on unused equipment to ensure it still operates correctly.
Leasing is a great alternative to purchasing new equipment. Depending on your financial situation and your business’ operational needs, it may be an avenue to consider. Here are a few advantages of using leased equipment:
Leasing equipment is ideal for companies who can’t afford the cost of new equipment. In addition, leased equipment is great if you only need the equipment for a few years at most. Most leases last anywhere from three to five years. With that being said, it’s important to remember that you’ll be paying fees and interest. Some contractors might choose this option for specific jobs if it suits their budget.
Essentially, as long as you stick to your needs, leasing is a financially viable option. It offers companies added flexibility, especially if they’re in a tight spot profit-wise. Additionally, maintenance is the lessor’s responsibility unless stated otherwise. The particulars regarding maintenance responsibilities should always be included in the agreed contract.Therefore, you’ll save costs. You can also write off lease payments on your taxes.
At Westminster Hydraulics, we’re committed to finding the right hydraulics equipment for your company. Whether you require new or leased equipment, we’re here to help. We have decades of experience and know the industry better than anyone. Any time you partner with us, you can rest assured that you’re receiving high-quality products at a competitive rate. Unlike other companies, we’re dedicated to providing honest guidance and reliable support. That’s why we’ve been recognized as one of the top hydraulics equipment companies in the Mid-Atlantic region.
Are you interested in learning more about our offerings? We provide the following equipment to businesses in the area:
You can also rely on our team of specialists for timely advice and supplementary services. For instance, we offer a wide range of maintenance services for all of our products:
No matter what you require, we can help you achieve your goals. Reach out to us today to get started.
Westminster Hydraulics, Inc. provides businesses like yours with the resources and experience needed to offer customized solutions to your material handling equipment needs. Some (but not all of) industries that we service include roofing, general construction, utilities, and tree care. We have been recognized as one of the leading truck-mounted equipment installation facilities in the Mid-Atlantic, and we offer both new and used equipment to meet your needs.
We go above and beyond to meet the needs of all of our clients, and we have been specializing in offering high-quality trucks and equipment to meet the precise requirements of our clients since 1979. Contact us today at (888)-818-4402.