Whether you’re looking for new or second hand heavy machinery, an important question to consider is: should I buy or rent the heavy machinery? Buying and renting both have their benefits, the best option for you depends on a variety of factors such as the job and your long-term goals. Know that buying is cheaper over time, whereas renting has a lower upfront cost. Renting can get you the latest equipment, but an older model that has been well taken care of will often work just as well.
If you need to replace equipment, it might be best to buy, but if you’re expanding the company’s capabilities for a certain project, renting may be a better option. Your future plans, budget and how you want to purchase the equipment should all be taken into consideration.
Lyon Auction has been leading the industry in selling heavy equipment and machinery for more than six decades, and we want to help you decide if buying or renting is best for your company.
Cost and company’s finances
Whatever the job is, what will matter most is if your company can afford to buy new or if renting may be a better option for now. You should also compare the cost of renting over time to the cost of buying new equipment. If you are a frequent renter of heavy machinery, it might be better to spend a little more up front and have that equipment for yourself. You can always sell it or auction it off when you’re finished with it and get a return on your investment.
You don’t have to buy a high-end, brand-new piece of equipment, either. Auction companies like us can help you find exactly what you’re looking for, and for a good price too. We ensure that the second hand heavy machinery we auction off is in good condition, as we understand the needs of our customers and want them to be able to do their job well. You can also consider financing this piece of equipment.
Length of the project
The length of the project is also something to consider. If it’s a short-term project, renting a piece of equipment you don’t already have may be best. If you have a long-term project coming up, and can see the equipment you need having multiple uses, then you can justify buying the equipment. Different types of equipment can be multi-use with different attachments.
Usage of the equipment
Will the equipment you need get used all the time for different purposes? If you cannot answer this question with a yes, it’s probably best to rent. Why buy a new or used piece of equipment if it’s going to spend most of its time sitting around? If you can see the piece of equipment being used throughout numerous projects in the future, consider buying or financing it. Used equipment is a great idea, as you can get quality machinery for a lower price.
Find the second hand heavy machinery you need at an auction
A big advantage of buying equipment is that you have it readily available whenever you need it, for whatever project. Secondhand equipment from an auction company such as Lyon Auction is a great idea to consider. Take a look at our upcoming auctions, and contact us today with any comments or questions.