Managing Lift Equipment: Rent or Buy?

Managing Lift Equipment: Rent or Buy?

Evaluating the costs and benefits of each option

From Boom Lifts to Scissor Lift Rental in Toronto, rental needs has turn out to be more recurrent and involves more planning & scheduling.

How will you know the right time to buy Lift Equipment and to stop the renting services?

By wisely examining the key factors of every option, you will be more effective in building a cost-effective case and results that supports your business.

The Rent-or-Buy Scenario

When it comes to plan major projects or maintenances or to execute recurring work, such as cleaning windows or high-voltage insulators, two issues obviously arise in the equipment rent-or-buy decision:

Issue #1: How often will workers need the equipment’s assistance?

Issue #2: How flexible and adaptable should the equipment be?

If renting the piece of lift equipment will cost too high, then it makes sense to buy it, get our assistance and save the increasing cost. Since this equation involves predictions of future events, it is important to plan cautiously and systematically.

In short, purchasing as well as renting both seems to be the best option for lift equipment depending over the utilization

Comparing Costs Scenario

You should take rent-or-buy decisions by using either a risk-assessment or a cost-comparison technique. Look at the risk approach first apply it and discard it if not applicable. Then examine the most financially sound approach and that is by cost comparison.

A cost comparison might be the deciding and key factor.

Steps to follow while comparing the costs of purchasing and renting an aerial work platform

Step 1: Get basic cost information

• Scissor-lift manufacturer, model number, capacity, reach, drive type, etc.

• Purchase cost

• Expected life

• Expected use in hours per year

• Monthly rentals per year

• Monthly rental rate

• Pick-up/delivery per rental

Step 2: Determine cost to own:

• Depreciation

• Capital cost

• Overhead

• Overhaul parts and labor

• Subtotal

• Less resale value

• Total cost to own

Step 3: Cost to operate

• Labor

• Parts

• Lube

• Tires

Step 4: Cost to rent

• Rental fees

• Pickup and delivery charge

Whatsoever option you select, keep this valuable information in making future decisions on whether to rent or buy equipment and how to do both efficiently and safely.

We will help you determine the best machine for the job, work with your schedule and your budget, and then drop the equipment off, ready to go on your job site, anywhere in the GTA and the surrounding areas.

We Provide

  • On-Site Consultations to Determine Your Equipment Needs
  • Short and Long Term Lift Equipment Rentals
  • Latest Model Equipment
  • On-Time Equipment Delivery and Pick-up
  • Trained and Courteous Delivery Personnel
  • 24/7 Emergency Response Service

Torcan Lift Equipment offers a wide-ranging inventory of safe, modern and regularly maintained material handling and personnel lifting equipment for rent.

For More Better Assistance Call Us at: 416-743-2500