As an electrician, you know how important it is to have the right tools for the job. You also know how expensive specialized equipment can get, though. Financing 100 percent of the tools you’ll need for all the jobs you’re called on is almost impossible unless you’ve been working for a long time and reinvesting the whole way in new equipment.
That’s why you need to be aware of all your resources for equipment rental. If you have the need for an item only once every few months, it can be a lot cheaper to get it for a day and then turn it back in than to buy it. At the same time, if you’re renting the same machine over and over, there is a point where you need to be aware of the advantages of ownership. Here’s how you can tell if you should invest in a power quality analyzer or another piece of expensive gear.
Rental vs Ownership
In an ideal world, you’d have the time to sit down and analyze whether you’re using a machine enough over the year to save money by purchasing. The fact is, a lot of the time you have to wing it. Generally, if you’re going to need a machine more than three times a month throughout the year, it’s a good idea to try to budget for a purchase. Even if it’s not quite frequent enough to save you money, you’ll have the assurance that you know the machine, you always get the same one, and you are aware of its whole maintenance history.
If you can’t afford to finance one but you need it often, a lease can provide you with a power quality analyzer rental that’s more affordable. In fact, many leasing programs for equipment wind up charging as much for full-time custody as you’d spend to rent it once or twice. That’s not always the best choice, though. It really does depend on exactly how often you use the gear.
In the end, you need to weigh the options for yourself. There’s simply no one else who can tell you whether renting or buying is better at the moment. Consider leasing if you aren’t sure, though, because it provides a middle ground cost-wise.