In deciding whether to buy or rent a piece of equipment, managers need to compare the cost to own the equipment over its projected live with the cost of intermittent rentals over that same period.
Equipment Rental: Lessons Learned
To ensure success in renting equipment, and learn from the rental experience, managers should review the entire process by asking a few simple questions.
Equipment rental can enable maintenance and engineering managers to expand the capabilities of their technicians. But the equipment rental process should not end when the equipment goes back to the dealer.
To ensure success in renting equipment and learn from the rental experience, managers should review the entire rental process by asking these questions:
- Was the level of support provided by the vendor satisfactory?
- If there were issues with the equipment, how long did it take for them to be resolved?
- Was the equipment delivered and picked up on time?
- What was the condition of the equipment?
- Did the vendor provide adequate training for operators?
- Did the equipment meet the needs of the department?
- How did total cost compare to the cost quoted in the contract? If the total cost exceeded the quoted cost, the manager needs to revisit the analysis of purchasing the piece of equipment vs. renting it.
— James Piper, P.E.