When you are faced with the prospect of a major purchase, it’s normal to look in the possibilities of purchasing the used one. In most of the circumstances, the option is valid with various upsides, the most obvious one of which being a less upfront investment. However, when you decide to buy the used drilling equipment rental, these are some of the factors that you must consider.
- Cost of renting vs. ownership
It is essential to estimate the cost of equipment renting vs. ownership. If you decide to own it, operating costs and maintenance even comes with it along with the insurance and licensing. Renting is usually the one where cost is inclusive, but given that a rental company has to get the profit, you must consider that the rental fees also consist of purchase price at an ownership cost.
- Current financial situation
This seems to be the most obvious factor that one needs to consider – do you have enough resources or capital to purchase or rent is the best option? Although buying might be a huge financial decision, the renting cost can add up quickly and it will not even cost you more.
- Equipment usage and availability
If you decide to own the equipment, the biggest advantage is that it will be available with you all the time, but it is also essential to consider how long you need to use it. In this case, drilling equipment rental works the best as you can just use it whenever it’s needed. Make sure to rent the best and quality equipment.
- Job frequency or project length
From all the things that need to be considered, job frequency along with the length of the project could also be the deciding factor whether you want to buy or rent it. If the job is for short-term, it is better to go with renting as it makes sense. There’s no point of buying the equipment and keeping it with you like a showpiece.
Renting is the best option to go with if the equipment work is not much.