Every business owner or manager knows that purchasing equipment is the biggest expense on the books. There are some severe downsides to purchasing heavy equipment, but many people are still hesitant to switch to a rental model. Here are three top reasons to stop buying and start renting.
- Included Service
One of the worst cons of buying equipment is the need to have dedicated service technicians to perform maintenance. When you work with an equipment as a service (EaaS) model, the fee you pay to rent the equipment typically includes maintenance from the rental company at pre-determined intervals. A good contract will also include free or heavily discounted repair in the case of a failure, as it is the company’s responsibility to keep the equipment properly maintained.
- Smart Operation
Most EaaS companies offer equipment with smart technology and the latest diagnostic tools. This technology can spot problems before they result in equipment failure, and many provide predictive maintenance to ensure the machine is running optimally at all times. The data insights from smart equipment ends up saving businesses money because they don’t have to pay for surprise repairs that can easily strain a budget.
- Eliminated Obsolescence
The minute you buy a new piece of equipment, it begins its journey to becoming obsolete. Once the machine has reached the end of its life and is worthless, you have to get rid of it and start the buying cycle all over again. With EaaS, once the contract on the machine is over you can rent a new one at a comparable rate rather than having a huge out-of-pocket expense. This can help stabilize your equipment budget and make it more predictable.
If you’re interested in the peace of mind you can get from reliably maintained equipment, it’s time to look into EaaS options.