Rail-Application-1
Bridge-Rail-Applicaition
Rail-Wheel-Puller-Application

Many industrial and construction businesses have the option to buy or rent a variety of equipment, but many haven’t given the decision of choosing specialized tools much thought. Specialised or hydraulic tools have different considerations.

A decision on whether to rent or buy should be made after determining which specialised tool(s) best suit your application or project needs in terms of the project and from a long-term standpoint. Your immediate project needs will compel you to consider the work at hand, whereas your long-term business requirements will motivate you to consider how to manage your work schedules and tool inventory in the future.

Rent vs Buy Guide: Is Renting or Buying Enerpac High-Pressure Tools the Best Choice for You?

You can use the guidelines provided below to decide whether renting or buying Enerpac High-Pressure Tools, is better for you.

The Project

You probably already have a particular project application and set of tools in mind from the perspective of a short-term project. Before moving forward, think about your needs at every stage of the project, from planning to execution. If you are unsure, speak to our team of experts for some guidance.

Buying of Tools

Depending on the set of tools required for your project, your experience buying industrial tools will change.

When renting highly specialized equipment, finding a company with the right inventory may take longer than buying the equipment outright. Keeping this in mind, a seasoned rental partner can also be a good option for the job given their extensive inventory selection, giving you options you may not have thought of.

At this point, financial ramifications must also be considered. Obtaining approval for equipment or tool purchases may be more difficult, depending on your company’s circumstances. When you have access to money and your project’s schedule permits it, buying might be the best option.

A weekly or monthly tool rental expense within your operating budget is frequently simpler and quicker to approve when your budget and project schedule are constrained. Remember that additional shipping and delivery costs may apply when renting tools.

Execution of a Project

To complete the project on time and safely, your team’s proficiency with the equipment is essential.

Whether you buy or rent your tools, picking the right partner will make sure that your team is properly trained and receives on-the-ground support for your tools. Typically, the rent vs. time comparison puts the length of time needed to complete the project front and center.

Buying Choice

The total rental payments start to exceed the purchase price after three to six months, depending on the tools needed for the application and the rental partner you are working with. There is always a chance that longer-term projects will run behind schedule, resulting in unforeseen weekly or monthly rental costs.

In your assessment, be sure to take this risk into consideration.

A Project's Completition

Many people favor the tidy conclusion of a rental transaction where the tools are shipped back to the rental partner for inspection and maintenance. Others might already have the corporate framework in place to handle the management of assets acquired, such as the maintenance and storage of specialized tools. The third choice is to sell the assets that were purchased after the project is finished.

These choices are all viable and may seem straightforward to some people or complex to others, but they are frequently disregarded.

Long-Term

Finding the right specialized tools for your project application is not the only thing that is important in the long run. To continue using your tools, you must decide how frequently they will be used in the future as well as how to manage and store them. Be sure to check out our Enerpac Maintenance Program should you wish to choose to buy hydraulic equipment instead of buying it.

The Future

The financial comparison is significantly impacted by knowing whether and how often the tools can be used again when making purchase decisions. The ability to choose to buy some components while renting others makes hydraulic tools somewhat different from other types of equipment.

As an illustration, you might be thinking about a lifting system that includes a pump, hoses, manifolds, gauges, and several hydraulic cylinders, or you might be thinking about a set of hydraulic bolting tools that includes a pump, hose, and various hydraulic torque wrenches.

In either situation, the hydraulic cylinders and hydraulic torque wrench models are more tailored to the application, whereas the pumps, hoses, and accessories are typically applied in a variety of lifting or bolting applications.

In either scenario, you might decide that buying the pumps, hoses, and accessories, which can be used multiple times soon, makes the most sense.

On the other hand, renting is a better choice for items like torque wrenches and hydraulic cylinders because they might not fit the next application.

Finally, planning for your tool requirements ensures timely delivery because renting in an emergency, particularly with rare tools, can be expensive and time-consuming.

Asset Maintenance

The capacity to maintain, repair, insure, and manage the inventory must be considered before investing in any equipment. Not all businesses have this as a choice.

While some companies have this capability and keep hydraulic tools in their fleet, many companies prefer that their rental partner bears the burden of owning assets.

Finally, selling off recently acquired hydraulic tools is an option, but doing so takes time because a buyer must be found, and a sale must be negotiated.

How to choose what to Buy

When to lease or buy hydraulic equipment is not subject to any strict guidelines. However, when you consider all the variables and your immediate and long-term needs, it should help you make an informed decision.

The evaluation of each solution using the factors below is a widely accepted method that involves gathering cost estimates for each.

  • Strict budgetary and time constraints
  • Cost of the initial investment
  • Depreciation expense for assets
  • Burden associated with asset management
  • Access to highly specialized and rare tools
  • Operator instruction
  • Excellently maintained machinery
  • Available instantly if required
  • Delivery
  • Expected to be used frequently

If after reading this guide, you are still unsure, please do not hesitate to contact us for further assistance.