Skid steers are some of the most versatile pieces of equipment used in construction projects. They are small, compact, and able to complete almost any type of project with their various attachments. Since skid steers are so versatile, they can also be very costly to outright purchase. For many companies, equipment leasing is better because it offers more flexibility, reduces costs, and allows businesses to conserve cash flow. In this blog post, we will go into depth about the reasons why you should lease skid steer equipment.
Cost
When looking to acquire a skid steer, one of the most important things to consider is the cost. When you purchase a piece of equipment, your money is essentially tied to it until you are ready to sell it. Owning your own equipment has its benefits but over time it can become a very costly investment due to ongoing maintenance and operating costs. However, when you lease equipment those costs are already budgeted in the overall price. Also, like any other piece of machinery, skid steers are prone to break down which means you have to pay additional capital to fix them. One of the benefits of leasing a piece of equipment is that you can replace the damaged equipment quickly.
Conserve Cash Flow
Conserving your cash flow is now more important than ever. When you lease a skid steer, you avoid the large upfront costs of purchasing it outright. By paying a fixed monthly fee for your skid steer, you save on the upfront costs and are able to spread them out over time. You can then use those savings on future projects and other revenue generating areas of your business.
Flexibility
Skid steer leasing offers flexibility to your business. If you aren’t sure how long you will need the equipment, leasing might be just right for you. Typically, an equipment lease only lasts for the duration of the project you are working on. Once you are finished, you are able to return the equipment or extend your lease. Depending on your contract, leasing a skid steer allows you the flexibility to delay your decision to buy until the end of your lease.
Upgrade Equipment More Frequently
Leasing a skid steer allows you to upgrade your equipment more frequently, so that you can stay one step ahead of your competition. This is especially important because skid steer manufacturers like John Deere and Bobcat are constantly evolving their products, whether it’s through new attachments or skid steer models. When you purchase a skid steer you are tied to that specific model for years, whereas equipment leasing allows you to grow with the industry and acquire newer models that increase efficiency. Lastly, leasing allows you to test out different types of skid steers so you can determine which equipment best fulfills your projects’ needs.
Avoid Long Term Commitment
When you purchase a skid steer, you are making a large upfront investment, and are committing to owning the machinery for years on end. Leasing equipment offers you the opportunity to only use the skid steer when you need it, whether it is for a couple of months or years, which in the long run saves you tons of money while still getting the job done.
Final Thoughts
Acquiring skid steers through equipment leasing companies is one of the most financially efficient ways for businesses to stay at the top of their industry. There are many advantages of leasing skid steer equipment over purchasing it, but sometimes it can be overwhelming to decide what direction to take. Thankfully the experts at Meridian are here to guide you through every step of the process. Call +1 (855) 980-4578 or send an email to [email protected] for more details or to speak with an equipment specialist.