Hoist Rental Cost

As industries move into a new age where flexibility is getting much more integral to the part of running a profitable business, many construction companies are slowly starting to shift towards equipment rental rather than purchase. This very fact has led to the rise of hoist rental companies as many contractors seek to loan these heavy lifting items on a per-use basis. Hoist rental can not only save your company a lot of warehouse and storage space but is also incredibly useful for saving cost during non-peak periods and business downswings.

Why Hoist Rental Cost Is Not So Straightforward

In order to make a decision on whether or not to rent one of these, we have to first figure out just how much it will cost to rent a hoist and if it is worth it. Hoist rental cost cannot be calculated so straightforwardly. A lot of factors need to be taken into consideration when calculating hoist rental cost. But to start off with the basics, hoists come in many different sizes and makes. The size of the hoist will determine the cost of renting it. For most of the more common models, we can typically look at a cost of about $150 for a week's rental. Renting it for a longer duration will most likely net you a discounted rate, allowing you to pay less on a per day basis.

However, the main issue to analyze here is how often you need the hoist and whether or not the hoist rental cost is justified. A brand new hoist will cost between a thousand to tens of thousands of dollars. For something more common, similar to the ones we used for the rental example above, let's just take a ballpark figure of $4000. Out of this amount, you will have to depreciate it exactly based upon just how long you think the hoist can last. In addition, if you are going to scrap it at the end of its lifespan, figure out how much scrap value you can get back in return. In addition, do not forget to factor in the additional costs you have to incur for storage space as well as hoist maintenance. Do this and come up with a daily cost breakdown for your hoist.

So Is Hoist Rental Cost Worth It?

Next, go search around for rental companies so you have a good gauge of your hoist rental cost. From there, decide on optimal loan duration and calculate the daily costs involved. More often than not, you will realize that buying a hoist is much cheaper than hoist rental cost on a per day basis. Nonetheless, hoist rental gives you much more flexibility when it comes to storage and maintenance. In addition, you never have to incur a single cent during periods of time when you do not need the hoist. Hoists can be rented only when you require it. Going by that argument, for less frequent users of such equipment, renting might be a much more economical alternative.

Work out your own hoist rental cost and decide if the savings in time or increased cost is justifiable.

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