Investing in equipment for your business is one of the costs of doing business – the right equipment can make your projects more efficient, cost effective and deliver service to customers better than before. Many business managers struggle to decide whether it makes the most sense to rent or purchase their business equipment. There can be some tax advantages to buying business equipment instead of renting or leasing, but the overall cost of ownership can sometimes be more than the equipment is worth. This makes it a complex calculation when trying to decide whether you should rent or buy equipment for your business, and it varies with the type of equipment needed.
Leasing is a popular method of acquiring new equipment for your business. Although the payments may seem attractive, it may not always be the best financial decision versus purchasing the equipment outright and financing it with a low-interest loan. Worrying about the testing, calibration, maintenance and inspections add additional cost to the purchase. You may only be using the equipment on a short-term basis. In those cases, renting is the most cost-effective option. If you are highly interested in purchasing equipment, you need to also consider the personnel and services necessary to maintain those items. With that comes additional cost and labor burden for your company.
Give us a call if we can help you with your gas detection and radio communication equipment needs.
P3 Global Personnel LLC