Are you bidding on a job or just won the contract for a job that requires excavating in a tight spot? You are going to need a hydro excavation truck in order to do it, but how much does a hydro excavation truck cost? Buying new or even used hydro excavation trucks is a huge investment that may not be practical for your needs.
That leaves renting one, but is renting a hydrovac the way to go? What are the advantages of renting over buying? We decided to lay it all on the line here and give you all the relevant information about the benefits of renting over buying so you can be confident you are making the right decision.
Why Rent Instead of Buy?
A quick search online will tell you that the hydro excavation truck price, even used, is going to sting with most trucks over $100,000 and easily $250,000 for the best ones. It isn’t only the price that gives pause to contractors looking to get a hold of one of these handy powerful pieces of excavating equipment. There are many reasons why you should consider renting instead of buying.
The COVID-19 pandemic has caused many businesses to rethink renting instead of buying. The main reason for this is less risk to the business. Let us explain how renting reduces risk and gives the job a better margin for profit for the contractor.
1. Save on Storage Space
A hydro excavation truck is a big and tall monster piece of heavy equipment. Owning one of these means having to have a place to store it when it is not on the job. No matter the size of the construction company, storage space, and particularly dry storage parking is in short supply.
Renting a space to store a truck of this size has obvious cost disadvantages. Renting the equipment eliminates the hassle and cost of storing. The rental agency takes all the responsibility of storing their trucks when not on the rental contract.
2. No Maintenance Cost
Everyone knows, to keep equipment running properly, proper maintenance is key. Owning expensive equipment comes with the responsibility of employing a full-time mechanic. The average salary of a full-time mechanic in the United States is $45,145. If the truck breaks down with costly repairs needed because of maintenance issues there is nobody to blame but you.
A rental agency, on the other hand, takes excellent care of their rentals as the standard business model of renting equipment. A hydro excavation vacuum truck is a highly specialized piece of equipment requiring highly trained mechanics to maintain.
Nobody knows the ends and outs of these machines than rental company mechanics. All that expertise at no additional cost adds significant value for renting. If you want to guarantee that your hydrovac is always well maintained then put that responsibility on the rental company.
3. Less Downtime
Even if you owned your own hydro excavation truck, it is unlikely you would have a spare back in the yard. When the truck breaks down it effectively shuts down the job site until repairs can be made. If a rental breaks down a quick call and another replacement truck can be on the way to take over.
4. Best For Short-Term Needs
Would you buy a house if you are only going to use it for a week? How often or how many jobs you are going to need the equipment for is a major consideration. If you are unsure about the usefulness of having the equipment after the current job is completed it doesn’t make sense to shell out a hundred or two hundred thousand dollars buying the equipment.
The “try before you buy” mindset goes a long way as well. There are several models and manufacturers of hydrovacs so trying out the trucks with a rental gives you a chance to test the equipment in the field before you commit to buying.
5. No Waiting on Delivery
Buying a hydro-excavating truck isn’t like running to a store for milk. Often times it takes days or weeks to take possession of the truck. Waiting on delivery could be a major inconvenience that can cost you money or even the contract. When you rent a truck you know it is available immediately to get you to work on the job site as quickly as possible.
6. Available in a Pinch
Sometimes a need for a piece of equipment to complete the job comes up unexpectedly. Maybe your own truck breaks down or in the middle of the job it becomes painfully obvious you are going to need to excavate in a tight spot. When the job site shuts down unexpectedly it is good to know renting a truck will get your crew right back to work without missing a beat.
7. Affordable Solution
All contractors know the pains of overspending and the nightmare of cutting into profits on a contract or even losing money. Renting instead of buying is a wise budget decision that could very well lower the risk and put more money in your pocket when it is all said and done.
Rent a Hydro Excavation Truck
Common sense would tell you that attempting to do a job without the right equipment is a fool’s errand. Some jobs simply require specialized equipment like a hydrovac, so it comes down to the question of buy or rent. When you consider all the advantages of renting, buying a hydro excavation truck may be a big mistake and one that contractors best avoid.
Take the pressure of owning off the table and feel confident that renting is the wiser choice. Once you have the confidence that your business is ready and has a solid need to own, you will be in a better position to make that choice after renting first. If you want more advice to help you make better choices in your business decisions read more articles on our blog.