Should I Rent or Buy Torque Tools for My Job Site?
Here at Aztec Bolting, most of our business might be in selling torque tools but that isn't all that we do. Because we know that sometimes all you need is a torque tool for a job or two, we also offer rental options. Renting makes it easy to get an idea of how a tool works or to get a specific job completed at a small cost rather than a large investment. Of course, sometimes that larger, long-term investment is the better choice even if you only currently need a specific torque tool for a single job. So how do you choose whether to rent or buy? The following is a guide that we hope better helps you make this decision:
Making the Decision to Rent or Buy a Torque Tool
Generally, with specialized tools like our hydraulic torque wrench and other tools, the question of whether to rent or buy comes only after a business or contractor has taken on a job that requires the use of that tool. So when you arrive at this situation, then there are two ways to look at it:
- From the short-term needs of the current job or project
- From the long-term needs of your business
Considering the Short-term Needs of the Project
If you have a specific job you need a torque tool for, then the following are some things to consider as you make your decision between renting or buying:
- How available the tool is to rent. With highly specialized tools like hydraulic torque tools, the first big question will be whether you can even easily rent the tool. While we do keep a big rental inventory here at Aztec Bolting, it is possible for all of one type of tool to be rented out -- although we likely will have alternatives available. If you need a specific tool and you need it fast, then purchase is likely the better option. If you are more flexible and can readily find a rental option, then consider that. Project budget and schedule will also play big roles in this decision.
- How long you will need the tool. How long you will need to use the tool also plays a big role in the short-term decision area. If you only need to rent a tool for a weekend or even week, then the rental price will look a lot more attractive than the purchase price. However, if your timeline is longer then that, then purchasing can make more financial sense as even if you don't plan on keeping the tool, you can always sell as slightly used and come out with a better cost margin than you would have had you rented.
Considering the Long-term Needs of the Project
When thinking about a tool purchase in terms of long-term needs, then your focus is on more than just the specific project or job site application. With this perspective, you should consider how often you might use the tool as well as how it will be stored and maintained. Consider the following:
- How often you and your team will use the tool in the future. Hydraulic torque tools may account for a significant investment and so it is a good idea to consider how often you would use such an investment. Look at the projects you have upcoming in the next six months and the projects you plan to undertake in the next year and break down the anticipated rental vs. purchase costs to help determine which would make more sense for your business.
- The logistics of storing, repairing, and insuring the new tool. Hydraulic torque tools are not the type of tool you want to just throw into a box and forget about until the next time you need it. These are complex machines that should be safely and securely stored. You'll want to have them regularly inspected and maintained to be sure they are ready to operate when you need them and you'll want to have them insured in case of theft or damage. Before you buy, make sure to consider these facets and whether or not your team is ready to commit to the long-term care of the tool.