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Should You Rent, Lease or Buy Your Floor Cleaning Machines & Equipment
Have you ever considered how your floor cleaning machines' expenses impact your company’s bottom line? Established companies often have the capital to purchase machines outright. These companies can incorporate a capital purchase into their finances or obtain a loan to cover the cost.
Startups, on the other hand, usually lack capital for major purchases. Even so, they still want the shiniest, newest cleaning equipment on the market. In their haste to get floor cleaning machines, startups may make purchases they can’t really afford or don’t really need.
Investing in Floor Cleaning Equipment
A methodical approach is wiser in these cases. You must weigh the cost-effectiveness of purchasing vs leasing or renting floor cleaning equipment.
Before you assume that you need to purchase floor cleaning equipment, assess the facilities you’re cleaning first. Determine what the task entails and how often you’ll actually use the equipment. It may be that a floor cleaning machine rental is your best option.
Here are some things to consider when determining what is right for your company.
Renting Floor Care Equipment
Floor scrubber rentals and carpet cleaner rentals are your best options if you won’t use the equipment often.
For instance, if you only clean carpet once a quarter, renting the equipment is probably the most cost-effective option as the machine will sit idle most of the time. However, if you clean carpets weekly, a long-term lease or purchase might make more sense.
The same is true for floor scrubbers. Sure, it’s nice to have the equipment on hand, but a floor scrubber rental makes more financial sense if you’re only using it periodically.
You may choose to rent some, or all, of your equipment if you won’t use it frequently or only during extensive spring cleans. Floor cleaning machine rentals are also a good option if you want to try out a piece of equipment before making a purchase.
If you won’t use the equipment very often, it may be a smarter financial move to rent a floor cleaner only when you need one. That will leave room in your budget to purchase equipment you will use more regularly and possibly even get an upgraded model with more advanced features.
Leasing Floor Cleaning Equipment
Leasing your floor care equipment comes with some distinct advantages. While you will not own it and you will pay on it regularly, those payments are a fixed expense that can be easily worked into your budget. In other words, you’ll know what your expenses will be each month.
You are still responsible for repairs and maintenance of a leased machine, but it is easy to upgrade from one model to another. Leasing is a great option for companies that need high-performance, quality floor cleaning equipment, but don’t have the capital to purchase it upfront.
Purchasing Floor Cleaning Equipment
If you clean your facility daily, purchasing your floor care equipment may be the best choice. While your company will receive a higher tax deduction when you purchase outright, there are some downsides. You’ll typically have higher costs upfront, and the value of the machine will depreciate over time. Additionally, it’s more difficult to upgrade than with a leased machine, and you are responsible for the costs for any repairs or maintenance while you own the floor cleaner.
Deciding Between Floor Scrubber Options
In the end, only you can decide if renting, leasing, or purchasing your cleaning equipment is best for your company. Each company has its own unique needs; there is no one size fits all approach. Look at your budget and needs, then find the most cost-effective, efficient option. If you are interested in a floor scrubber rental, please reach out to Tennant. Along with selling high-quality floor cleaners, we rent scrubbers, sweepers, extractors, and burnishers. Tennant rentals are a great way to try out our equipment, so you can make a more informed decision when you’re ready to purchase. Get in touch today!
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