Buy or Lease or Rent Equipment Avon Lake OH

A contractor in Avon Lake who needs equipment faces a three-headed monster-whether to buy, lease, or rent it. A wrong decision can cost thousands of dollars. Unfortunately, there's no formula; each situation is unique. There are many advantages in owning equipment.

Giorgi Equipment Services & Inc
(440) 933-4602
33620 Pin Oak Pkwy
Avon Lake, OH
 
Fifth Third Bank
(440) 835-4400
25151 Detroit Rd
Bay Village, OH
 
Katzbach Financial Service Agency
(440) 835-3132
821 Westpoint Pkwy
Bay Village, OH
 
National City
(440) 871-7750
433 Dover Center Rd
Bay Village, OH
 
Av Financial Services Cfp
(440) 892-1188
26865 Center Ridge Rd
Westlake, OH
 
First Federal Of Lakewood
(440) 930-5161
32812 Walker Rd
Avon Lake, OH
 
Citi Capital
(440) 617-9615
491 Bracken Way
Bay Village, OH
 
Financial Transaction Services
(440) 808-0720
24651 Center Ridge Rd
Westlake, OH
 
First National Financial Services Inc
(440) 899-7445
1535 Weymouth Cir Apt 111
Bay Village, OH
 
Wells Fargo Equipment Finance Inc
(440) 617-8866
815 Crocker Rd Ste 4
Bay Village, OH
 

Buy or Lease or Rent Equipment

Provided By:

Source: MASONRY CONSTRUCTION MAGAZINE
Publication date: December 1, 2008

By Nicholas Towasser

Abstract:

A contractor who needs equipment faces a three-headed monster-whether to buy, lease, or rent it. A wrong decision can cost thousands of dollars. Unfortunately, there's no formula; each situation is unique. There are many advantages in owning equipment. The operation can sell or lease its equipment as it pleases. In addition, contractors can use or abuse their assets as they please. What's more, wholly owned assets can be collateral for bank loans. Buying equipment also has potential tax benefits. The owner can either take a one-time tax write-off equal to the purchase price, or depreciate it over a time span assigned by the IRS. Interest on money borrowed for equipment purchases is also deductible, as is cash spent on an asset's repairs, maintenance, and operation.

New or Used?
If you do decide to buy, there's a further consideration -- whether to purchase new or used machinery. With new equipment, you have greater assurance of reliability and optimum performance. Novice contractors, however, often can't afford new equipment. If you do chose to purchase used equipment, remember that other masonry contractors, particularly those going out of business, are a good source of used equipment.

Bank Loan or Lease?
Even at competitive prices, buying is not always the answer. Leasing, especially for large equipment, can make more sense than buying.

Click here to read full article from Masonry Construction

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