Buy or Lease or Rent Equipment Cleveland OH

A contractor in Cleveland 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.

First Capital Corp
(440) 333-8481
20 Brandon Pl
Rocky River, OH
 
Advanced Financial & Estate Planning Association
(440) 895-1996
20220 Center Ridge Rd
Lakewood, OH
 
Compass Comprehensive Financial
(440) 799-4442
20325 Center Ridge Rd
Rocky River, OH
 
Wright Richardson And Company
(216) 541-0090
3634 Euclid Ave Suite 275
Cleveland, OH
 
Citifinancial
(440) 449-5700
6065 Mayfield RD
Cleveland, OH
 
Midcap Business Credit Llc
(440) 333-1340
1250 Linda St
Rocky River, OH
 
Conant Crane Rental Company
(440) 333-8008
20525 Center Ridge Rd Ste 512
Rocky River, OH
 
Budget Truck Rental
(440) 331-3316
19860 Ingersoll Dr
Rocky River, OH
 
Dmac Inc
(216) 575-3622
1300 E 9th St
Cleveland, OH
 
Advance Capital Corp
(216) 641-7848
5777 Grant Ave
Cleveland, 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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