Buy or Lease or Rent Equipment Columbia SC

A contractor in Columbia 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.

WG Chavis Transport
(843) 303-1579
667 Gaillard road
Moncks Corner, SC
 
Midland Mortgage Corp
(803) 765-1680
1500 Richland St
Columbia, SC
 
Finance Central Inc
(803) 750-1400
1535 Broad River Rd Ste B
Columbia, SC
 
Carolina Municipal Securities
(803) 765-2632
1219 Assembly St
Columbia, SC
 
Lendmark Financial Services Inc
(803) 462-1668
10136 Two Notch Rd
Columbia, SC
 
Merrow Business Solutions
(843) 376-9244
4030 Plantation House Road
Summerville, SC
 
Soco Finance Company
(803) 252-4220
1108 Washington St
Columbia, SC
 
Professional Financial Services Corp
(803) 931-0740
215 Stoneridge Dr
Columbia, SC
 
Freedom Finance Inc
(803) 779-0667
1307 Assembly St
Columbia, SC
 
Business Development Corporation of South Carolina
(803) 798-4064
111 Executive Center Dr
Columbia, SC
 

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