Given your budget needs, what is the best option for you: purchasing test equipment or renting it? The test equipment landscape is constantly evolving, which is a positive aspect as it keeps up with the advancements of technology. When considering whether to buy or rent test equipment, there are several factors to consider, including cost, flexibility, and control.
JM Test Systems has been a trusted provider of high-quality test equipment for over 40 years. With a commitment to quality and customer service, JM Test Systems has become a go-to source for professionals in a variety of industries who need reliable, accurate, and up-to-date equipment to get the job done.
What Should You Consider When Investing in a New Piece of Equipment?
It may be helpful to outline your specific requirements, such as frequency of use, duration of use, budget constraints, and any other industry related factors. Each situation may vary, the following provides a general guide as what may need to be considered.
Maintenance
Maintenance costs are the expenses incurred for the upkeep and repair of equipment. This may also include labor costs, replacement parts, and supplies necessary to keep the assets in good working condition and to extend their useful life. Ask yourself “What are the maintenance costs on a monthly, quarterly, and annual basis?”
Cost
Upfront costs are expenses that are incurred or paid before the benefits of an investment or project can be realized. They are usually one-time costs that are incurred at the start of a project and are not recurring in nature. Determine the initial upfront costs and establish a budget that you are willing and able to allocate.
Depreciation
Depreciation in test equipment refers to the reduction in the value of equipment due to wear and tear, obsolescence, and other factors that affects its ability to function and generate revenue over time. It is a common accounting practice to spread the cost of a long-lived asset, such as test equipment, over its useful life by calculating periodic depreciation charges. This helps companies to match expenses with the revenue generated by the asset, which provides a more accurate picture of the company’s financial performance. Examine the depreciation rate over time and consider if you will sell the equipment or secure insurance in case of loss.
Storage
Proper storage can help to ensure that test equipment remains accurate, compliant, and in good condition, helping to deliver reliable results and maximize its lifespan. Test equipment can be delicate and susceptible to damage from improper handling or storage. Evaluate your storage options and determine if you have sufficient space to house and transport the equipment.
Obsolescence
Obsolescence refers to the gradual decline in the usefulness or relevance of a particular piece of equipment due to advances in technology, changes in industry standards, or shifts in customer demand. This can result in equipment becoming outdated and less capable of performing its intended function effectively. Technology is always changing, and products can become outdated quickly. Take into account the frequency of upgrades or updates on a specific type of equipment.
What Are the Advantages of Renting Test Equipment vs Purchasing?
With a better understanding of what to look for when making an investment, it’s time to explore how JM Test Rental Services can help you avoid committing funds and allocating resources on equipment that doesn’t fit your criteria. By giving you the option of flexibility before making a final decision, you can ensure that the equipment you choose will address your requirements and match your expectations.
Trusted Equipment
With trusted equipment, you can be confident that it will perform effectively and efficiently. This peace of mind allows you to focus on your work and achieve your goals, knowing that the equipment you have chosen is reliable and of high-quality.
Control Test Equipment Expenses
Renting is a cost-effective way to get the equipment you need without having to buy it. You can rent what you need for the exact amount of time, which can save you money in the long run.
Reduce Storage Expenses
Renting can be an economical option by eliminating the costs associated with storing and keeping an inventory of the equipment. Each project receives the precise equipment for the job prevents customers from hiring someone to manage that equipment year-round.
Reduce Repair Expenses
Renting eliminates the need for you to worry about costly maintenance and repair, as all of the equipment is taken care of by our team. You don’t have to worry about spare parts inventory, repair shops, repair technicians, or inventory maintenance records.
Recalibration Expenses
Renting can help to minimize costs related to recalibrating equipment, such as personnel costs, logistics expenses, and storage requirements. You can rent the exact amount of equipment you need for the desired period of time, saving you money on calibration costs
TRUSTED TEST EQUIPMENT RENTALS WITH EXPERT SUPPORT AND DIVERSE INVENTORY
JM Test Systems is a provider to test equipment rentals for thousands of companies across America. With a large and diverse rental inventory, they are a trusted source for businesses looking to obtain quality equipment for their job sites. Our team of experts are available to assist customers in selecting the right equipment and to provide support throughout the rental process. Whether you need equipment for a short-term project or long-term engagement, JM Test Systems can help you get the right tools for the job.
What’s Included With Every Equipment Rental?
With every rental from JM Test Systems, customers receive a complete package that includes all necessary accessories, a current one-year calibration, a physical and digital traceable calibration certificate, as-found/as-left data, and the option for same-day swap outs if needed. For long-term rentals, we also provide annual re-certification to ensure the equipment remains accurate and up-to-date. This comprehensive package provides peace of mind and helps ensure the equipment is ready for use right out of the box.
Customer Portal
The JM Test Customer Portal is a web-based platform designed to help you manage your equipment rentals and keep track of costs. This platform is user-friendly, making it easy for you to access information about what equipment you have on rent and what equipment has been returned. With real-time tracking capabilities, you can monitor your equipment to reduce the risk of lost or misplaced equipment on your job site, ultimately reducing costs. This portal is a valuable tool for anyone who needs to manage equipment rentals and keep track of costs.
What About Renting Test Equipment With the Option to Eventually Own It?
What about renting test equipment with the option to eventually own it? JM Test Systems offers a rent-to-own program, and is a great option for customers who want to try out equipment before committing to a purchase. This option provides customers the flexibility and affordability to obtain the equipment they need without making a large upfront payment.
With our rent-to-own options, you can choose the length of time that works best for you. Get access to quality equipment and enjoy the convenience of monthly payments in your maintenance budget. You’ll benefit from the flexibility and ownership at the same time with renting-to-own.
Conclusion
JM Test Systems offers flexible options for every situation. Ultimately, the decision to rent, rent-to-own, or purchase may vary for each unit the jobsite may require. It is important to weigh the pros and cons of each option and make an informed decision that suits your company’s specific needs. The team at JM is available to provide support and guidance, and to review the different options to ensure long-term satisfaction. Contact our experts at 1-800-353-3411.
