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Critical Considerations When Leasing or Buying Equipment
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Equipment is a major part of some contractors' job costs. Should you lease it, or should you buy it? Which is better for you? The answer is, it depends. We're helping you decipher the question and sharing some additional equipment considerations on this week's episode.
Topics we cover in this episode include:
- Operating Lease vs. Capital Lease
- Consider the costs associated with maintaining the equipment you own
- Insurance costs and considerations for equipment
- Equipment and vandalism
- How to decide whether to purchase or lease a piece of equipment
- Benefits and drawbacks of having a separate company to own your equipment
LINKS
Visit the episode page at https://carpentercpas.com/equipment for more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Chapters
1. 150 - Critical Considerations When Leasing or Buying Equipment (00:00:00)
2. Operating Lease vs. Capital Lease (00:04:30)
3. Consider the costs associated with maintaining the equipment you own (00:06:44)
4. Insurance costs and considerations for equipment (00:08:30)
5. Equipment and vandalism (00:11:06)
6. How to decide whether to purchase or lease a piece of equipment (00:12:33)
7. Benefits and drawbacks of having a separate company to own your equipment (00:13:51)
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