Post by johndeeredude on Jul 1, 2020 6:58:24 GMT -6
I recently needed to rent some equipment and realised we did not have a rental place and had the idea of a rental place i would be happy to run it or for the dealership to run it so i think it would be nice if we could get some more realistic price on rental equipment
I have a general outline on a short term rental/long term leasing program, but where I'm getting stuck is trying to figure out what fair rates would be.
The program breaks down like this;
Choose rent or lease Pay a security deposit Pay a transport fee If leasing, you'll have the option to do your own maintenance, or for a small fee we'll include regular servicing
For the rental side, I have 2 ideas.
Option 1 is you'll pay a daily, weekly or biweekly rate, but have a limited number of hours on the machine, and if you need more hours, then an hourly rate will apply.
Option 2 is, you determine the length of time you'll need the rental (maximum 2 weeks) and you just pay an hourly rate for the time the machine is used based on the hour meter.
Anything over 2 weeks (real world time) will be considered long term and will automatically default to a lease. In a lease, you will have a set number of days with the machine, with the option to renew the lease, and a set number of operating hours allowed during that time. If you lease a certain machine for 30 days or more, at the end of the lease will be the option to buy it outright for a residual to be determined at the time the lease is signed.
So look it over, tell me any thoughts you have, which rental program you prefer and rate suggestions if you have them. That's the only area of this that I'm struggling with.
Thank toy for the input. Note I edited my last post because I did have another question hidden in there for you all, about how the rental should work. Now real world rentals (at least from the couple pieces I've rented) works more like option 1.
A big thank you to johndeeredude. That gives me a base line to draw up rental rates.