With the expansion of business, heavy equipment may become essential to fulfill the needs. To no surprise, most of the heavy machinery is expensive hence demands a lot of consideration and comparison with the alternative options.
One of the most common dilemmas concerning many construction companies is whether to buy or hire equipment. Both buying and hiring have their own merits and demerits, and businesses are left to choose what’s best for them.
Buying vs Hiring Access Equipment
As aforementioned, buying and hiring have their pros and cons, which means that companies should make the decision that favors them the most. Buying access equipment is a good investment to make as it gives you ownership of the equipment and is cost-effective in the long run. Purchasing high-quality access equipment for once is worth the investment as it is going to serve you for many future projects.
Buying costly equipment is a good decision to make when particular equipment is high in demand which can be used over and over again in your business. So, it is wise to invest for once and free yourself from the stress of hiring equipment every time you need it.
Buying is not easy as it demands a huge amount of capital for not only purchasing the equipment but also for its maintenance and service.
On the other hand, hiring equipment gains the advantage of affordability. Over a long duration renting can be expensive, as you have to pay the rent each time you need the equipment and you end up without owing it. However, hiring is a good option for you if you can’t afford the expensive equipment. One of the pros of hiring access equipment is that you don’t have to spend on its maintenance and service.
Flexibility
Consider the length of your project to help you reach a decision that is in the best interest of your business. Hiring equipment will be cost-effective, particularly if you only need the equipment for a short period.
For a small working environment, hiring equipment is fruitful as it can help you with your project at a low cost, yet save some space. Hiring in such a scenario will assist you to work with a flexible approach, as it gives you the freedom and flexibility to rent only when you need the equipment.
Financial Concerns
If you’re stuck between buying or hiring equipment, consider your company’s budget to help you reach a decision. For satisfactory results, it is essential to buy high-quality equipment which can be expensive and out of your budget.
On top of the initial cost, other expenditures that you may need to ponder over are insurance, statutory inspection, storage, maintenance, and transport cost. CPSLift.com offer both new equipment sales and access platform hire service in the UK.
Before you make a booking, you can go through the total cost, with deposits, VAT, delivery charges upfront, and damage waiver to calculate the total expenses.
Ownership
Buying equipment has the advantage of ownership that lacks hiring tools. Consider the timeframe you will be using the equipment, purchasing might not make much sense if you need equipment for a short-term project.
Responsibility comes with the ownership of equipment, buying equipment demands regular checks and maintenance of the tools.
Support & Advice
Hiring equipment helps you receive demonstration and instruction on how to use the machine. By hiring equipment you have the benefit of using various types and sizes of equipment before buying the best fit machine for your company.
Hiring access equipment allows you to test the product, as well as avoid paperwork and regulations.
Final Verdict
Both hiring and purchasing equipment has some shortcomings, and the decision immensely depends on your work project and the company’s budget. Whether hiring or buying access equipment, always reach out for professional advice to help you make the right decision.
