When you are considering whether to rent or buy new plant equipment, it’s best to take a good look at your specific needs. There are undoubtedly good reasons for hiring plant equipment. Depending on your circumstances, such as how soon and for how long you will need it, what your budget is, and what are your plans with it afterwards, you will need to decide whether hiring construction equipment is best for you. Read on for some of the reasons renting is better than buying new equipment so you can make a well-informed decision.
Avoid upfront investment
Renting plant machinery is definitely going to cost you less. Not only that, when you hire it instead of buying it, the costs will go under the business expenses, instead of under capital-equipment purchase. In general, capital purchase means that you need to plan it at least a year ahead of time, sometimes even a few years earlier. In case you need some urgent construction work, with no time for a proper analysis of costs and long-term advantages, it’s best to go with renting.
Choose the right machinery
Another good side of hiring vs buying plant equipment is that you get to choose the exact tool for your needs. If you have a project consisting of several phases, chances are you’ll need a number of different plant equipment pieces. Renting gives you an option to have the exact tools you need without astronomical expenses attached to it.
No compromise with the condition of the equipment
When you rent, you get to choose from the newest machinery without the latest costs. Buying, on the other hand, sometimes means you need to compromise. Sometimes you can only afford used plant equipment, which also means an increased risk of poor quality.
No need for servicing or repairing equipment
An important advantage of hiring plant equipment is the service that comes with it. If you buy any piece of equipment, when something goes wrong, you’re on your own. Not only the expenses of hiring engineers but making phone calls and adjusting schedules on an already running site can be a total waste. Renting, however, means none of these concerns is yours.
Avoid storage and transport expenses
Once you buy a piece of plant equipment, you’re in for a long-term commitment. There are questions such as where to store it after you’re done using it. Long-term storage is quite expensive, so keep that in mind. Also, what about the transport to the storage? Besides the expenses, there is too much to manage by yourself.
Avoid depreciation of your property value
Among the top reasons for hiring plant equipment is that you can never get your invested money back. Once you buy any piece of equipment, its value plummets. Unless you are going to use the machinery frequently and for an extended period of time, it’s best to go with renting. At Addplant can provide you with the best plant equipment and advise upon request.