6 Reasons You Should Hire Rather Than Buy Plant Machinery

Have an urgent construction project that needs starting? Let’s face it, when you take price into consideration then the chances of you forking out for a brand new piece of construction equipment look pretty slim. After all, who wants to shell out £10,000 for a piece of equipment that’s likely to be used for a couple of weeks or months at most? The simple fact is that if you are going to need any specialist machinery then it isn’t going to be cheap.

But there are more advantages to hiring rather than just cost. By choosing to hire from a good company you’ll not only reduce costs but you’ll speed up your job time and improve overall efficiency. Read on to find out other reasons why you should hire rather than buy plant machinery for your next construction project.

1. Cost

It’s a well known fact that most people will base their decision on whether to hire or buy based on cost. Some may resort to taking out a loan or using an overdraft to meet the full cost upfront. However the risk of early demands on repayment of loans or overdrafts being withdrawn at short notice is very real and can wreak havoc on your cash flow.

Hiring will give you immediate access to the very best tools and equipment on the market without having to part with large amounts of cash. Only paying for the machinery when you need it will also mean you only have to spend money for services that you intend to us as and when you need it.

You can also spread the cost when hiring. After you have paid the deposit, many companies are happy to accept a monthly or even quarterly payment for rental. As the Construction industry continues to fluctuate between growth and decline, hiring rather than buying is an altogether safer bet.

And should there be maintenance and repair costs for hiring equipment these will fall to the hiring company rather and not your business, which is again another welcome cost saving.

2. Choice

When you purchase your machinery that means you’re stuck with it and you won’t be able to swap it for something else that fits another job better. By hiring you can return your machinery once the job’s done and replace it with something more suited to other work that needs done. Most of the time, you will be able to pick from a large selection of equipment that’s matches the specific requirements of the job.

One of the prime benefits of hiring is the financial freedom and choice that it brings to the buyer. If you buy instead of renting, you eat up capital that is then no longer available for other projects. Hiring the equipment you need for the job will free up precious cash for you to pursue other projects that can grow your business.

When you hire these costs are often immediately deductible as business expenses. If you buy on the other hand, these costs will often need to be depreciated over the lifetime of the equipment. So again this is another example when hiring can help you manage your cash flow better.

Hiring your equipment is also the perfect way to try it out without any obligation to buy it. You can test how well it performs and even get the chance to compare different brands and models of the equipment you intent to use.

3. Condition

When hiring plant machinery, you can be certain that that it’s in peak condition. If you are considering buying with a limited budget you might even buy second hand which means its reliability is questionable.

However, when hiring you don’t have this problem as the machinery has recently been serviced and is in full working order nine times out of ten. Before you use your hire equipment it will have been quality-checked by experts giving you peace of mind that you’re hiring something that’s up to the job and which also meets safety standards.

And this servicing doesn’t just stop after you have picked up your hire. Highly skilled engineers will be on-call to service any fault, helping keep downtime to a minimum. In the unlikely event that there is a fault with the machinery, then many companies will source a replacement within a short space of time.

Some hire companies may even upgrade you once a new piece of equipment enters the market, keeping you on the cutting edge with no cost to you.

4. Knowledge

If you buying a new piece of machinery for the first time chances are you won’t know what you’re dealing with.

Mastering the equipment can prove challenging and will require practice. You might even need to practice off-site which can raise concerns about safety.

Hire companies will be able to walk you through the safety procedures for the equipment they offer and many will also offer expert advice to help you get the most out of your hire.

Before you hire you rest easy knowing that you will get information on what is the best equipment for your job and benefit from the knowledge of a company who work with the equipment every day. By receiving good professional advice you can save yourself a lot of time, money and effort.

5. Flexibility

You’re never certain what you next project will be and how long it will last for. Every project will different, so the equipment you require will need to be different too.

Hiring equipment gives you the type of flexibility that you just don’t get when you buy. You can have it for as long as little time as you want. You will also have access to a variety of hiring options from short term contracts to leasing deals.

Plant hire can also meet temporary soars in demand. If you’re fortunate enough to see an influx of work roll in you will find yourself needing extra pieces to meet the increased workflow.

It’s much more sensible hiring what you need as opposed to buying outright when you only need the equipment for a set amount of time.

6. Depreciation

When you come to purchase something expensive such as a piece of plant machinery, naturally you’ll be thinking about when to sell and how much for.  The sad truth is that the value of a piece of machinery plummets straight away the moment you pay for it, so you’ll never get back what you shelled out originally. You’ll have no such problem when you choose to hire your equipment, so if this is an area of concern then equipment hire is the only way to go.

This guest post was supplied by http://www.jlbspecialistvehicles.co.uk/

 

Tags: Hire Rather Than Buy, Lease, Plant Machinery, purchase

Category: Business