Pros & Cons to Buying vs. Renting Heavy Equipment

For businesses which require heavy duty equipment such as excavators, caterpillars or diggers, it can be a tough choice as to whether these items should be bought or rented. The purchase of these pieces of machinery is not cheap, and that is what leads to such consternation from businesses. Any investment of this scale should be well considered and weighted up with regards to the overall financial impact on the business. To this end we are going to discuss some of the pros and cons of buying heavy equipment, versus renting it.
Looking At The Pros of Buying Heavy Equipment

  1. This is a One Time Investment

If your business has a long-term project, or long term projects which it is looking into, then you may find that a one-time investment is the smartest move. If you decide to rent a piece of equipment here, let’s saying using Mars Forklift hire, you will be paying for time used, which doesn’t lend itself well to longer term projects.

  1. Increased Safety of Workforce

Should you own the piece of equipment outright you will need fully trained staff to use and maintain the machinery. This will increase the safety of the workforce compared with short term rentals, used by individuals who may not have the same level of training.

  1. Saving Time

Owning your own equipment outright means that it is there whenever you should need it. This involves no phone calls, no waiting for delivery and pickup, and as such, tasks can be completed in no time.
Looking At The Cons of Buying Heavy Equipment

  1. Getting The Best Technology

Even if you buy the hottest machinery on the market, it won’t be long before it becomes outdated, such is the pace of technological advancements. Hire companies on the other hand ensure that they are always updating their equipment which means that you can count on the highest quality options when you rent.

  1. No Depreciation Costs

The older that your equipment gets, the lower the resale price will be, which can of course cause an issue when it comes to looking to upgrade. As much as you may save money in the short term though a purchase, in the long run this could actually cost you more than you think as the machine depreciates.

  1. Maintenance and Storage

Owning your own machinery means that you have to find somewhere safe and secure to store the equipment, as well as investing money in its maintenance. Should you rent however you will find that these costs are no longer required, as the rental company will take care of making sure the heavy equipment is well maintained. Again, this goes back to the length of time which the project will last for and how long you require the heavy equipment.
The choice between buying and renting will come down to the status of the business and the plans which it has for projects both now and in the future.

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