Depending on the nature and size of your next construction project, deciding between whether to buy the equipment you need, or to hire it can make all the difference to the cost, success and length of time it takes to complete it. Unfortunately, there is no clear-cut way to decide which would be the best fit for your project; so, to help you along, here are a few things that you should think about before purchasing equipment that would be better suited to rent.
The cost of ownership and the cost of renting
For many, renting equipment might feel a little like throwing money into a bottomless pit, but when it comes to the cost of ownership, there are quite a few factors to consider:
- The cost of the item, including amounts owed to debtors upon purchase.
- The cost of running the piece of equipment with regards to fuel and power requirements.
- The cost of storage to such equipment, especially where large items and vehicles are concerned.
- The cost of maintenance and repairs on a piece of owned equipment.
- The cost of insuring and protecting an owned item.
Generally, any equipment rental company worth their salt cover these sorts of costs, since they are the owners. If you feel that your business would be put under too much strain by these expenses, then renting is definitely for you.
The duration and frequency of the job
Owning equipment is only really viable if you plan on using it over a very long period of time. Since equipment depreciates in value with use, purchasing it for a short period of time can be a complete waste of money.
For shorter duration jobs, and for those that require little-to-no follow up work, renting is definitely a better option.
How available is your equipment?
You may find that you need to have your equipment available at short notice and on an immediate basis, which can make equipment rental difficult. You may find that the rental company you are working with has no availability or requires time for delivery and servicing. Whatever the reason, rentals may often cause delays which make ownership ideal if your needs and schedule are very flexible.
However, the best of the rental companies out there offer adequately sized fleets, hold plenty of stock and generally see to your needs on a 24\7 basis. So by finding the right one, your needs for availability shouldn’t impact your decision.
Call All Quip Hire for details
If you would like more information on renting construction equipment for your next project, feel free to visit the All Quip Hire website, or give us a call for details, advice and pricing. We are here to make your next project a success, and are waiting for your call.