Renting has become a reasonable solution for many companies, reducing costs and allowing them to operate a more financially stable business. Unfortunately, most equipment for rent, such as loading bay hire, are quite expensive, and most construction companies, especially startups, can’t afford to buy them. However, these pieces of heavy equipment are crucial to the success of their projects.
So, without further ado, here are the advantages of renting heavy equipment:
- No Initial Purchase Cost
Buying new construction equipment is incredibly expensive and can have a significant impact on your company’s budget. Furthermore, acquiring equipment is a long-term investment that binds you to specific pieces of equipment. On the other hand, hiring equipment eliminates the upfront costs of purchasing, allowing businesses to use their financial resources efficiently.
- Reduces Repair and Maintenance Cost
Owning equipment will have you think of the repair and maintenance cost. And, while hired equipment still requires repair and maintenance, the prices are significantly lower when compared to owned equipment. However, heavy machinery and vehicles still need massive upkeep and maintenance to function safely and optimally. Therefore, companies must consider repair and maintenance costs when purchasing equipment.
The labour and time costs that come with repairs and maintenance are lesser and more manageable with rentals. Hiring will keep you from having this extra stress from your hectic schedule and keeps you away from worrying about maintaining the equipment for its entire lifespan. In addition, hiring equipment will let you focus on other essential business matters as you will have to plan a long-term maintenance scheme.
- Keeps You Safe From Market Fluctuation
The construction industry is dynamic, and many factors can influence the market. The fluctuating costs of equipment and the number of available jobs is out of your control. That being said, renting equipment can protect your business from any unforeseeable financial downturns. And in contrast to purchasing a piece of equipment, hiring offers a flexible option, making it easier to deal with the ups and downs of market forces.
- There Are no Depreciation Costs
When you own the equipment, you will suffer from colossal depreciation costs. And reselling equipment and keeping it in good condition for as long as possible needs a significant investment in addition to your capital.
As the value of your initial investment depreciates, it becomes harder to recover your initial investment. And, while every business is different, hiring construction equipment will keep you from depreciation losses.
- Get Equipment Based on Your Project
Usually, construction companies juggle multiple projects simultaneously. So, it is wise to consider hiring specific equipment for a particular task instead of spending hefty costs on logistics for transferring the equipment across various job sites. And hiring equipment like loading bay hire removes any logistical delays and offers each job site the necessary resources to complete the project as quickly as possible.
- No Equipment Storage Problems
Companies that own equipment must have a place to keep their equipment when not in use. Equipment without proper storage and exposed to extreme weather conditions may depreciate more quickly. Furthermore, storage space or a warehouse is an extra cost for construction firms.
But, if you negotiate with the rental company about how long you need the equipment, your company doesn’t have to worry about the storage. This saves you the time it would take to plan the cost of storage and logistics. Moreover, maintaining a warehouse can be expensive, mainly if you will store the whole fleet. Hiring, on the other hand, can eliminate these inconveniences.
In short, for a variety of reasons, hiring construction equipment has grown in popularity. Meanwhile, the rising cost of purchasing equipment and an unforeseeable market, forcing the construction companies to find smart ways to save money wherever they can, are two key contributors to the success of equipment rentals.