Whether you work in construction, landscaping, decorations, renovations or an array of other industries, you are likely to require specific and reliable tools and machinery to complete your projects.
With the UK´s construction industry experiencing one of the most prosperous moments in history, with a forecasted growth of 14.1% in 2022 to reach a value of 166,765 million pounds, the effects of this rapid growth are being felt all the way down the supply chain as greater demand puts a strain on resources, causing shortages and contributing to price increases.
At a time when construction companies cannot afford to miss out on the abundance of business opportunities, many companies find themselves contemplating whether it’s more beneficial to hire construction equipment or to buy it.
The benefits and drawbacks of buying construction equipment
The outright purchase of construction equipment makes great sense for companies that make daily use of the same type of equipment and whose projects show little variation. Your equipment remains in your custody, at hand when you need it. After the purchase has been paid for, there will be no ongoing payments and the equipment becomes an asset.
Many companies opt to own equipment as this offers them security knowing that no time need be spent attempting to source equipment, risking contending with machine or tool shortages. Ownership also offers protection from oscillating prices on the hire market.
The benefits of ownership are clear, however, if you are looking to buy construction equipment there are a number of possible drawbacks that should also be taken into consideration:
- Your initial investment will be high.
This may not be an issue for an established company looking to update part of their inventory, but for small businesses and particularly for new businesses the outright purchase of all necessary equipment may not be financially viable.
- The equipment purchased will be suited to specific tasks
Depending on your company’s line of work, this may not be an issue however, if your projects require slight variations in equipment, investing your company’s resources into a limited selection of equipment may not be the best solution.
- Maintenance and insurance will be your responsibility
Although after outright purchase you will be free from ongoing payments, you will still have to pay insurance where due and will also be responsible for equipment maintenance and repair costs.
- Equipment requires storage space.
Construction equipment is notoriously bulky, so adequate and secure storage space must be available on your company’s premises to accommodate your equipment.
- You will not have the possibility of upgrading your equipment when it becomes dated.
This is perhaps one of the biggest drawbacks for some people looking to buy construction equipment, as this means a hefty investment in equipment which will deteriorate and become dated, requiring increasing maintenance and repairs.
The drawbacks and benefits of hiring construction equipment
The main drawbacks that most companies consider when contemplating hiring plant or construction equipment are the risk of supply shortages and the concern over oscillating prices due to the high demand being experienced recently in the construction industry.
These points are important, however, these issues can be overcome by negotiating rates and rental periods with the equipment hire company you are working with.
Hiring construction equipment offers a number of benefits, these include:
- No large upfront payments
You can hire construction equipment for the duration of a project and simply return it at the project’s completion. You will only need to pay for the contracted hire period.
2. You will be able to try out different machines or tools to find the best fit
Hiring construction or plant equipment gives you the flexibility to test out variations on the standard equipment you use or to return one machine and hire a different one during the course of a project.
3. You will not have the ongoing cost of maintenance and insurance
Depending on the equipment you are planning on hiring, you may require insurance throughout the hire term. Some companies like Central Plant Hire provide an insurance service, taking the hassle out of hire.
4. You´ll save space
Hiring construction equipment for the duration of a project and returning it afterwards means that your company will save on a very valuable commodity: storage space.
5. You will be able to hire the latest models with the most up-to-date features
This is a fantastic advantage of construction and plant equipment hire. Your company will have ongoing access to the latest technology, benefiting project execution times, your company’s image and client satisfaction.
Hiring construction equipment proves a truly effective solution for a great number of companies, with hire providers offering an ever-increasing range of specialist tools and equipment for hire.
If you are considering construction equipment hire for your next project in the Sussex and Surrey area, get in touch with Central Plant Hire today.
With over 33 years of experience providing construction equipment hire, Central Plant Hire specialise in the hire of mini diggers, dumpers and plant equipment. If you’d like us to help you find a construction equipment solution for your next project, speak to Central Plant Hire on 01293 851 320 or email us here hire@centralplanthire.co.uk.
Central Plant Hire can offer expert advice and the best machines for each job, so get in touch today!