Renting construction machinery has become more popular for various reasons. Some of the main reasons why many construction firms prefer renting machinery include the unpredictable market and increasing cost of purchasing equipment.
Other construction companies prefer this option because it gives them the opportunity to minimise costs and operate their business more smoothly. As you read on, you will learn about the top benefits of renting construction machinery.
Say goodbye to hefty initial purchase costs
Buying new construction machinery can cost a lot of money. That’s why more construction firm owners prefer investing their money in rentals. They can allocate more funds to developing their services and hiring more seasoned workers.
Minimise repair and maintenance costs
If you own construction equipment such as a backhoe and a pay loader, you will surely need to invest money in maintaining them. You have to purchase spare parts so that you can troubleshoot defective equipment fast; otherwise, you might end up delaying the project completion date.
By choosing to rent the equipment, you can worry less about maintenance costs because the rental company can take care of it for you. Most rental companies like Ruttle Plant Hire in Preston include maintenance services in the rental package.
Get more value for your money
The market tends to fluctuate. Hence, it’s crucial for you to choose smarter and more flexible investments. In case you meet problems along the way, at least you won’t have a tough time liquidating your company assets such as the construction machinery.
Don’t worry about depreciating value
The worst part about purchasing new equipment is that its market value diminishes over time. If you invest£30,000 to £40,000in a backhoe this year, it’s value may depreciate after a couple of years.
To compute for the depreciation of your equipment, use the formula (P’ – S)/N. P stands for the purchase price, S stands for the salvage value and N for the economic life.
Unless you don’t mind allocating a significant percentage of your money to purchasing new machinery, you should definitely opt for rental instead.
Minimise your problems with transporting equipment
It’s most likely that you handle a lot of projects at the same time. That’s why you need to have pieces of machinery that you can readily dispatch to the client location. It’s quite impractical to purchase one piece of equipment if you can use the money to rent two units instead. You can avoid major delays if you can minimise logistical costs.
Avoid having storage issues
If you can’t allocate enough space for a piece of equipment or if you don’t have enough budget for long-term storage, it’s better for you to choose plant hire instead. Once you complete using the machine, you can readily return it to the rental company.
Numerous construction firms now prefer renting various types of equipment because it’s more economical as compared to buying a unit. Take note of the different benefits you can get from renting a piece of construction equipment, especially when you’re not sure if you should rent or purchase construction machinery.