Hiring vs Buying Lifting Equipment: Which Option Is Right For Your Company?
If you need lifting equipment such as cranes and hoists for your construction project, you’re probably wondering whether you should hire them or purchase them. However, making the right choice for your situation depends on a few factors so never rush your decision. There are advantages and limitations of both hiring and purchasing equipment, such as cost and duration of use.
If you’re new to the world of lifting equipment it’s important that you get clued up on your options, as this will have a big impact on your business. For most people, their main concern is cost, but there are many other things you should think about too.
In this blog, we explain the top things you should consider when deciding between hiring and buying lifting equipment. Read on for all you need to know.
What are the benefits of crane hire?
Finding a reputable crane company can provide you with a whole range of good-quality equipment available for hire. Hiring equipment instead of buying can benefit you in many ways, as you don’t always need brand new lifting tools to be able to get a job done well. As a company, you need to make a decision that’s right for your needs and hiring could be exactly what you need.
Here we explain the top benefits of crane rental.
Industry compliant equipment
When you hire lifting equipment you can rest assured that gear you hire is industry compliant. However, having your own cranes and hoists means it’s your responsibility to keep them in good nick and take care of repairs, however, hiring construction equipment will ensure they’re safe and ready to use. As experts in this field, hire companies will know exactly how to look after their equipment so it’s ready for use each time you hire something. Thorough examinations and needed to detect any ongoing problems and comply with LOLER regulations (Lifting Operations and Lifting Equipment Regulations 1998).
No worries about storage
When you purchase any type of equipment you need to think about storage. While small tools may not be a problem, larger gear such as cranes and other lifting equipment can be more difficult to home. Every piece of equipment needs to be stored properly so if you don’t have enough space you could be wasting your money. Hiring these tools, however, means you don’t have to worry about long-term storage as you’ll only be using the gear for a short amount of time. This means that those with minimum resources won’t have any issues with the practicality of hiring lifting equipment, such as those with small construction sites.
Choosing to hire lifting equipment instead of purchasing, means you don’t need to be concerned about depreciation - this refers to a reduction in the value of an asset over time. The last thing you want is to purchase a lot of equipment that has no value in a few months time. Not only is this a waste of money, but you may find that you have little use for the equipment after the first use. Your knowledge of lifting equipment means you might have insider knowledge about new equipment, so you can hold off buying anything until the newest version is released.
If you only require a crane or hoist for a short-term project or one-off job, then hiring them is a much better option than buying. Perhaps the majority of your projects only last a few days or a few weeks, if so, it’s probably not worth spending all of your money on one particular piece of equipment. The up-front cost can be cheaper than buying the product outright, saving you from investing in a product that you won’t get much use from.
When you work on a variety of jobs, hiring equipment could be a more flexible option and more cost-effective too. If you’re used to taking on a variety of work then think carefully before purchasing instead of hiring. Hiring allows you to swap and change your equipment as and when you need to which is great for those who
Here at Crane and Lifting Services, we have a range of equipment available for hire such as cranes, hoists and harnesses. Based in South Wales, we have everything you need to deliver high-quality construction work to your customers. Get in touch for more information.
Is affordable crane hire cost better than buying?
Of course, apart from hiring lifting equipment, you also have the option to buy. Buying is not for everyone, however, for larger, established businesses this could be a perfect option. Having access to the right equipment can boost the quality of your work and allow you to take on more projects too.
Here we explain the top reasons for buying lifting equipment instead of hiring.
When you buy lifting equipment you’ll receive a brand new piece of gear, but when you hire these tools they’re likely to have wear and tear. If you want equipment that’s in excellent condition, buying instead of hiring will provide you with new gear that’s never been used - which could mean less downtime due to repair and maintenance.
If you need regular use of a particular piece of lifting equipment, buying it instead of hiring could be a more cost-effective option. In the long run, the cost of hiring gear every time you need it could work out more expensive than buying it outright, plus, this can make things more convenient too. As long as you have the budget to buy this equipment, the cost per use could be a better deal when you buy the gear instead of hiring it.
When you only need a piece of equipment short-term, hiring it seems like a viable option. But, when it comes to long-term use it may be less expensive and easier to buy your own gear. Furthermore, having your own equipment means you won’t have to turn anyone away due to not having the right resources. When you have everything you need you can get started on a range of projects without the hassle of going through the hiring process each time.
Crane and Lifting Services: Professional crane rental across the UK
Here at Crane and Lifting Services, we’re on hand to help with all of your crane and hoist needs. We have a range of high-quality cranes available for hire, whether you need particular equipment for a construction project or you need help finding the right lifting equipment for your needs. As one of the most well-renowned crane companies in South Wales, our years of experience make us the perfect people for the job.
As well as providing height and safety equipment, our team can also repair and maintain our cranes to ensure they’re in good working order. Our inspection service will keep you in line with safety legislation so you and your employees are not put at risk. Plus, if you find yourself in an emergency situation, we offer a 24-hour service for repairs so you can get back up and running in no time. Choose a reliable supplier today, get in touch for more information about our products and services.