When thinking about plant machinery for your next project you may be considering buying the equipment you need rather than hiring it. However, there are some large considerations you should take into account before making a decision. Considerations like how much it will cost in initial outlay to own a machine in comparison to hiring one, the time and cost of maintenance as well as how the long the project itself will take. To start with let’s consider your finances.
Buying plant machinery can incur a huge upfront cost just to purchase the machine. Do you have thousands of dollars to purchase a good quality machine for your project? If so that is fine, just be mindful about whether you are buying it for yourself or through your company.
However, it isn’t just the initial cost of the machine that you will need to consider. How are you going to refuel the machine? What will the cost of maintenance be? What if the machine breaks down? Am I skilled or do I know someone skilled enough to operate the machine? These are all key things you need to consider when making such a financially weighted decision.
Hiring machinery regularly does incur a cost, yes. However, this is drastically less than the initial cost of purchasing your own machine. The benefit of hiring over buying is that you don’t have to wait for the long term results of the machine paying for itself. Hiring wet plant hire machinery also means you don’t have to incur the cost of fuel, maintenance or repairs. You also don’t need to find or rent a space for your machinery to store it when it’s not in use.
Purchasing plant machinery goes way beyond the initial cost of the vehicle, especially when you get into the maintenance side of things. You need to think about where to get your fuel from and where you can find a diesel mechanic, when the machine needs a service, etc. This can be time consuming and very costly if it’s going to be sat in a storage shed for months on end.
Hiring wet plant hire machinery means you don’t have to spend the time or money performing maintenance on your machine. The hire company does that for you. Wet plant hire also allows you to put your time into more important things the machine operators are highly skilled and can often get a job or project done in less than half the time it would take a contractor using your own equipment.
Finally, you need to consider the scope of your project or projects when buying or hiring plant machinery. If you are buying a machine, will you have continuous work for it or does your project only require your machine as a once off? If buying your machine will benefit your company and its projects in the long run then buying may be a viable option. However, if your machine is only going to be used for that project you could see your bottom line in jeopardy. The cost of buying the machine just for one project probably isn’t worth it, especially if it’s only going to be your new “toy”.
For singular projects or for projects that require multiple machines wet plant hire is perfect. Hiring allows an increase in profits because there is no huge cost of purchasing machinery you will only use once.
So there are quite a number of considerations and while we know that purchasing a new machine is like buying a new car, they really are designed for tough work and regular maintenance.