Owning a company where there is a regular need to use equipment and heavy machinery, such as in construction, large infrastructure projects, the renewable energy sector, and other parts of industry and engineering, you’ll understand that there are many different practical and financial considerations and potential obstacles to be aware of. One of the biggest is how to best allocate your budget in terms of choosing between plant leasing and plant purchasing. There are benefits to both, but with many start-up or growing companies it makes much more sense for cashflow reasons to go with a plant leasing option rather than plant purchasing.
Whether you need an excavator, a digger, a forklift or any other type of heavy machinery to be used on a construction site, there are a few benefits to using a plant hire company over a plant purchasing approach.
Initial Cost – The first benefit is to consider the cost of the initial outlay on buying machinery and equipment. If you know that you’ll likely need different types of equipment, or that you might only need use of equipment as a one off or for rare use, why pay the expensive cost to purchase plant that will immediately begin to depreciate in value the moment you buy it? With plant leasing you can pay for what you want, only when you need it, helping you to keep a tight grip on cashflow.
The Latest Upgrades – With plant leasing companies you’ll have access to the very latest models of equipment. What this means is that you’ll be using the very latest technology, with the latest upgrades. This helps to ensure the highest levels of accuracy and standards across the board, and less reliance on an old piece of machinery that you purchased a couple of years ago.
Highest Levels of Safety – By having access to the latest models, you are also gaining access to the latest technology to aid with health and safety standards. This is a vital component of any site culture. With the support of a plant hire company you have access to the latest safety training manuals and safety tech to keep contractors safe on site.
On Site Delivery to Fit your Needs – With plant leasing options you can ensure that the equipment and machinery you need is delivered to the site on the day it is needed, with different machinery booked in to be delivered at the exact phases of a project that they are needed.
Choosing between plant leasing and plant purchasing options is never a simple and straightforward process. There can be many benefits to a company that only conducts one type of action and task on a regular basis to go down the plant purchasing path, as the company knows it will get good use out of a specific piece of equipment or machinery and gain maximum value out of it. For other companies, where there is more of a varied workload and different pieces of equipment and machinery required from a day-to-day point of view, it might make much more sense from a financial and practical point of view to use a specialist plant hire company to furnish projects with the correct machinery and equipment on a project-by-project basis.