The construction industry requires a lot of equipment in order to get jobs done. Construction companies must either invest a large amount of money in their equipment upfront or over time. This is a cost that not many companies can afford and often need to look at alternatives to accessing equipment. This is where equipment rental comes in handy. It’s a more accessible option for many companies, particularly those just starting out. However, there are many other reasons that some people may choose to rent their equipment rather than buy it.
In this blog, we’ll discuss the many benefits of equipment rental and plant rental and why it’s something you should consider for your company.
To rent or to buy
Renting equipment is a great way to get your foot in the door when it comes to the construction industry as it is a much more cost-effective option. For various jobs, you’ll need various tools and equipment including lighting, tile saws, floor polishers and other plant equipment. You may not have one of every piece of equipment or perhaps the equipment you do own is already being used on another job or it's broken. This means you need access to quality equipment to help you get everything done on time.
Before choosing to rent or buy equipment, there are a few things you’ll need to think about.
Temporary or permanent?
Firstly, consider whether the job you need the equipment for is permanent or if it is just a one-time task. If the machine will only be used once, is it worth buying it? This can save you a lot of money as you won’t have to pay a large amount upfront to buy the equipment. However, if you think there’s a chance you may use the machine more in the future, it might be worth buying it as the rental costs can soon add up to more than the machine is worth. You can always consider selling it if you find it is not being used, however, you will likely lose money selling it second-hand.
Do you have qualified personnel?
Another important aspect to consider is whether or not you have the qualified personnel to operate the machinery. If you don’t have anyone capable of using the machinery then it won’t be used and will waste your money if you have brought it. When you rent machinery, you can often also pay a qualified operator to perform the work for you. This ensures the project is completed safely and efficiently.
What is your existing budget?
How much money do you have in the budget to put towards the machinery? This will probably be the biggest factor to consider. If you have the money to invest in the machinery, then it is often more worthwhile to put the cash towards it and enjoy the profit it can earn you when you are using it. However, if your budget is lower and you don’t have the extra cash to put towards new machinery, equipment rental is a much wiser option.
What accessories, attachments or recurring maintenance do you need?
You should also think about what extras you will have to buy alongside the cost of the machinery. If it needs new accessories each time or attachments for different jobs, it’s likely the cost of the machinery will outweigh how much it is worth. If you choose to rent, you won’t have to worry about maintenance costs on top of the price of the machinery and the rental company will be able to provide you with the exact accessories and attachments you need for the specific job you are completing.
Benefits of renting equipment
Ordering a brand-new piece of machinery can often take a few weeks to arrive. Whereas, if you are renting the equipment, you can normally get your hands on it the same day or week that you need it. If the job is urgent, this is great news for you and your team. While it is hugely dependent on your specific needs and requirements when it comes to plant machinery, there are many reasons why renting equipment is a great idea. Here are a few:
Reduced start-up costs
A huge advantage of equipment rental is that it helps keep expenses low. Many new companies that are just starting out or in their first few years often don’t have the money to invest in all the equipment they may need for certain jobs. Renting heavy equipment is a much cheaper alternative to buying it outright. Furthermore, you don’t need to worry about maintenance costs, insurance or any other factors that make ownership so expensive. Equipment rental ensures you don't hold any financial burden and it can give you peace of mind when it comes to money.
This helps you to get the equipment you want without needing to compromise on other factors. The low start-up costs allow you to have more resources to invest in other areas of your business. You can hire a larger workforce and take on more projects. This also helps more people enter the industry and enables you to get contracts and complete jobs without needing the money to buy your own fleet of machinery.
No storage or maintenance
Another great perk of rental equipment is that you don’t have to worry about storage or maintenance. Your rental provider will take care of maintenance, repairs and long-term storage on your behalf so you can free up space and resources for other things. If a piece of rented equipment breaks down on the job, your rental provider will offer an emergency service free of charge. This helps you meet your deadlines even if there is a problem with the machinery.
Construction machinery and equipment are constantly updating. New equipment usually features built-in technology to improve safety, performance and efficiency. This enables you to work faster and more efficiently, reduce human error and get the job done faster - with less effort required. This machinery usually comes at a much higher cost, which is hard for many companies to pay outright. This ensures improvements in the construction industry aren’t out of reach for many teams and contractors. Rental equipment increases the accessibility of the latest construction technology so it can be affordable on a temporary basis.
Over time, the value of your equipment decreases, while some hold value better than others, on the whole, most machines will be worth less after a few years. This means you end up losing money on your construction equipment. If you choose to sell your fleet and purchase new machines, you will have to pay more for the new equipment than you would have gained from selling your old equipment.
However, the depreciation of your machinery will not affect your business as you are not responsible for selling the equipment when you’re finished with it. Rental payments are generally much more affordable than the upfront payment. These expenses are even deductible for some businesses, while a new purchase represents a depreciating asset.
Tailored plant rental
Equipment rental gives you access to specific machines that are tailored to the job you need to get done. Perhaps you require a tile saw but you suspect you will not need to use one again in the future. Equipment rental allows you to pay to use it one time and after that, it won’t sit in storage collecting dust. Many projects are subject to change and rental offers you the flexibility you wouldn’t get through purchasing each of your own pieces of equipment.
Rocket Rentals: Plant Rental Including Floor Polisher Hire & Much More
At Rocket Rentals we aim to provide construction companies with the tools they need to get jobs done efficiently. We have a range of plant rental equipment available including digger and telehandler hire as well as excavator hire, forklift hire, dumper hire, roller hire and much more. We also offer smaller equipment such as lighting hire, tile saws and floor polisher hire - so we can meet any requirements you may have. If you require rental equipment in Gloucester, look no further than Rocket Rentals. Get in touch with our friendly team today to get started on quality equipment rental and plant hire.