In the world of construction, a man is only as good as his tools and the various types of construction equipment are the most important tools on the job-site. Forklifts, diggers, bulldozers, boom lifts, scissor lifts, and even attachments like digger buckets – all of these allow a single construction worker to do the work of ten men in a tenth of the time.
For any construction company or contractor to be successful, they must have the appropriate construction equipment available at a moment’s notice. So should these businesses and individuals buy all of the equipment outright? Or is it smarter to hire it on an as needed basis?
Pros and Cons of Buying Construction Equipment
If a company or contractor has the capital, it is wise to buy construction equipment outright. This makes availability and convenience a non-issue, as the equipment is always ready at any time for any job-site that needs it, providing you don’t need the same machine on several sites. Operators can learn and master a specific machine instead of learning the quirks of a number of different ones, which will result in increased productivity and ultimately an increased bottom line.
As mentioned earlier, though, capital is key. With ownership comes maintenance costs, operating costs, insurance and legislation costs, storage and other fees. Owning a machine also means that the business or individual is responsible for their own transportation. There are a lot of costs associated with owning construction equipment aside from just the initial cost.
Pros and Cons of Hiring Construction Equipment
If a construction company or contractor has a more sporadic workload, hiring may be the best option when it comes to construction equipment. Hiring is a much more cost-effective option in these situations because the company doesn’t have to worry about storing the machine during downtime, transporting the machine to a job-site or even performing all the routine maintenance associated with construction equipment — the leasing company (Duralift) will handle all of this. In addition, since there are so many different types of construction equipment, only leasing the machines needed for a specific job for a set amount of time is a lot cheaper than buying all the different machines outright.
Of course, over time, the cost of leasing equipment may start to add up. Finding the right company to hire from will negate a lot of these issues, but it is important for a construction company or contractor to really weigh up the options before making a decision.