You know you need a scissor lift on an upcoming job but now you aren’t sure whether it would be worthwhile to buy your own on lease for ongoing jobs or simply hire on a job to job basis.
Let us help you decide.
We have covered the hire vs buy topic in a couple of other articles before such as Why Hiring is Cost Effective or Should I Hire or Buy Construction Equipment? but in case you missed those articles (feel free to check them out now for a more in-depth opinion!) we will cover the top points here:
Frees up cash flow
Rentals aren’t liabilities whereas an equipment lease is – making it easier to apply for a loan
Frees up resources
Keep up with technology with up to date equipment
Allows equipment to be on more than one job at a time
Various type of equipment can be hired to increase efficiency on each job
Project/Job costs appear more expensive
Rental costs add up over time
Once machine is paid off rental costs are eliminated
Requires maintenance and servicing
Machines can sit idle in periods of low demand
Requires transport abilities
Ties up capital
Not all jobs will need the same type of equipment
Now you be the judge…..and if second-hand equipment purchasing seems more appealing check out that option HERE as well.