We often get asked by customers, “What are the advantages of hiring equipment rather than purchasing?”. It can be a tricky decision for customers so we’re here to help, read on to find out our top 10 advantages to hiring rather than purchasing equipment.
Low risk & increased safety
The responsibility of the equipment being compliant and ready to use is placed with the rental company – lowering the risk for the customer. Any reputable rental company should also ensure the equipment is kept up to date, calibrated or regularly serviced.
No upfront investment
Large equipment can be an expensive capital cost that must be planned, your money is tied up until you sell it. Purchasing equipment is a long term investment that ties you down to particular equipment items. Renting the equipment avoids the upfront costs associated with purchasing and allows businesses to better allocate their financial resources.
Helps you spread the costs
Other than the deposit, many companies will be happy for a monthly or quarterly payment for the rental.
If you hire equipment, there’s no need to worry about selling or disposing of the equipment when it is no longer required.
Gain a competitive edge
By choosing to hire equipment, you will have access to the latest and most up-to-date items of technology. This can give companies a competitive edge without needing to spend large amounts on equipment they may not have the budget for.
Once you purchase a piece of material, if it breaks or needs fixing, it’s up to you to sort it out – and pay the cost!
If you choose to hire a piece of equipment, many reputable rental companies will be on hand to get you back up and running again as swiftly as possible as part of your rental agreement.
Many items of equipment can be complex and knowing how to use them can be a minefield. If you buy equipment, it’s up to you to work this out however if you rent, the provider can show you what you need to know and how the equipment can best serve your needs.
No depreciation costs
When you own your machinery, you incur considerable depreciation costs. Reselling equipment requires a large investment on top of your upfront purchase. As value continues to depreciate, it makes it more difficult to recover the cost of your initial investment.
Try before you buy
You may be thinking of purchasing a specific piece of equipment but are not 100% convinced. Hiring equipment allows you to determine how much you would get out of the machine and to ensure it meets your requirements before spending out on buying one for yourself.
You may have recently won a contract that requires a certain piece of machinery but once that contract has ended you may never need this again! Hiring equipment as and when you require it gives businesses the flexibility to only pay for machines as and when they need them.
We hope the above advantages help in your decision when deciding whether to hire or purchase machinery. Here, at Hydraulic & Offshore Supplies, we can provide various hire equipment such as oil transfer units, test benches, swaging machines and hose cutting equipment. Contact our sales team for more information on firstname.lastname@example.org
Lead Engineer – Multi National Maritime Solutions Provider
Production Manager – National Engineering Company
Administration & Marketing Manager – Engineering Solutions Provider
Ship Superintendent – Oil Rig Support Vessel
Head of Construction - International Subsea Engineering Company