The Costs of Construction: Plant Hire
Over recent years the popularity of renting machinery has continued to rise. With plant hire there is a clear incentive within the construction industry to lease equipment on a short-term basis as a way of lowering overall costs in a sector that is renowned for having high costs associated with a multitude of aspects.
There are several reasons why renting is attractive to a business owner, and within a sector as gruelling as construction it is easy to see why plant hire is such a popular option. This is especially the case for those within construction who have found plant hire services that they can build a long-term relationship with. In all walks of life you see examples of times where companies (and individuals) have purchased a piece of equipment, only to use it once and leave it sit. From the moment you buy something its value begins to depreciate. As a business it doesn’t make financial sense to own a piece of heavy machinery or a large piece of equipment as an asset, if it continues to lose value and you don’t even get value from it on a daily basis as it is rarely used.
When you have a specialist project coming up the best option is to rent from an expert plant hire company. Not only are you not the owner of machinery that is losing its value, but rental costs are often Tax-deductible too.
For short-term tasks it makes financial sense to lease machinery rather than to purchase it. It can cost quite a lot to buy heavy machinery outright, and if you know that you only require its use for a few days at a time, it makes much more sense to utilise your budget in other ways, and to rent the machinery only for the time it is needed.
Even for machinery and equipment that is used on a more regular basis, it still makes more financial sense to use a plant hire company that you trust, rather than owning outright. When you think about it in terms of maintenance and upgrading, it is a no-brainer.
Plant hire companies have access to fleet that is constantly being evaluated, updated, upgraded, maintained and repaired. If you are running a construction site would you prefer to use machinery and equipment that was brand new, was fully operational and would be replaced quickly in the event of a fault or accident, or would you prefer to use machinery and equipment that was a few years old, a bit worn around the edges and likely to need repairing at some point during service, but you own it?
With technological advancement moving at top speed these days, having the ear of a specialist plant hire team will help you to secure the latest upgrades, lowering your overall costs as effectiveness and productivity levels increase with the new technology. The smarter and more efficient your team works, the lower the overall costs of construction. Having use of the latest equipment, and replacements in the worst case scenarios is a much more financially prudent outlook than owning expensive and cumbersome equipment that ages quickly.