When you’re undertaking a mega construction project or you’re into the construction business and want to take your performance to the next level; you’re willing to invest in new opportunities. With so many other thoughts in your mind, you may find yourself wondering whether it is more financially sensible to hire an excavator or buy one for your own company.
So, whether you’re looking to expand your business or you’ve got yourself into a megaproject, making a decision between hiring and buying an excavator is pretty overwhelming.
To make your decision simple and easy, we’ve put together this guide on excavator hire and hope this will answer your concern about why most construction companies choose to hire their excavators.
Benefits of hiring your excavators rather than buying
So, at the end of the day, the decision is always based on your personal preferences. You have to do your homework, brainstorm about both the aspects and make a decision while keeping in mind the financial budget you have at hand.
No need for storage
When you buy an excavator, you have to specify a lot of space and set up a designated storage area. You may also have to ensure proper security features like a CCTV camera and a security guard to protect your belongings. Whereas, in hiring an excavator, you just never have to worry about storage. You just make a call, do your work, and handover the machine back to the hiring company.
No Insurance costs
That’s straightforward that with machine hiring services, you never have to worry about the hefty insurance costs. But if you want to buy the machine, you have to take care of all such costs and add them up with the total investment plan.
No Maintenance Costs
While hiring an excavator, all you have to bear is the operative cost and the fuel. You don’t have to worry about the maintenance costs as it is the liability of the company providing you the machine. They have to take care of fuel change and service charges.
A lot of companies who offer excavator hire services also provide training on how to use the machine. This will be extremely useful as you can then be able to handle the machine correctly and efficiently. They’ll also train you on what to do when you run into trouble.
Things to consider
Buying an excavator is a pretty hefty investment. You need to take care of the operative cost, fuel expenses as well as regular maintenance costs. Besides, you have to pay for insurance as well. In contrast, while renting an excavator, you don’t have to worry about such expenses.
But before making a decision you have to take into consideration the frequency of usage. You have to determine how often you will be using the excavator and over what period. You should only consider investing in an excavator when it will pay off its purchase in the long run and won’t cost you as a business. So, if you’re frequently involved in the use of an excavator and renting it would cost you more money than it may be worth buying.