Having access equipment on hand can be a crucial aspect of ensuring the success of your business, as it gives you the freedom to take on important contracts and foster growth as opportunities arise. However, it can be tricky to know whether you should rent or buy.
Whether you need a trailer-mounted cherry picker, a telescopic boom lift, a scissor lift, or something else, deciding whether you will rent or purchase the gear you need can make a huge difference in profitability.
Here are some pros and cons of renting versus owning access equipment, so you can make the best decision for your business.
Owning Access Equipment
Pros
Owning access equipment can lead to long-term cost savings over time. Although the initial investment of buying access equipment outright can be high, owning it can lead to cost-effectiveness in the long run as the equipment is used frequently.
However, this is only beneficial if you have plenty of jobs ahead and are confident that the equipment will be used often.
It will also ensure that you have immediate access to the equipment whenever you need it without having to schedule rentals or wait for availability.
Cons
The downside of having your own access equipment is that you will have to maintain it yourself. Ownership comes with repairs, servicing, and storage costs. These can add up over time, especially if the equipment is operated without supervision.
In addition to maintenance costs, you will have to shoulder the cost of depreciation as well. This means that you will not recoup the full initial investment of the equipment should you decide to sell it one day.
Renting Access Equipment
Pros
Renting access equipment can yield significant flexibility as opposed to purchasing it because renting allows you to access different types of equipment when needed for specific projects. This does not tie you down into a long-term commitment of ownership for one specific type of machinery, giving you greater flexibility to take on different types of jobs without restraint.
In addition, renting access equipment gives you more freedom regarding maintenance costs. Typically, rental agreements include maintenance and servicing, which relieves you of the responsibility and stress of having to pay for repairs and upkeep of the equipment.
This ensures you will always have fully functional, well-maintained equipment, minimising injury risks on site and putting your mind at ease.
Cons:
Renting might be cheaper when using equipment infrequently. On the flip side, it can be far more expensive than ownership if you need to use it frequently over a long period of time, even with repairs and maintenance costs factored in.
You may also find limited availability of the specific equipment that you want to use from time to time. This can lead to scheduling issues and delays in projects, potentially resulting in lost opportunities
For this reason, businesses looking to rent should turn to an industry-leading access equipment company with a large inventory of well maintained equipment.
Sterling Access offers a variety of access equipment, including trailer mounted cherry pickers, for rent and for sale. Whatever you require, we can meet you there. Contact us to find out more about how our offering can elevate the profitability of your business.
