The ultimate decision of whether to buy or hire is quite difficult, doesn’t matter if you are a business owner or a simple DIY lover. Standard power and hand tools, which you will need plenty of time, during your house building project must be bought, but if it comes to heavy and costly machinery, you must consider tool hire instead. There are pros and cons of each option and it is worth taking time to make your cost-effective decision.
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The Frequency of Usage
Do you plan to keep the said machine for years or is it for one-time use only? Some tools, such as surveying equipment, are constantly upgraded as per the latest technology and hence you should think twice before buying such equipment. It is worth mentioning that you can sell the device when it is no longer in use if you bought it at a discounted price.
The key factor that makes the selection between hiring and buying easier is the cost. Basic tools, for example, screwdrivers, have multiple uses and are quite lighter on the cost scale. Thus, it makes sense to buy such equipment from an online store such as cordlessdrillhub.com which will be reused often and is moderately priced. However, plants and other bulky equipment are difficult to be stored and are usually not in people’s budgets. As per your budget, consider searching the second-hand markets, or you can just buy these at discounted prices from rental services in the UK such as Jackson & Gocher Tool Hire. Here it is important to mention that hiring equipment for a longer period may cost you more than the buying price.
Storage and Maintenance Costs
Tools like power drills and ladders don’t need much keep up. But, most of the tools require maintenance to ensure their safe and efficient lifespan. Before buying the equipment, enquire about the maintenance guide and you will be able to make a clearer decision about the purchase. Another key factor in buying or hiring is storage capacity. Do you need to pay for the storage of heavy equipment like generators and extractors? It doesn’t make sense to buy such tools where the storage and maintenance costs will burn a hole in your pocket. Other than these, there is hidden insurance cost too to cover the possibility of machinery getting stolen.
Pros of Buying
- You own the equipment
- Relatively cheaper if used for a longer duration
- Possibility of better resale value of the equipment
Cons of Buying
- Expensive initial investment
- Storage issues
- Insurance costs
- Transport and maintenance costs
Pros of Hiring
- No additional servicing or maintenance costs
- Trying the equipment before actually buying it
- Latest technology upgraded equipment
- Support from the hiring company
Cons of Hiring
- Costlier if the project continues for longer-term
- You never own the tools
Now that you have got the knowledge of both advantages and disadvantages of purchasing and hiring, you can make the ultimate decision. However, it would be wise to take advice from experts like Jackson & Gocher Tool Hire with years of experience.