Since ancient history, humans have been utilizing all kinds of different tools and equipment to make their lives simpler and to make certain tasks much easier. As humans evolved, they also involved the technology of certain tools and equipment. At first, we used simple machines such as pulleys, levers, axles, wedges, but today we have powered access equipment that makes some tasks even easier. Using the basic mechanisms is simple, but it is also not as efficient and sometimes even dangerous.
This is the reason that a lot of companies prefer to use more advanced technology when it comes to access equipment. However, these very powerful machines can be very expensive. In fact, the simplest left/platform that can rise several feet in the air can cost up to $20,000. You can imagine just how much more expensive other platforms that go even higher.
Because of this expensive pricing, there is a huge dilemma going around many companies, especially the ones in the construction industry. The dilemma is whether it is better to buy, to lease, or to hire powered access equipment.
Well, I do not think there is one universal answer to this question which is why I decided to write this entire article to help people decide based on their individual needs.
Benefits of buying powered access equipment
You own the asset
One of the most obvious advantages of purchasing a tool is the fact that you have entire ownership over the product. You will not have to worry about any future consequences or rules you might break about the product. It is yours and yours only. No one else can tell you what to do with it, how to use it, or try and take away from you.
24/7 access to the asset
It is also important to know that you have access to the machine that you have purchased 24/7. It does not matter whether you need it during the day or at night. We can always take it out of storage during an emergency and utilize its features.
When compared to leasing or hiring such a machine, you have to account for the fact that it may not be available at the company at that time. So, if you need it immediately, the company will not be able to provide it to you on such short notice.
A lot of business owners claim that it is much more inexpensive to permanently purchase equipment instead of having to settle for rent or lease. Keep in mind, this applies only if you plan on using a certain device for a much longer period of time.
You pay the full amount immediately and then you do not have to worry about any future expenses. At first, this lump sum will be huge, but it is cheaper than a lease in the long run.
Benefits of hiring powered access equipment
A business also has the option of hiring equipment instead of buying it. Here are the benefits of going down this path instead of another.
No maintenance costs
I believe that the best advantage of renting equipment is the fact that you do not have to worry about any kind of maintenance and the expenses of such maintenance. This is a very important thing you have to keep in mind because the maintenance process of bigger machines is very expensive. Some small parts might even cost up to $1000.
So, the next time a machine you have rented breaks down, you can just send it back to the company you got it from and they will fix it for you. In fact, they will probably send you another one while they are fixing the previous one.
For example, a proper scissor lift can cost you anywhere from $5000 to $15,000. While hiring one from websites such as Cpslift.com will cost you just a fraction of that price.
In comparison, when purchasing such a machine, you will have to pay all of those maintenance expenses out of your own pocket
Cutting edge technology
Whenever you buy a brand-new tool, it usually uses cutting-edge technology. To get that cutting-edge technology, you need to spend at least several thousand dollars. But, that is not all. You make the purchase, the product provides you with great features and benefits, but after year or two, it starts to get old. I do not necessarily mean that the device itself is getting old, but the technology that comes with it.
In those two years that have passed since you made the purchase, even better technology has been introduced and better devices have been created. However, companies cannot afford to constantly upgrade their machines every single year. This is why hiring may be a much better alternative.
Companies will always try to provide you with products that have cutting-edge technology. Once that product loses its cutting-edge value, you can give it back and you can get something newer. In other words, this is the best way to be constantly up-to-date with the technology of the industry.
No storage expenses
Whenever a company makes such an expensive investment, it will require a storage unit to keep such a valuable product safe. This is another expense that a company has to worry about. Sure, storage units are not exactly expensive, but the fees accumulate over time.
When hiring such products, you will not have to worry about any kind of expenses regarding storage. The company that has provided you with the product will be obligated to provide you free space for storing it properly.
Making several thousand dollar investment on a tight budget is never easy. Businesses need to consider the fact that they might make the wrong investment. But, if you are hiring equipment, you do not exactly have to worry about that. Think of the lease as a free trial. Once you start to use it, you can decide whether such a machine is worth it.
These are the main differences between buying and hiring powered access equipment. It is up to you to decide which one is better the better option.