Plant hire, more commonly referred to as equipment rental of earth-moving equipment and machines for construction purposes has become a growing trend in recent years. While there are certainly a lot of benefits that come with the ownership of a fleet, it is also a huge financial commitment and responsibility that only the larger companies can usually afford to invest in and may be too big a burden for smaller businesses to carry. With renting, expenditure and risk of loss are generally kept to a minimum, and in turn the profits are potentially maximised. Here are a just a few notable advantages that plant hire has in the industry.
- Avoid maintenance and repair costs
The eventual deterioration of construction equipment is unavoidable. Not unlike everything else, proper maintenance can often increase the longevity of the machinery and is a preventative measure for premature degradation. Repairs too are necessary if the equipment breaks down. As essential as these things are to how effective the equipment functions, they also come at significantly high cost. Rental contracts usually do away with the added expenditure and contracts typically include provisioning for regular checks and spare parts if needed.
- Prevent downtime costs
Downtime can be an unavoidable situation even for the most well established contractors. However, expenditure will still be ongoing despite the lack of activity in operations. Having construction equipment taking up valuable space and having to pay for storage fees can easily take a toll on the finances of the business. By opting to rent, you simply pay for the time and duration of the project and are free of the worries of additional expenditure and loss of investment.
- Provides a means to pursue other ventures
The up-front prices alongside additional costs for transportation, storage and maintenance for earth-moving equipment are by no means cheap. Ownership requires a heavy investment of money that can become a huge money pit if left unchecked, and might overcommit valuable resources, which can prevent the pursuit of other potentially profitable opportunities. Renting on the other hand costs significantly less, and allows some measure of flexibility to invest in other ventures.
- Always remain updated with current-generation technology
In any industry, it’s good practice to stay ahead of the competition via the use of current-generation technology. While it’s certainly possible to do so via ownership of construction equipment, it isn’t necessarily sensible. Having to sell current models and buy new ones isn’t exactly economical after all. Services like Plant Hire Chesterfield provide the latest equipment and machines for use without the need to purchase them outright.
It’s not terribly difficult to see the reason why more and more people are opting for plant hire as opposed to ownership. Money is a commodity that many businesses can ill-afford to waste. As the saying goes, you need to spend money to make money. However, it doesn’t necessarily mean that expenditure has to be high in order to get a profit.