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So how do you decide when to buy essential construction equipment and when to hire what you need? With pros and cons to both hiring and buying, there are many factors to consider and it’s best to look carefully at your company’s current situation. A buyer’s financial situation, the length of a project, total cost of ownership, efficiency and ease of use should all be considered before you make the decision to buy or to hire.

Paul Norris, operations director of Actavo | Hire & Sales Solutions – a leading hire and sales merchant of non-mechanical construction equipment – advises businesses to ask themselves four key questions to assess which option is best.

  1. Can WE store AND MAINTAIN it?

Do you have suitable storage space for the equipment? It is worth assessing whether it is efficient and cost-effective to store all of what you need, particularly if it needs to be kept dry, for example. Hiring can save costly storage space and not having to maintain and secure equipment can also provide peace of mind. Choosing to hire ensures that you will always have items that work well and are in a good and safe condition. Hiring can also save your business money in the long-term, because you are only paying for the time you actually use the equipment, rather than having to invest in the full price cost.

  1. Can We afford it right NOW?

To purchase most types of equipment represents a sizeable investment for any business. To buy ties up significant amounts of cash when you could rent for a fraction of the cost and better employ your resources elsewhere. Another clear advantage of hiring is that you do not need to pay the money up front, enabling better cash flow management for your business.

  1. Where and how will We Use The Equipment?

You can never be exactly sure what or where your next job will be. Hiring equipment from suppliers near to your project cuts down on costly transportation costs. Every project is likely to be a little different, so the equipment required will most likely alter too. When you choose to hire from industry specialists, you also have the added advantage of expert advice on-hand.

  1. What IS going on in the MARKET?

As the construction market is changeable and affected by many factors, it makes sense to hire equipment that can be returned if market conditions deteriorate, or added to, as new projects are won and work taken on. Hiring is a flexible solution that can help companies better cope with the ups and downs of the market.

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