Compact Excavator – Renting Vs Buying
30th May, 2018
When you are looking to acquire a new compact excavator, there’s a big decision to make: should you buy a mini excavator or hire one? This decision calls for a lot more than just comparing the costs.
Investing in even small equipment like compact excavators is a bid decision. Is it better to buy it and use it as and when needed? Or should you rent it as and when you need it or until you feel the buy decision is justified?
You must consider a variety of factors to be able to decide between buying and renting – here are some aspects you need to consider.
Your Financial Situation
This is an important factor to consider. Do you currently have the means to buy a compact excavator or is rental the better option in the current situation? Be sure to project the costs over the longer term to get the full picture.
Even though buying a machine is a one-time investment, renting a machine can quickly add up from a cost point of view. Often you might end up paying more, especially if you are frequently using the equipment for a long term project.
Scope of Your Projects
Take a long hard look at the scope of your projects. Are the duration of the contract and the workload big enough to justify a buy decision? Or are your needs more sporadic, do you need the compact excavator temporarily?
This is a huge factor that can help you decide whether compact excavator renting is better than buying. If you frequently require different weights and sizes of machines due to varying projects then purchasing might not the best option for you. The flexibility and options available from mini digger hire could be your best solution.
Frequency of Jobs
How often are do your jobs require compact excavators? Once a month, give our hire desk a call. Every day, owning your own mini digger might be the most cost effective solution.
It is crucial to determine the cost of compact excavator renting versus ownership. When you own a machine, you must bear a variety of costs such as maintenance costs, operating costs and insurance.
On the other hand, renting includes everything. However, the rental fees can often exceed the cost of purchase if hires are frequent enough.
The biggest advantage of buying a compact excavator is that it’s at your disposal all the time. When you own a machine, you can manage last minute changes or schedules without much thought. You can even take on a new job instantly and complete jobs without much disruption or the need to factor hire into your project quotes.
Whether you buy or hire a machine, each decision has its own pros and cons. The final decision depends on your requirements and situation. Take your time to consider all the aspects.
Whether you want to buy or rent a compact excavator, MTS Plant can help. We are the leading compact excavator hire & sales agency with a nationwide presence. Get in touch with us today to discuss your requirements – call 01924 387 007 now.