The age-old question ‘Should I Buy or Hire?’ The orders are flying in and your business is growing. However, a growing business means you need to invest in more equipment to stay efficient. It might mean that you need more pallet trucks for your warehouse or trolleys for your extra office space. But should you buy new equipment or hire it?
Here are our tips on what you need to think about.
Should I buy or hire?
Our recommendation would be that you buy the equipment you need. It might seem tempting to just hire what you need when the job requires it, but it’s not the best long-term option. Here’s why:
It will always be on hand
Firstly, if you buy an item like a pallet truck or trolley, it will always be there when you need it. Imagine that you need a particular kind of truck or trolley for a job and the hiring company doesn’t have it in stock? You could end up losing out on work. You want your customers to know that you are responsive and efficient. The idea of being their go-to company might make your buy or hire decision easier.
You won’t risk using a damaged item
Secondly, if you buy the equipment, you’ll know its service history and what sort of condition it’s in. When you hire a truck or trolley, you won’t know if it’s sustained any damage on previous hires. Avoid risking employee safety and invest in a brand new piece of kit.
Buying equipment often works out cheaper over time
When you’re deciding whether to buy or hire a truck or trolley, think about how often you will use it. If you think you’ll only use it for an odd job here and there, hiring might be the best option.
If you buy, you’ll pay more upfront, but if you use it every day, the cost per use will work out cheaper in the long run.
Hiring equipment can tie you into contracts that are hard to get out of
When you hire a truck or trolley, you might sign a contract which ties you into hiring it for longer than you need it. Therefore increasing the cost. When you weigh up whether you should buy or hire equipment, you need to factor this in. Buying outright means you won’t get tripped up by any small print.
You’ll get the extras you need
Buying a truck or trolley may mean you’ll get those extras you need like a service or maintenance package. This can give you peace of mind that your equipment will be repaired or replaced if it’s ever out of action. If you are hiring the equipment, you might need to wait to get it fixed, causing delays.
We hope we’ve made your buy or hire decision easier. For more tips or interesting articles on all things trucks and trolleys, check out the rest of our blog.