Hiring vs. purchasing compaction equipment (A detailed guide)
Debating whether to buy or hire your compaction equipment? It’s a complex decision with many confusing variables but (lucky for you) the Conplant team is here to help make your life easy.
In this blog, we want to give you the most important information to make an educated decision and because we offer both hire and sales you can rely on the fact that we are not biased one way or the other. Our mission is always to find the right option for each individual customer.
Ready to discover which is right for you? To make this crucial business decision simple, we’ve put together a complete and comprehensive guide that you can access and share with your team.
Your financial situation will impact the decision for hiring or purchasing compaction equipment
Money is the first key factor that will drive your decision to buy or hire. The things you want to consider are:
- Purchase price and product availability.
- Estimated lifespan of the equipment (in years).
- What will your annual usage hours be?
- What is the estimated Total Cost of Ownership over the lifetime of the equipment?
Thinking about these areas should start to paint a clearer picture of what will best suit your individual situation. But your decision doesn’t stop there — to get the full outline of financial considerations, be sure to download our complete Hire vs. Buy Guide below.
Why customers choose to hire compaction equipment
The two main reasons are saving costs and saving hassles!
Some other major benefits of hiring your compaction equipment:
- Improve cash flow giving you greater ability to borrow for other areas in your business.
- Recoup costs easily. Hire invoices can be directly on-charged to your customer with a profit margin.
- Finally the risk of downtime is mitigated by swapping out equipment rather than waiting for repairs.
- Safety checks and all relevant operational documentation is handled by the hiring company.
Did you know hiring your equipment can give you a competitive advantage?
Hiring allows you to access the latest technology, at a fraction of the cost and only pay for it when you’re using it to generate an income — not to have it sitting in a storage yard rusting.
And who knows when the latest technology will no longer be considered “the latest technology” and if you have invested heavily you may be out of date, and out of pocket very quickly.
Why customers choose to buy compaction equipment
Despite all of the benefits of hiring… for many of our customers buying is their best bet.
If you have established long-term contracts and must have equipment available when and where you need it — you may want to buy.
Here’s a look at some of the benefits you can enjoy when buying your equipment:
- Can save you money in the long run
- An asset that can build your net worth
- Complete flexibility with how and where you use your equipment
- Potential for financial upside if you dispose of your compaction equipment during good times. You can check out our recent blog to discover the right time to upgrade your compaction equipment.
For a full breakdown of the pros and cons of buying your equipment, be sure to download our comprehensive Buy vs. Hire Guide below.
Try before you buy with Conplant
As you can see there is a lot to consider when deciding whether to buy or hire. Thankfully, at Conplant we offer you the option to try before you buy.
Like it? Keep it! It’s that easy.
That’s right, in some cases, if organised prior to the commencement of the hire period, you have the option to purchase the rental machine, at the agreed rate, when the hire is complete or simply return it to Conplant. This is one of the ways we go the extra mile to give our customers the best experience and service around. If you decide to purchase the machine, we transfer ownership to you – just like a regular sale.
Get our comprehensive Hire vs. Buy Guide
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