Are you in the construction industry or in a business that specialises in lifting and installing different types of glass products? If you do, then, considering whether to buy or to hire glass handling equipment is one important part of your business. If you prefer buying brand new lifting equipment, there are distributors such as the Millsom Hoist Pty Ltd who offers durable and high-quality industrial machines.
Factors to consider
Whether you are to buy brand new glass lifting equipment or just lease it when you need it, there are some things that need to look into when deciding which among the two is more practical.
Look at the current financial status of your company.
Of course, your capability to buy glass handling equipment greatly depends on the financial situation of your company – whether you have the capital to buy or just be at ease with renting. But, when you look at the larger picture, if glass installation is your line of business, it would be practical to buy that machine instead of leasing one because of the fact that the amount you will be paying for the rent can add up over time.
Weigh the cost of owning or renting a machine.
Before you can come to a conclusion that one is more practical than the other, calculating the cost of both owning and renting glass lifting equipment should be done. This will help you see the facts on paper and help you decide whether to buy the machine or not. Some factors that you must include in your calculation is the rental fees against the purchase cost, operating costs, insurance cost, government licensing, transportation fee to and from the rental store or machine store, fuel cost, maintenance cost, and hoisting equipment specialists cost, if needed.
Consider the period of time that you will be using the machine.
If your business is to install glass products, then renting can be a good option – that is, if projects are frequent. Otherwise, you will just be spending money on machines that are sitting and waiting for the next projects to come down the pipe.
On the other hand, buying glass handling equipment would be the best option if you are working on a long project or on many upcoming projects as the rental cost can eventually add up quickly as the job continues. Anyway, buying your own lifting machine can be a long-term investment as you can put it on lease whenever you no longer have a project for the meantime.
Calculate the maintenance expense you will most likely incur.
Between owning and renting glass lifting equipment, loss or defects incurred on the glass suction cups or simply, the suction cups and other parts of the machine can be shouldered either by you or the lessor, depending on what’s stipulated in the contract. However, when you own a lifting machine, the maintenance expense will inevitable, but it can usually take effect after more than five years of usage. For more information, visit their website at: http://www.millsom.com.au/products/vacuum
- The Benefits of Buying
Choosing to buy glass lifting equipment and other industrial machines can be better than renting in the long run. Some other benefits include:
- Getting a return on your investment when you choose to sell it
- Whether the machine is in use or not, you won’t be spending money on rent.
- Taxes and maintenance will have some advantages.