Should you be Hiring or Buying the Tools that You Need?

  • When sourcing equipment for your business or project, you have two options to consider: hire the equipment or buy it. Both options have their ups and downs, and the right option for you may depend on your or your company’s unique circumstances, as well as the type of equipment that you are wanting to hire. Let us look at some of the factors that you should definitely consider before going out and sourcing your equipment:

    How often will you use it? This is quite a big factor to consider because this alone could factor whether or not you buy your equipment. If you think that you will only be needing the tool to complete one specific job, then it would be a good idea to hire the equipment. On the other hand, if you feel that you will make multiple uses of this specific tool, then it is a good idea to buy it because constantly hiring the tool over and over again can be a hassle and could end up costing you a lot more money.

    What is your budget? Your budget could be a big player when it comes to the decision of hiring or buying. If you do not have much capital to play with, then hiring equipment for one or two jobs is probably the best thing to do. However, if you do have some good capital and you think that you will be making use of the equipment multiple times, then it is a great idea to buy that piece of equipment, as it will save you time and money in the long run.

    Maintenance of the equipment: Following the previous point, it is a good idea to check if your budget will allow some spend for the upkeep of the equipment. If you buy a piece of equipment, things will surely go wrong, and you will have to replace or fix certain parts. Another part to this is the fact that some equipment requires specialised training in order to maintain proper maintenance. That being said, it could give you the freedom to learn and customise/fix the equipment to your specific needs.

    Financing: Of course, there is a middle ground with these two options if you are still stuck deciding what to do. This option is financing the equipment, which will allow you to buy the equipment while spreading out the costs that are involved. This option could allow you to still own the equipment without having to pay the full up-front amount. You might pay slightly more in the long run due to interest rates, but it could still save you money or work out cheaper than hiring.

    Luckily for you, there are plenty companies out there who offer tools and equipment for sale as well as plenty tool hire companies as well. At the end of the day, it comes down to your needs, budget, and the type of equipment that you are going to hire.