Tool Hiring Could Save You Money
Figuring out whether to hire or buy tools simply comes down to one factor: cost.
Tool hiring companies provide customers with the freedom to hire a variety of tools they may not be able to afford, or justify buying for a stand-alone project. They act as a cost-effective and swift solution to completing projects without any of the hassle of searching and buying tools you may never use again.
However, there are some instances where you would be better off buying decent tools to use for future projects, and we’re going to take a look at what’s worth buying and what’s worth renting. Of course, the buying and renting comes down to what projects you’re undertaking. For example, you wouldn’t buy an excavator for a small garden project, but you’d buy a hammer because it’s a cheap and essential tool to have around the house.
Aside from cost, there are three other factors that will influence your decision to hire or buy a tool:
- The capital investment
- The time you’re going to use it
- Whether or not you’re going to need it for future projects
Buy Smaller Tools
Smaller tools such as hammers, screwdrivers etc are the tools you’ll want to keep, as you’re more likely to use them around the house and for other projects in the future. Plus, they can all fit inside a toolbox. There may be some tools, such as angle grinders, that may not see too much use after your project, but it’s ultimately up to you whether or not you can see yourself using such equipment in the future and if it’s worth the investment.
Hire Bigger Machines
However, plant and bigger machinery such as mini excavators, telehandlers and access platforms won’t be bought as frequently because of the cost and storage issues. Unless you’re going to be using these larger items on a regular basis, they’re best left for hiring.
Plus, these types of machinery can be incredibly expensive. If you are considering buying, look at secondhand machinery stores first before buying new, as it will likely save you thousands.
Hire or Buy
There are some tools and bits of equipment that’s left up to personal preference. Power tools can be hired or bought depending on your plans for your project and future projects. For example, if you have a woodwork project on the go and you can see yourself investing in future woodwork projects, then you may want to invest in quality woodworking tools, such as a quality workbench, mitre saws and routers, as they should end up paying for themselves in the long run.
Then again, this all depends on your plans for the future. Think about your investment and whether it would be cheaper to hire and try out such tools first, then make your decision.
In most short-term situations, if you’re looking for bespoke equipment or large machinery, it’s cheaper to hire than buy.
Be Careful When Buying
If you do decide to buy the equipment, remember that the base price of the equipment isn’t all you’ll be paying for. You will need to think about insurance, in case your tools break or get stolen. Insurance costs add up, so be sure to do your research if you are planning on buying tools you could easily hire.
Additionally, ensure that you have suitable storage for the tools and machines you’re hiring or buying. The benefit of hiring is that not only can you return the item whenever you want, there are usually storage centres to return to (if the tool you’re hiring is big, such as an excavator).
If You’re Hiring, Make it Cost-effective
Being practical with your tool hire can also save you money. For example, if you’re hiring tools, try to schedule in a period where you can use the same tool(s) for a variety of jobs. This means you’re getting the most out of the tool and your money.
However, if you find that you won’t be able to exhaust the use of the tool you’ve hired within the rental period, you may want to consider buying it. What you don’t want to be doing is continuously renting a tool till the point it eclipses it’s shelf cost.
Ask an Expert
At Mteevan Hire, we’re more than just a tool hire company, because we offer advice on how to help people make the most out of our tools and there projects. Safety is paramount and we ensure all our customers understand the importance of safety in relation to the tool(s) they are hiring. We will happily guide you through safety procedures and explain how the equipment you’re hiring works to help you get the most out of your rental.
For more information on our stock and how our tools can help you, get in touch via our contact form or call us today.