When investing in a telehandler for general construction work, many companies get stuck when trying to decide whether they should buy or rent a telehandler. There are advantages to telehandler rental as well as straight out buying – you just need to what they are and what your exact project needs are too.
In this blog, we will give you insights into what factors to consider before you decide on buying or renting. We will give you the benefits of each and help you to make a clearer decision as to which route is best for you.
Factors to Consider When Deciding to Buy or Rent a Telehandler
Before you begin in deciding whether to rent or buy that telehandler, there are several factors to first consider. These questions will help make your needs clearer, which can help make your needs clearer too:
- How often will you need to use the telehandler for your project? Daily, weekly, once off?
- How long is your project duration?
- What is your budget?
- Do you have allocation in your budget for maintenance and repairs?
Benefits of Buying a Telehandler
There are several benefits to buying a versatile lifting machine for your business, such as a telehandler. Investing in purchasing a telehandler has many benefits, including:
#1 – Long-term Cost Saving
Investing in a telehandler can be cost-effective in the long run, as they can reduce labour costs and increase productivity. They are also built to last, meaning they can be used for many years with proper maintenance.
#2 – Equipment Customisation
When you buy a machine, from Concord Access Solutions, you can customise it to a degree to include attachments and other variables to suit your specific needs.
#3 – Availability and Convenience
When you invest in a telehandler, you will have a piece of machinery that is ready and willing to work for you as and when you need it. You won’t have to go through any administrative or other processes to get it on site, because it will literally be there ready and waiting to be used.
Benefits of Renting a Telehandler
Renting a heavy-duty machine like a telehandler also has many benefits to companies and their bottom lines. Investing in renting a telehandler has many benefits, including:
#1 – Short-term Cost Saving
Renting is, of course, cheaper than buying a machine out right and will therefore offer you greater cost-saving benefits in the short term. If your business is on a tight budget or are restricted in terms of spend, then renting is a positive option.
#2 – No Maintenance Costs
When you rent a machine from Concord Access Solutions, you are not liable for the maintenance or repairs needed on the machine.
#3 – Equipment Upgrades
When renting, you are able to apply for equipment upgrades as and when needed, without having to invest in buying a new machine or adding another machine to your fleet.
Comparison of Costs: Renting vs. Buying a Telehandler
It’s easy to see that your decision between telehandler rental rates and telehandler buying is going to be the biggest factor. You will need to weigh these three main considerations up when deciding between renting or buying:
- Can I afford the total cost of ownership of buying a telehandler and does my project requirements need it?
- Is this project a long enough project to warrant investing in a telehandler for the long-term, or does a short-term rental of a machine make more sense for my needs?
- Can you take the financial risks involved in long-term buying, or do you need to consider the short-term wins of renting only?
Choosing Between Buying or Renting a Telehandler
So, now that you understand all the factors involved, it’s time to make a decision. Here are some things to keep in mind when making your decision:
- Frequency of Use: If you need a telehandler for frequent or ongoing use, buying may be the more cost-effective option in the long run. However, if you only need a telehandler for a short-term project or sporadic use, renting may be more suitable.
- Cost: Buying a telehandler can be a significant investment, and may not be feasible for all businesses or individuals. Telehandler rental costs can be a more affordable option, as it requires less upfront costs and may be tax-deductible.
- Maintenance and Repairs: Owning a telehandler means that you are responsible for maintenance and repairs, which can be costly and time-consuming. Renting a telehandler typically includes maintenance and repairs as part of the rental agreement.
- Flexibility: Renting a telehandler offers flexibility in terms of machine selection, as you can rent different types and sizes of telehandlers depending on the job at hand. This can be more cost-effective than owning multiple telehandlers.
- Resale Value: Telehandlers can have a high resale value, so owning one can potentially provide a return on investment if you decide to sell it later. However, renting eliminates the need for resale value and potential losses on depreciation.
When choosing between renting or buying a telehandler, consider your frequency of use, costs, maintenance, flexibility, resale value, and availability to make an informed decision that suits your needs and budget.
To find out more about our telehandlers for sale and rent, contact Concord Access Solutions today.
FAQs
How much does it cost to buy a telehandler?
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