Should you buy or lease a boom lift? This is a question that many business owners have to think carefully about before they make any serious decision. The reality is that leasing tends to offer many benefits compared to buying. This article details some compelling reasons as to why boom lift hire is the natural choice for your business.
Leasing is Cheaper
To start with, there’s the issue of cost. A normal thirty to forty-foot boom lift will set you back between $25,000 and $75,000. Larger boom lifts will cost much more than this, regardless of whether you buy used or new. The question to ask yourself is whether your business can afford to spend this amount. And are you prepared and willing to do so?
Rentals tend to be much cheaper. You can expect to pay between $200 and $400 a day to lease a boom lift. Some rental companies will also provide you with reduced rates if you choose to lease for more than a few weeks. If the contract will last longer than this, you can negotiate monthly rates.
Access to Modern Equipment
When you purchase a boom lift, chances are that you won’t be in a rush to make another purchase. Nonetheless, you can’t compare the efficiency of a new piece of machinery to that of an out-dated model. Keep in mind that manufacturers are always looking to refine their products.
The refinement process is meant to make the machines more efficient, eco-friendly, safer, and even more user-friendly. A boom lift hire company will make sure you have access to the latest machinery.
Leasing enables you to enjoy the benefits that come with using modern technology without having to spend more than you can afford.
Leasing Reduces Repair & Maintenance Costs
When considering purchase costs, you need to consider much more than the upfront fees. Owning a boom lift means that you also need to take care of its maintenance. Proper maintenance guarantees safety and longevity, but you have to be prepared to pay for repairs whenever the machinery fails.
Leasing can help you to completely eliminate these costs, or at least reduce them to a manageable level. Long-term rentals may require you to pay maintenance costs, but this is dependent on the terms included in your rental agreement. In many cases, the leasing company is responsible for repairing the machinery. The only time you’ll need to worry about these costs is if you’re at fault. You can save significantly when the maintenance and repair costs are handled by the boom lift hire company.
You Never Have to Worry About Depreciation
The moment you make a decision to purchase a new boom lift, you’ll have started to lose money. Market statistics indicate that used boom lifts are much cheaper than new ones. Standard used booms can cost up to $35,000 less. If your business doesn’t need to use boom lifts regularly, the losses incurred in the purchase process can prove to be very frustrating. Additionally, holding onto this equipment for a longer period means that it won’t be possible for you to recoup the money spent on repairs and maintenance.