If you are in the construction field, equipment is a vital part of your operation. You have the option to either buy or rent them. Buying your equipment has its pros and cons, which we have listed below for your reference. It will help you determine if it's the right choice for you.

Buying equipment pros

It's ready for use. If you own the equipment it is available for use anytime you need it. It brings convenience, and it ensures continuous operation. If there is a constant need for the machine in your process, the tasks will not be delayed if you have the things you need ready for use. 
You have more control. Plant hire companies have their terms when it comes to the rental of their equipment. You need to follow these terms if you decide to go for a rental. However, if you own the machine, the decision on what to do with it and how to use it will be entirely up to you. 
You can save in the long run. Construction machines are not cheap. The upfront cost of buying them is expensive. However, if you use them frequently, you will save more in the long run compared to the rental expenses that will pile up over time. 
Increase work productivity. Efficiency and productivity will improve because the equipment that your staff need will always be available. It also means completing projects on time, thus enhancing your reputation and being open to accepting new projects. 

Buying equipment cons

High upfront cost. As mentioned, buying equipment is expensive. You need to have the funds to purchase them. If you don't have the money, then you cannot buy the machine that you need. 
Maintenance cost. Aside from the upfront cost of buying a machine, you also need to consider the maintenance cost. Machines require regular maintenance to keep them operating correctly, as well as to avoid costly repair or replacement. However, there will also be a time when they will need fixing or parts replacement, and again, that will be added expense on your end. 
Requires storage. You will need a place to store your machines. If you don't have space on your property, you may rent a facility where you can keep them when not in use. Leaving them in the open may cause them to rust due to the changes in weather. 
You need to hire or train an operator. You can't just ask any person to run these machines. They need trained operators to run for safety and efficiency. If no one on your staff is trained, then you need to train them or hire experienced operators to run them.

If you don't have the funds to buy new equipment or there is not a constant need for the use of the machine, you can go for a rental instead. Lancashire plant hire has different machines available for rent. You may also hire an operator together with the equipment if you don't have trained staff to operate them.