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What is the Advantages and disadvantages of buying and hiring plant for a construction project?
Advantages of Plant Hire
- · Financial benefits
- · Hire out construction equipment with a trained operator
- · A variety of hire options from short term contracts to leasing deals.
- · A variety of hire options from of equipment for the jobs.
- · Well maintained construction equipment that meets safety standards.
- · A wide range of equipment on hand when company needs it.
Disadvantages of plant hire
- · Monthly outgoing payments even if no work are there to fund it.
- · Buying eats up capital, after warranty runs out repair costs and spares are down to contractor.
- · Some cost can be offset against taxes.
- · Have no monthly outgoings except running.
- · Maintenance and transport costs has a reducing but second hand values so if no longer needed or of no use can be sold or traded in reducing cost of new or upgraded equipment.
- · Impact on Net Income.
Advantages of Buying Plants
- · In anytime of requirement, the plant is available for operation.
- · Cost of idle time caused by inclement weather, work being behind planned programme or delay in deliveries of material will generally be less on owned plant than hired.
- · The builders can apportion the plant costs to the various contracts using the plant if the capacity permitted.
Disadvantages of Buying Plants
- · Need high capital to buying plants at one time.
- · After several times depreciation value of plant.
- · Cost to repair the equipment can be expensive. The owner has to get the responsibility to repair the equipment.
- · Has bear transport cost.
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