Over the past few years, Mobile Elevating Work Platforms have become very popular in various work processes in different industries because of their efficiency and versatility.
MEWPs have become quintessential in business operations, and their use has spanned from a construction site to facility management.
One thing that most businesses are often torn between is the decision to buy or rent these machines.
In this article, we will walk you through the pros and cons of both renting and buying and renting the MEWP platform.
So, let’s get started.
EVERYTHING YOU NEED TO KNOW ABOUT MEWPS
WHAT ARE MEWPS?
Mobile Elevating Work Platforms (MEWPs) are equipment designed for temporary access to elevated work areas. There are many types: boom lifts and scissor lifts, designed for differing operational needs. Read this blog, to get detailed insight on what MEWP is and the types of it.
APPLICATIONS OF MEWPS:
The following are the application areas where MEWPs are utilised:
- Construction and building maintenance
- Window washing and painting outdoor surfaces
- Tree trimming and landscape works
- Event set-up and lighting works
SAFETY AND EFFICIENT
Safe and efficient work practices are essential to using MEWPs. With proper training and adherence to safety guidelines, the tasks in hand are performed effectively and safely.
THE BENEFITS OF BUYING MEWPS
LONG-TERM FINANCIAL BENEFITS
For businesses that use MEWPs often and consistently, owning one over time proves to be much cheaper. The capital outlay is subsidised by the rental costs forgone over the years.
CUSTOMIZATION AND AVAILABILITY
Owning a MEWP means that it can be tailored to personal needs, and it is also available at all times without the need for waiting, compared to the hire equipment.
FINANCIAL CONSIDERATIONS
Depreciation and Tax Advantages: The acquisition of equipment provides businesses with the opportunity to benefit from depreciation and capital allowances that will serve to alleviate the tax burden on the taxable income generated by the equipment.
Ownership of Assets: By owning MEWPs, the company has an asset that will help make the tangible net worth on the balance sheet higher.
ADVANTAGES OF RENTING MEWPS
FLEXIBILITY
Rental provides businesses the flexibility to choose different MEWPs when required for specific projects. It may also be more cost-effective for either shorter or longer periods of relatively lower use.
COST-EFFECTIVE
To a company that rarely requires a MEWP, renting may be much cheaper. This is because the expenses of maintenance and storage are eliminated. Businesses then can be saved from the particular headache of investing in the latest MEWP devices.
NO MAINTENANCE AND STORAGE COSTS
The rental company maintains the MEWP and takes care of storage issues which eliminates the business owner’s costs and efforts for the maintenance.
KEY CONSIDERATIONS TO RENT OR BUY
After reading the pros and cons, you must get an understanding of whether you should rent or buy the MEWPs platforms. Here are a few considerations you need to keep in mind-
FINANCIAL CONSIDERATIONS
Capital Expenses versus Operational Expenses: Acquisition would involve a substantial upfront investment in purchase costs, followed by operational expenses. One needs to determine the cost per operational hour. The frequency and duration of usage should be accounted for. If one is required to use the equipment quite often, purchasing is ideal, but if usage is occasional, renting is preferred.
Storage and Maintenance Facilities: Ask yourself these questions:
- Do you have the space and resources to store and maintain MEWPs?
- Do you have the capability of transporting MEWPs to various job sites?
And, whatever answers pop up in your mind, consider that for making the final decision.
Compliance and Training: Training and compliance play a super important role while operating MEWP machines. Therefore, don’t forget to ponder upon this one: Are there adequate controls in terms of safety regulations required, and are operators of MEWPs suitably trained to operate them, whether it is rented or owned?
So, now you know the considerations you need to keep in mind while making the decision, to help you further for taking the right decision, we put together a decision-making guide. Check it out and put your money in the right place.
DECISION-MAKING GUIDE: HOW TO CHOOSE THE RIGHT OPTION BETWEEN RENTING VS BUYING
STEP 1: ASSESS USAGE NEEDS
Evaluate how often and for how long you will need to use MEWPs. If your business requires MEWPs for frequent, long-term projects, purchasing might be the better option. On the other hand, if the use is occasional or seasonal, renting could be more cost-effective. Make a detailed list of your projects and estimate the duration and frequency of MEWP use.
STEP 2: EVALUATE FINANCIAL POSITION
Compare the upfront costs of purchasing MEWPs with the cumulative expenses of renting over time. Purchasing involves a significant initial investment but can be more economical in the long run for frequent use. Consider additional financial benefits like depreciation and tax deductions for owned equipment. Conversely, renting spreads the costs over time and avoids large upfront expenditures. Plus, while evaluating also includes costs such as interest on loans if financing the purchase.
STEP 3: CONSIDER LOGISTICAL FACTORS
Account for the logistics involved in owning versus renting MEWPs. Ownership requires space for storage and a plan for regular maintenance to ensure the equipment is in good working condition. Assess if your business has the capacity to store and maintain MEWPs. On the other hand, renting eliminates these concerns as the rental company handles maintenance and storage. Additionally, consider the transportation logistics—owning MEWPs means you’ll need to transport them to different job sites, which can add to the costs and logistical challenges.
STEP 4: ENSURE COMPLIANCE
Ensure compliance with all safety regulations, regardless of whether you rent or buy. This includes providing proper training for all operators to safely and efficiently use the equipment. Verify that your business adheres to industry safety standards and that your MEWPs, whether rented or owned, are regularly inspected and maintained to prevent accidents and ensure worker safety.
COMPARISON CHART
| Factor | Buying | Renting |
| Initial Cost | High | Low |
| Long-term Cost | Lower over time | Higher if used frequently |
| Maintenance | Owner’s responsibility | Handled by rental company |
| Flexibility | Limited to owned types | Access to various types |
| Depreciation & Tax | Beneficial | Not applicable |
| Immediate Availability | Always available | Dependent on rental stock |
CONCLUSION
Decisions on whether to purchase or rent a MEWP will be based on a number of factors: financial, frequency of a device’s use, and the logistics surrounding it.
Enterprises are supposed to make a demand assessment to know which is the most cost-effective and practical.
In Dubai, BVM Transport has come up with flexible rental services. It offers a local means of providing MEWPs for businesses that are looking for efficient and cost-effective MEVP tools.
If you’re looking for the same, feel free to Contact BVM Transport today, for renting Mobile Elevating Work Platforms.