If you are considering buying or hiring a shipping container, then you should know more about the ins and outs and possible mistakes you could make when acquiring it. Educate yourself and be aware of all these things to save yourself time, money and stress.
Buy or Hire?
Do you need to purchase that shipping container, or would it make more sense to hire one? Plenty of people will purchase a shipping container and then find that they do not need it for the long term. While this is not really a huge issue since shipping containers are in high demand around the world, you might need the funds used to make the purchase of the shipping container for another purpose. Purchasing a container outright means that your money is tied up until you can sell the container to another party.
If you hire a shipping container then you would make monthly payments which would be substantially lower than an outright purchase of a container. Making monthly payments would also makes more of your funds available for other purposes. Many new business owners need to have solid cash flow because they cannot access credit just yet, so a lower cash outlay can mean more capital available to them for other purposes.
Graphic by Tiger Containers
Roll up doors or swing doors?
What kind of opening does the container need to have? Some shipping containers feature roll up doors and they are much more expensive than the standard container with doors that swing out. Ask plenty of questions to ensure that you are getting the container that you expect and not something that won’t fit the bill once you get it.
Swing doors
How much to deliver?
Is the container close enough to your location to make delivery affordable? There is the issue of getting a shipping container shipping to your location and many people do not consider that this cost can add quite a bit of money onto the cost of the shipping container acquisition. At the time of the purchase of your container, ask a lot of questions as to the delivery cost and what is extra and/or included in the cost of your container.
Delivery is not free
Is it made of Corten steel?
Not all shipping containers are manufactured from the same materials. If you want to have a container that is going to be durable, choose one that is manufactured with “Cor-Ten Steel”. This is a material that is designed to stand up to heavy damage on the high seas including a constant barrage of salt water that can cause corrosion on materials that are not as strong.
Will you need to modify?
If you decide to hire a shipping container instead of purchasing it, you will be unable modify it to suit your specific needs. If this was something that you had planned to do, then it may be a good idea to purchase it outright so that you can do with it as you wish. If you are hiring a container, you would have to return it to the owner as it was delivered, in its original state without modifications.
The Takeaway
There are many things to consider when you are thinking about whether to purchase or to hire a shipping container. The main thing to consider is the use you want the container for and the length of time you need it for. The main mistake that many people make is to hire a container for an extended period of time wherein they end up paying a lot more for the container than if they had just purchased it outright in the first place.
Each individual and company is different and has a specific purpose for the container they wish to hire. It is best if you consider what you will use the container for and if you need to modify it. Hired shipping containers are not yours to keep so it can pose a problem if you want to make it a permanent structure. Check to see if there is an option to buy the container if you hire it and decide to keep it after all.
Source: https://www.tigercontainers.com/blog/shipping-containers-to-buy-or-hire-that-is-the-question/