Need A Crane? Learn The Benefits Of Renting Versus Buying
If your business occasionally uses a crane for construction projects, you may be debating whether to purchase or continue renting one. There are pros and cons to both methods. Learning about these pros and cons will help you make an informed and educated decision as to which is ideal for your business. Here are a few of the benefits of renting a crane versus buying one.
Buying a Crane is Expensive
One of the biggest benefits to renting a crane is that you don't have to put up a ton of money upfront like you do when buying a crane. Cranes range in cost based on many factors, including the type of crane, whether it is new or used, and its duty ratings. However, regardless of the type, they are expensive, especially for newer businesses who don't have a lot of resources to get business loans or purchase on up-front. If your business doesn't have that kind of money, or if it would greatly decrease your available capital, you may want to rent a crane.
You Don't Have to Maintain a Rental
Another benefit to of a crane rental is that you don't have to maintain it. When you rent a crane, the rental company is responsible for ensuring it receives all of its maintenance and testing as required by OSHA. Maintaining a crane is not cheap, and it must be done routinely to ensure the crane is operating correctly. If you don't have the time to put jobs on hold to complete maintenance for a crane, you may wish to simply rent one instead.
You Don't Have to Store a Rental
When you buy a crane, one of the factors that you may not think about is storage. Cranes are large pieces of construction equipment that need to be stored in a safe place. If you have a small business, you may not have the space to store a crane when it isn't being used at a construction site. This may mean that you have to rent space just to store the crane between jobs. Once again, this adds to the amount of money that you are spending when you buy a crane. When you rent a crane, the crane is brought to the construction site on the day you specify and picked up on your desired day. You never have to worry about hauling a large crane to a job site or storing it between jobs.
You Can Change Up the Type of Crane You Rent
The last major benefit to renting a crane versus buying one is that you can change up the type of crane you rent. There are many different types of cranes available, including overhead cranes, mobile cranes and fixed cranes. Each type of crane has its own unique benefits that can make a construction job easier. However, if you buy a fixed crane based on the type of construction job you usually complete, and then you get a new job, you may find that a mobile crane makes more sense. But since you already bought the fixed crane, you have to make do for the time being. When you rent a crane, you can constantly change up the type of crane you use to best fit the exact job you are completing. Renting cranes also allows you to have the newest types of cranes available to you—something that isn't an option if you have purchased a crane. You are stuck with that crane until you decide to cash out more money and upgrade.
If your construction company uses cranes, you may find yourself debating buying one. However, they can be costly to buy, repair, maintain and store. Additionally, once you buy it, you are committed to using only that one type of crane for a prolonged period of time. Keeping some of these benefits in mind will help you decide whether it makes more sense for you to continue to rent a crane versus buying one.