Should You Buy Or Rent Cranes

Having all the right construction equipment can help your construction company take on multiple types of projects, and can help you earn a lot of money as well. However, not every construction company that’s just starting out can afford to buy heavy construction equipment, as that’s a big financial commitment. So, if you’re split between considering crane for rent and buying a crane, you can read this blog to weigh the pros and cons of both these options. This will help you make an informed decision.

Crane Rental

Advantages Of Renting A Crane

If you own a construction company. Crane rental can bring lots of different benefits for your company. You can rent modern cranes with all the advanced features without spending a lot of money on buying them, and you’ll have more cranes to choose from. Also, you won’t have to pay for transportation and maintenance costs.

When renting a crane, you can try it before buying, you can choose the right type of crane for your project, and you won’t have any expensive depreciating over time. One of the biggest benefits of renting cranes instead of buying them is you don’t need to invest a lot of money on buying the cranes beforehand, and you would have to buy or rent a storage space to keep them in the long run.

Drawbacks Of Renting A Crane

While there are lots of benefits of renting cranes, you should also weigh the drawbacks of renting them for a fair comparison. This will help you see both sides of the picture before finalizing anything.

If you’re renting cranes, you’ll have to train your workers to use different types of cranes for different types of jobs. Another obvious disadvantage is the waiting time you might have to go through at times because of the increased demand of these cranes. This usually happens in the summer season when cranes are in high demand. Renting a specific crane model again and again can eventually prove to be more costly than buying it if you need a specific model for many projects throughout the year.

However, keep in mind that crane rental companies often provide certified operators with their cranes as well as an optional add-on. This service can be great for construction companies which don’t have enough resources to hire and train crane operators, and get them certified. But this service often comes at a cost. But still, the extra price is justified.

Buying A Crane

Advantages Of Buying A Crane

Your construction company may need the crane almost every day depending on the number of projects you do in a year. If that’s the case, then buying a crane might be your best bet. Here are some of the benefits of buying a crane instead of renting it.

One of the biggest benefits of buying construction equipment is that you can usually deduct most of it from your business taxes. You might also be able to deduct the depreciation expense from your taxes. There are lots of tax benefits of investing in construction equipment.

When you invest in a new crane, you can expect it to last you for around two to three decades if cared for properly. You’d also have a crane at your disposal anytime you need it in a construction project, and you won’t have to wait for the crane to be available for you.

You can also finance your purchase and installation of a new crane up to 100% of the purchase price. You can also finance the training price of your employees. Also, you can easily trade in a crane if you want to buy a new model.

Drawbacks Of Buying A Crane

With its advantages, buying a crane also has some drawbacks. You should always weigh the drawbacks to buying a crane as well before investing in a new one.

When you own a crane, you’ll have to provide it with proper maintenance, and will have to pay for repairs as well. You’ll also need to have the crane covered with the right type of insurance for every project, and also its operator. And just like with every other technology, your crane will also start looking outdated with time, and you’ll eventually have to upgrade to a new model.

You might also face difficulties when customizing your crane for various different projects. So, if you are new to the industry, crane rentals VA are perfect for you.

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