Buying a Crane vs. Hiring a Crane Company

12/01/2022

One of the biggest investments for a construction company is in cranes. Having the right equipment will speed up project completion and increase the company's earnings. However, most companies do not own a crane. The financial commitment that goes into buying a new crane is very significant. It also requires a lot of maintenance and storage.
That is why companies and individuals in the construction industry prefer hiring. If you need a crane on your work site and you are wondering whether you need to hire or buy, here are a few considerations to help you make up your mind.

Benefits of Hiring Cranes vs. Buying

1. Hiring Offers Flexibility

Crane hire is more flexible than buying a new one. You can sample several types of cranes depending on your project. Renting allows you to be project-specific instead of using the same crane for all your projects. Some companies might even customize the equipment to fit your specific needs. You will also have access to modern equipment with advanced features. Renting companies always have the latest equipment.
You can use all the modern cranes without long-term financial investment. There is no limit to the type of jobs you can take. When your company owns only one crane, you might be tempted to start using it for projects that it's not suitable for. You would rather hire the equipment that fits the project's requirements because it can boost the quality of work. Also, if you must buy a crane, hiring allows you to try a few of them before buying.

2. Less Maintenance And Repair Cost

Your company's cost when hiring a crane is exceedingly lesser than the one you will incur when getting the equipment maintained and repaired regularly. The crane hire company ensures the equipment is industry compliant. These companies usually have a team of in-house professionals that examine all the components of the equipment to ensure it's working correctly.
You can rest assured all the cranes you rent are in great shape. However, when you buy a crane, you will be responsible for keeping it in good condition by paying for repair and maintenance. If your company is starting and doesn't have funds to spare, renting is the most cost-effective option.

3. No Worries About Depreciation

Cranes undergo wear and tear with time, owning one means you have to be concerned about depreciation. Recovering your initial investment will be very difficult once the crane starts to depreciate. But you can avoid the losses associated with wear and tear when you hire the equipment.
Your company can also avoid the upfront buying costs. You can hold off buying for as long as possible when you have a reliable crane and truck hire company. You don't have to buy a crane for short-term use. There will be little use for the crane after the first use. You should avoid the hassle of looking for a buyer for your crane after use.

4. Experienced Operators

Hired cranes also come with experienced and trained operators; you don't have to incur the cost of training one of your workers or employing an operator. The operators have probably worked with the equipment on different projects for years. They will know how to navigate the worksite and ensure everything goes to plan and as swiftly as possible. It also reduces accidents at the working site.
There could be accidents when you give such a piece of heavy equipment to a less experienced operator. Experienced operators will help you complete projects much faster. That's a great way of building your company's reputation. Crane hire companies are always available; you can work all year round if you want to.

What You Need To Consider


Cranes are significant investments that require a serious thought process. Here are a few things your company needs to consider before hiring or buying a crane.

Storage space. The first thing you need to think about is storage space. These are big and valuable machines. You must have ample secure space to store them. If you don't have enough space, you are better off hiring than buying. Renting doesn't require you to have space because the crane goes back to the company after the job is done.
Crane transportation. The crane hire company delivers the equipment at your work site. But when you own the equipment, you have to figure out transportation every time you get a new project. If you purchase the crane, you might be forced to buy a larger trailer for transportation needs. This adds to the costs of purchasing the machinery. There are also liabilities like insurance cover involved with purchasing a crane.
Business needs. It's in your best interest to consider your company's needs by looking at how frequently you use a crane. If lifting happens only once or twice a month, renting makes more sense. Hiring is also better when your company receives different types of jobs. One crane cannot perform all kinds of projects. However, if you can't do any work without the crane, your company can consider buying one. You must ensure you maximize the crane fully.
Training and safety considerations. Training is mandatory for crane operators; the equipment is capable of causing a lot of harm when managed poorly. You will have to train your workers to maintain a safe working environment before buying a crane. Training requires a specialist, which means you will have to outsource. Paying for the training sessions will add extra costs you had not budgeted for.

Conclusion


Deciding whether to buy or hire a crane will be easier once you have considered your company's needs. Evaluate all the factors related to your specific projects and jobs. If you can't come up with the initial buying cost, enough storage space, and train workers, find a renting company. A reliable supplier will also have your back every time you get a project. Renting takes a lot of things off your plate and allows you to focus on the job at hand. Ensure you find companies with experienced operators. They make your work easier. Read More.
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