Construction businesses require a lot of equipment for their work. Unfortunately, most of that equipment is extremely heavy and expensive. One example is a crane that you need on almost every construction site. When you need something often, you think about buying it. However, we recommend that you consider renting cranes instead of buying them. This article defends this notion by sharing all the benefits of this approach.
Invest in More Important Things
A crane could cost you between $50,000 and $5 million. This is a lot of money that should not be spent without thinking everything through. Ask yourself if the crane will be able to return its value and, if so, how much time it will take.
You can calculate its return by its rental charges. If you are low on budget, it’s best to save that money on spend on something more important. For example, it’s never a bad idea to invest in sales and marketing. As long as you are getting sales, you won’t have to worry about going bankrupt. Those sales would generate enough revenue to expand your business and then think about buying equipment. If there is regular use, you have projects that need a crane too often, and you can easily make the budget, only then should you consider buying it.
Easier to Store
Just buying a crane is not enough to solve your problems. Don’t forget that it’s not easy to store such a big item. You will need a space big enough to accommodate the crane and protect it from the weather for its extended life.
Remember that transporting the crane to the site is also a challenge of its own. These cranes don’t drive to long distances. You will need to put it on another heavy vehicle to deliver it to the site of construction. If you were renting it, this would not be a problem for you. It’s also unlikely that you will only get projects that are near your office.
Repairs Cost A Lot
These electrical and mechanical equipment have a limited life. During their life span, they also need repair. You might think it’s not a big deal, but you will be annoyed by how much maintenance they require. A new crane would not disturb you for a few years, but it will need your money on repairs after that.
Since you own the crane, you will have to invest more money to keep it healthy and running. Crane rental service providers have the best setup for their equipment, from proper parking to in-house mechanics that are available 24/7.
Get Cranes for Specific Needs
There are several types of cranes, each suitable for a specific type of construction work. You can’t buy all types of cranes that you might need in the future unless you are planning to give them on rent yourself. Buying the crane will limit you to just one type of equipment, and you will have to make do with it even if it’s inefficient. However, you can get any type of crane if you rent it for a shorter period of time.