Business

Crane Purchase vs Hire: The Best Option for Your Business

August 31, 2019

Using the appropriate equipment for your business in Lincoln will help ensure that you will get the job done fast and effectively. It will satisfy your clients and turn them into loyal customers. They will also spread kind words about you. One of the machines that you may need for your company is a crane. You have the option to buy or hire one. Each of these options has its pros and cons.

Crane hire pros

  • Get the latest models. Every time you hire a crane for a project, you can get the newest model with the most modern features. It’s an advantage because you can enjoy the efficiency and convenience that the latest features bring. 
  • Many options. You can select from comprehensive models of cranes and use one that will best fit the specific project that you have. 
  • Easily change according to your needs. If you are handling various projects or your needs suddenly change, you can quickly replace the crane you hired for something that will be more effective for the task. 
  • Cheaper initial cost. Hiring a crane costs less than buying a new crane. 
  • No machine depreciation. Like any equipment, a crane will depreciate over time. If you upgrade in the future, you may be able to sell your machine at a low price, or if it’s too old, it may even be hard to sell it. 

Crane hire cons 

  • Training operators to work on the crane. You need to train an operator to run the specific crane model that you hire. However, some crane hire Lincoln companies include an experienced operator with their rental. If you don’t want the inconvenience of training an operator, find a crane rental that comes with one.
  • The rental cost can be high in peak season. During peak season, the rates for rental are higher. Plus, it will also be challenging to find available cranes to hire because of the demand. 

Crane purchase pros

  • Tax deduction. The machines that you purchase and use for your business are tax exempt. You can enjoy a tax deduction for buying a crane. 
  • Long-term savings. While the initial cost is higher, you will save in the long run because there are no rental fees to pay. 
  • 24/7 access to the equipment. Even if it’s the peak season, you don’t have to worry about the availability of the equipment since it’s already yours. 

Crane purchase cons

  • Repair and maintenance costs. Aside from the initial cost, another out of pocket expense is the cost for repairs and maintenance. 
  • Crane operator licensing and training. You will hire your own operator, and you will be responsible for their training and licensing. 
  • Value depreciates over time. The machine will depreciate as time passes by. You will also have no access to the modern features that the newer models have. 
  • Storage cost. You also have to find storage to keep it while not in use.

Buying a crane is a smart move if you have continuous projects that require constant access to a crane. However, if you only have a few projects now and then that require the use of a crane, rental is a more practical option.

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