Purchasing Versus Hiring Cranes: Why is Hiring Generally the Most Suitable Option?
How much does it cost to buy a crane and why might it be more logical to hire a crane when compared to an outright purchase? This is a question which has been tackled by countless firms within the construction sector and naturally, many factors need to be taken into account. Although crane hire companies and UK firms will often enjoy a hand-in-hand relationship, when is this service the best choice? Let us take an objective look at both sides of the equation in order to fully appreciate the big picture as well as to highlight some of the benefits and drawbacks of each solution.
Why Hire a Crane? A Quick Look at the Pros and Cons
Many of those who choose to hire a crane intend to take advantage of the sheer variety of units to select. This is key when approaching tasks that would otherwise prove to be quite challenging. Another important takeaway point is that users will not have to be concerned with maintenance requirements. This saves a great deal of time while ensuring that the crane in question has been tested to the highest of standards. Thus, on-site safety is never sacrificed for functionality.
It should likewise be obvious that those who hire a crane will not be subject to any long-term commitment. Issues such as depreciation are not present; always a problem in the event that the company is required to sell the unit in the future.
Perhaps the most important advantage of this choice involves the cost of crane hire when compared to a one-off purchase. As cranes can be priced well into the hundreds of thousands of pounds, this often represents the most logical solution from a financial point of view. Other fees which are no longer concerns include servicing inspections and (generally) storage. This decidedly low cost of crane hire is then augmented by the fact that the majority of crane hire companies in UK markets provide skilled operators.
However, we should still mention two possible drawbacks associated with this solution such as:
Busier times of the year can sometimes be associated with longer waiting periods in the event that the model required is not available. It can be costly to train an operator if the company in question is not able to provide one.
So, how does crane hire stand up when compared to an outright purchase?
Buying a Crane Outright: What You Need to Know
Let’s assume for a moment that you are planning to purchase a crane. One benefit attributable to this choice is that it is often possible to deduct this unit (and any associated equipment) from your business tax obligations. The same holds true in regards to the eventual depreciation of the unit; this may represent a tax-deductible advantage.
Longevity and reliability are other benefits. Most cranes can last for 25 years or more if they are provided with the proper amount of timely maintenance. In terms of a reliable option, it should also be stressed that you will have immediate access to the crane whenever it is required. This can sometimes be advantageous if you have been looking to avoid project delays.
Assuming that your business has good credit, it could likewise be possible to finance the crane by up to 100 per cent. Finally, you can also choose to sell the unit for extra liquidity or trade it in if you are looking to upgrade to a more advanced model.
Much like in the previous section, it is prudent to highlight some of the main drawbacks associated with purchasing a crane:
- The owner will be responsible for all costs associated with maintenance and upkeep.
- The crane will naturally depreciate in value over time.
- Insurance coverage is mandatory and this can be quite costly.
- The model may become outdated.
- Storage and transportation costs will be incurred by the business.
- It might not be possible to customise the crane to meet specific criteria.
- Training operators can represent a lengthy and expensive obligation.
- Making the Most Informed Decision
How much does it cost to buy a crane and why is a hire service often the best solution? The answer to this question should now be clear after having fully examined each option in greater detail. Price, convenience and flexibility are all key takeaway points which are always associated with hiring a crane.
You will, therefore, be pleased to learn that Emerson Cranes is capable of supplying all of the most trusted brand names in the industry. Known for our flexibility and superior levels of customer service, we are confident that you will encounter the most appropriate model.
Get in touch with a member of our team today to discuss your needs in more detail.