Gantry cranes are very important for any construction site, helping to transport materials to different locations on the site. However, this machinery can be very expensive. These days, budgets of companies are often tight, and more and more businesses are growing more conscious about their spending. This is where you’ll need to decide on whether to buy or rent a gantry crane for your site. Here are some factors to consider when making the decision to either buy or rent overhead gantry cranes.
Your Financial Situation
Your finances will dictate what you can and can’t do. You should know that buying overhead gantry cranes is more expensive compared to renting one, as long as you only need it for short-term use. You need to consider whether your financial situation allows you to buy the crane or whether it will be better to rent. Also, the renting cost may be lower than buying, but the cost will ultimately add up over time if you need to hire it for a lengthy period of time.
The State of Your Company
Is your company on the verge of expansion? Do you have plenty of construction projects lined up? These are some of the questions you need to ask yourself before you decide to either buy or rent a crane. If your company has a lot of projects coming up and you have the finances, then it would make sense to purchase your own overhead gantry crane. In case you have projects lined up but not the finances necessary for purchasing, long term renting may be the best option.
You can’t rent or buy something if it’s not available. Your company may have an urgent project that needs to start right away and you need to rent a gantry crane for it. But if the companies available only sell their cranes, this means you won’t be able to rent one. Vice versa, if the companies available can only rent you the cranes, then you’llneed to rent one and buy later when there are cranes for sale available. In the course of your project, you may need a specialty crane. These cranes are more expensive and are rarely used, so it might be best to go with renting over buying.
The Cost of Renting vs. Buying
Whether you decide to buy or rent your crane, besides the initial costs there will be additional expenses. Before you make your decision, you should consider these additional costs. Purchasing a gantry crane will mean you have to pay insurance, operational costs, maintenance costs and other charges. When you rent a crane, most of the additional costs will be handled by the rental company. However, in the long term, purchasing overhead gantry cranes still works out to be cheaper.
The Length of Your Project
Before you make your decision, it’s important to consider how long you need the crane for. If your project is short term, then it makes little sense to buy a crane. However, if the project is long term where the crane will be used daily or will be used for future projects, then it’s wise to purchase.
Ultimately,when it comes to choosing between renting and buying, you should carry out your research, gather all the necessary information, and choose the option that best suits your needs and your budget.