As a construction contractor, you may find yourself in need of a crane for certain projects. You can lease or rent a construction crane to help get your project completed, but which option is right for you? A lease is meant for long-term use, while renting typically offers use of the crane for a short period of time. Use this guide to determine which move is best for your company and your various projects.
Length Of Projects
When determining whether to lease or rent, you'll want to look at the length of the projects you'll need the crane for. If the project only requires the use of a crane for a few weeks toward the end of construction, renting might be the better option. However, if you are working on a project that requires the machine for several months, or even a year, then leasing may meet your needs. You'll want to talk to a crane leasing company like Iaconelli Contracting about the length of contracts for each option to help guide you in the decision-making process.
While leasing a crane means you have long-term access to the equipment you might need for various projects, you'll want to consider what your storage options are for the crane in between projects. If your company's office has limited space for heavy equipment, you may end up needing to lease space at an off-site facility to store the crane. However, for long-term projects where the crane will remain at the job site, storage may not be an issue. Should you need to rent storage space, factor in the cost of the storage in addition to the cost of your lease agreement. It might make more sense to simply rent a crane whenever you need it.
The option you choose may sometimes depend on your available cash flow. If you are a new business, you may find that renting short-term is better simply because you can rent the equipment for exactly as long as you need it. Remember that not every project will require a crane, so you can simply rent what you need when you need it. However, as your business grows, you may find that you have the budget for a long-term lease. It's important to look at your upcoming projects and income to determine what you can afford.
There are many types of cranes, and there are many types of construction projects. If your company works on a wide variety of projects, you may find that you need different cranes for each job. In this case, renting might be the better option. You can rent the exact equipment you need instead of leasing one crane and hoping it works for all of your projects.
Talk to your crane leasing company about all of the different options available, including renting to own, short-term rentals, and long-term leases to find the right option for your budget and your projects. You can then decide which crane rental option is right for you.