Deciding whether to buy, lease or rent an aerial work platform or crane can be intimidating. While there are arguments for all three options, there are some situations in which buying your equipment outright is the smartest decision.
It’s important to consider all options before choosing to buy equipment. In some situations, renting or leasing may provide for more flexibility. However, if you find yourself lifting and positioning people and materials often, buying might be the right option.
Buying provides financial benefits, long-term value
Low interest rates, accelerated tax depreciation and an increasing array of financing options make buying an aerial work platform or crane a decision worthy of some serious consideration. The purchasing of such equipment should be considered in the long-term, with particular attention paid to a product’s durability and ability to retain value. Buyers should consider the total cost of ownership, not only the upfront price. Deciding on a particular piece of equipment should also only happen after carefully considering technical needs such as working height, lifting capacity, side reach and productivity options.
Aside from purchasing a piece of equipment not suited to your organization’s current and future needs, there’s perhaps no greater mistake than trying to cut costs by underspecing the machine. Choosing equipment that is designed to ensure long-term reliability will help to ensure that the equipment retains its resale value, one of the most significant perks of ownership. It is important to consider the entire lifecycle of a piece of equipment, rather than its price tag alone.
Customize your equipment to suit your specific needs
Customization, where available, is another strong incentive for owning this type of equipment. It allows owners to customize the perfect truck for their application rather than relying on an off-the-shelf solution. Working with an experienced manufacturer that caters to unique needs is an ideal way to make sure that an aerial work platform or crane is the most versatile tool in your toolbox. Working with and relying on an experienced engineering staff can help to ensure that you’re imagining all of the possible applications and potential limitations of your equipment.
Unlike renting, owning equipment provides for signage and branding options that allow aerial work platforms and cranes to act as marketing materials for their owners. In fact, owning and maintaining versatile, customized equipment illustrates financial stability of the owner as well as the quality of work they may expect. As with a cab company that invests in only the best-in-class luxury sedans, there’s a reputation value involved in owning impeccable service vehicles that says a lot about its owner.
- Custom equipment can be tailored to perfectly fit your needs
- Branding enhances professional image
- Eliminates availability concerns that arise with frequent renting
- A portion of the cost can be recouped at resale
- Low interest rates and bonus tax depreciation make this more cost effective than ever
Is ownership the right decision for you?
Customization, perception, low interest rates, tax write-offs, round-the-clock availability and resale potential are all factors that incentivize the buying or leasing of aerial work platforms and cranes. When these factors align, an incredibly strong case is made for the purchasing of equipment outright. For companies in the business of lifting personnel and material full time, the benefits of owning one truck, or a fleet of them, cannot be ignored.