While hiring a crane, you need to consider certain factors such as the safety of the stakeholders because considering these important things before purchasing a crane is beneficial to you. Therefore, before hiring the crane, you should see that the unit is in good condition. Liability insurance needs to be in place as well because accidents involving cranes could be very expensive. You should also look at the stability of the ground, the distance to be traveled, the weight of the load which needs to be carried as well as the credentials of everyone concerned with the crane.
The rental cost of the crane is usually depends on:
- Location: The rental cost of the crane depends on the distance that the crane needs to be covered. If the distance is more, the cost increases. The cost of the crane will also increase when the area is not easy to transverse. Therefore, while hiring a crane, one should choose those people or companies that are renting it out, which are the closest or which are in the radius that they usually rent out too.
- Technology: This is a very tricky factor. This may actually swing in any of the 3 directions.
- The cost of the crane depends on the technology, which is used. If the crane has all the modern features, the cost of the crane increases. This is because such modern machines which have the latest technologies are usually more expensive to purchase. Hence, the cost of renting a crane increases.
- On the other hand, if there is a crane that is almost rendered obsolete due to new technologies coming in, these cranes can have a far lesser cost or rentals as there are very few people who rent out these old obsolete or nearly obsolete cranes due to faster, more efficient ones which are there in the market.
- Due to the new technology, the cranes are more efficient Therefore, these cranes when employed leads to a decrease in costs. This especially happens when one takes the overall cost or even the hourly cost as more work gets done in the same time period.
- Taxes: The taxes play a huge part in the cost and rates of the crane rentals. When there is an increase in taxes, the crane hire rate will increase and vice versa. This is because the tax amount needs to be recovered from the clients.
- Depreciation: Depreciation on the crane plays an important role in the rates of machinery. The same crane when first given on rate had higher rates, but after a few years, due to depreciation, the rates decreased. This is also because people do not want to rent out older models and prefer renting out newer ones.
- Promotions or Discounts: Some companies reduce the rates, when they find the reduced profits so that they can entice more customers. They may offer promotions or discounts and all kinds of offers so that they can get more customers. Others may lower their costs when they have sizeable customers and want to provide a better customer experience as they have extra volume. Hence, they do not mind mind decreasing their profits per transaction.
- Different Pricing Methods for Cranes: There are different pricing methods for cranes. Some companies charge according to the the hours taken while others have a basic charge. Therefore, if the project is short, it is best to employ a company that offers hourly charge and if the project extends for a long duration, a general all rounded cost should be chosen.