If you’re in the market for a crane, one of the first questions you’ll probably want to know is “How much does a crane cost?” The answer: it depends. There are many factors that can affect the cost of a crane, such as the type of equipment, its size and capabilities, and where you purchase it from.
In this article, we’ll discuss some of the factors that can affect the cost of a crane so you can be better informed when making your purchase.
How Much Is a Crane? 5 Factors That Affect Cost
You’ll soon find out that there’s a wide range of prices for these machines. But what factors influence how much you end up paying? Here are five things to keep in mind when shopping for cranes.
1. The type of crane
There are many different types of cranes, each designed for specific tasks and working conditions. The kind you’ll need will depend on the project or job site you’re using it for. Some of the most popular types of cranes include:
- All-Terrain Cranes (ATCs)
- Rough Terrain Cranes (RTCs)
- Crawler Cranes
- Truck Cranes
2. The size and capabilities of the crane
The size and capabilities of the machine will have an effect on the cost. Larger cranes with more features and capabilities will obviously be more expensive than smaller ones. But keep in mind that the size and capabilities you need will depend on the project or job site. Make sure you get a crane that’s powerful enough and has the features you need to get the job done right.
3. Where you purchase the crane
Buying from a reputable dealer or manufacturer is usually more expensive than buying from a private seller, but it’s often worth the extra cost. You’ll have peace of mind knowing that you’re getting a quality product and service, and you may also be able to take advantage of warranty and support options.
4. New vs. used
Used cranes can be a great way to save money, but they may not come with the same warranties and support options as new units. So, if you’re considering a used crane, make sure you do your research and buy from a reputable seller.
5. Renting vs. buying
If you only need the crane for a short-term project, renting may be the best option. However, if you plan on using the crane frequently or for long-term projects, buying is the smarter choice.
Average Cost of Cranes
The average cost of a crane ranges from $50,000 to $5 million. But keep in mind that this is just an average, and the actual cost will depend on the factors we discussed earlier.
To give you a better idea of how much different types of cranes can cost, here are some examples:
- All-Terrain Cranes: $100,000 – $1 million
- Rough Terrain Cranes: $50,000 – $500,000
- Crawler Cranes: $1 million – $5 million
- Truck Cranes: $50,000 – $2 million
When It’s Worth Buying vs. Renting a Crane
One of the big decisions you’ll need to make when purchasing a crane is whether to buy or rent. There are pros and cons to both options, and the right choice will depend on your specific needs.
Here are some things to consider when making your decision:
- How often will you need to use the crane? If you only need it for a one-time project, renting may be the better option.
- What’s your budget? Buying a crane can be a significant investment, so if you’re working with a limited budget, renting may be the way to go.
- What type of crane do you need? If you need a specialized crane for a specific project, it may be worth buying so you have the equipment on hand when you need it.
- Do you have the space to store it? When you’re not using it, a crane takes up a lot of space. So, if you don’t have the room to store it, renting may be the better option.
Now that you know some of the things to consider when deciding whether to buy or rent a crane, you can start shopping around for the right one for your needs.
No matter what option you choose, Charter Capital can help with your crane financing needs. We offer competitive rates and terms so you can get the equipment you need to get the job done right. We’ve been helping small to large businesses finance heavy equipment for over 40 years, so you can rest assured that you’re in good hands.
Contact us today to learn more about our crane financing options and to get started on your application. We look forward to helping you get whatever equipment you need to succeed.