Serena Doescher is an Expert Business Writer for Beacon Funding.
Choosing between a new or used crane is often the first decision you’ll need to make when looking to add a crane to your business. Though the draw of a shiny new crane that’s fresh off the lot is tempting, used cranes can often do the same jobs for less. When trying to decide what is best for your business, remember to consider the four following factors.
Cost
This may be the most obvious deciding factor between new or used cranes, but there are a few hidden cost-related details to consider. Not only are used cranes less expensive in general, but you also tend to get more bang for your buck. Features you most likely wouldn’t be able to afford on a new crane may be easy to find in your price range when shopping used. Evaluate what you need from the crane, and use that list to help determine if you can afford all those features on a new one or if a used version will better fit into your budget.
Condition
Though a used crane is typically more affordable, you’ll want to consider its condition and the desired life of the crane before committing. When you purchase a new crane, you can be reasonably certain that it will be in great condition and last for years and even decades. A used crane can also be in great condition and last for decades, but you run a bit of a risk. It’s important to thoroughly inspect a used crane before purchasing. If you aren’t very familiar with certain aspects of the crane, don’t be afraid to ask an expert. A trusted mechanic should be able to help you determine the crane’s condition, or at least give you an idea of what to look for when you inspect it. With proper care, cranes tend to last a very long time, so it is certainly feasible that you’ll be able to find a used crane in good condition with plenty of years of work ahead of it, but if you prefer a crane with no wear-and-tear, new is obviously the way to go. The choice is yours.
Maintenance
When deciding between new and used, you should consider the maintenance needs of each. A new crane will have relatively few issues for quite a while after purchase. Most issues that do arise will likely be covered by a manufacturer’s or dealer’s warranty. A used crane may require more regular maintenance to keep it in tip-top shape and usually doesn’t have the same warranty its new counterpart would have. If the crane is still in great condition when you acquire it, this may not be a big issue. However, you’ll still want to add in potential maintenance and repair expenses when comparing the cost of new and used cranes.
Financing
Whether you choose new or used, it’s important to have a financing partner that can help you afford the crane that your business needs. Some companies have weird restrictions when it comes to funding used cranes. At Beacon Funding, there are no set restrictions on what can be financed because of our expertise in cranes. A fast and friendly consultant will be more than happy to work with you to find the best financing plan possible for your new or used crane. Visit Beaconfunding.com/calculator to see how low your monthly payment could be!
