Is It Worth Buying a Boom Lift – 7 Key Factors To Consider

Is It Worth Buying a Boom Lift – 7 Key Factors To Consider

Meta Description: Is buying a boom lift worth it? Learn the key factors to consider for cost-effective decision-making in construction and facility management.

The decision to buy or rent a boom lift is a critical consideration for construction companies and contractors. This article thoroughly examines the key factors to weigh when evaluating the financial feasibility of purchasing a boom lift, offering essential guidance for making an informed decision.

Key Takeaways:

• Consider the frequency of use and project duration when deciding if ownership offers long-term cost savings over repeatedly renting aerial lifts.
• Carefully evaluate the total costs of ownership, including maintenance, repairs, and resale value, and compare them over time with rental costs.
• Analyze your needs, like lift height, capacity, and terrain, to determine the right equipment type.
• Research rental availability and feasibility versus flexibility and tax benefits of ownership.
• Weigh all factors to determine the most cost-effective solution for your business needs.

Considering Whether It’s Worth Buying Boom Lift

Construction companies and contractors must evaluate if purchasing a boom lift makes more financial sense than continuously renting aerial or scissor lifts for their job sites.

Proper training and thorough inspection of any used or new boom lift rental equipment is required to safely operate the machines and protect workers at high places on worksites, as maintaining and repairing owned lifts may offer longer reach and cost benefits over repeatedly renting similar technology.

Factors to Consider Before Buying a Boom Lift

One of the primary considerations for construction contractors and facility managers evaluating whether to purchase a boom lift is the frequency of anticipated use. Frequent versus occasional usage will significantly impact the long-term costs.

1. Frequency of Use

For contractors who require an aerial work platform for multiple work sites and projects throughout the year, buying a boom lift or scissor lift may prove more cost-effective in the long run than repeatedly renting heavy equipment.

Renting regular lifts can become quite expensive, especially for contractors who frequently use them for routine building maintenance, repairs, and construction. Owning an articulating or towable boom lift allows flexibility to use the machine as needed on various worksites without incurring rental fees each time.

A total cost of ownership analysis over several years can help determine if buying makes financial sense for high-frequency users by offering potential savings over continual rentals. Contractors with sporadic or infrequent lifting needs may find renting an aerial lift or bucket truck on an as-needed basis more practical for their business needs and budget.

2. Project Duration

Another factor to consider is the length of construction or facility maintenance projects. For long-term contractors requiring an aerial work platform for extended periods, purchasing equipment like an articulating boom lift may prove more economical than repeatedly renting lifts.

Owning allows flexibility to use the same machine onsite for the project’s duration. However, for contractors involved in short-term or seasonal construction jobs, renting aerial lifts or scissor lifts on an as-needed basis for the duration of the job may be a better option to avoid equipment ownership costs if lifts will only be used intermittently.

Proper training is crucial before operating any rented or owned lifting equipment to ensure work gets done safely.

3. Budget

Evaluating budget requirements is another crucial factor for contractors weighing whether to purchase aerial work equipment. Buying a new or used boom lift involves a substantial initial investment, including the purchase price and costs like delivery, insurance, and potential storage space rental.

Ongoing operational costs like routine maintenance, repairs, and part replacements also factor into the total cost of ownership over the machine’s life. These long-term expenditures must be carefully considered in the planning process.

4. Resale Value

Resale value is another aspect affecting the overall feasibility of buying versus renting. Contractors should thoroughly research the resale market prices of different lift models based on make, model, and hours of use.

This type of market data can help provide a realistic estimate of potential resale proceeds if the equipment is sold later. Factors like demand for the brand and condition will impact the final sale price when it is time to replace the machine.

Understanding historical resale values can help determine if ownership will offer a positive return on investment over time.

5. Maintenance and Repairs

Maintenance costs and serviceability are also essential factors to consider. Regular maintenance is crucial to keep owned lifting equipment in safe and functional condition over its lifespan.

Contractors must assess the maintenance requirements of different knuckle booms and the availability of qualified service technicians and replacement parts in their area. Downtime costs of equipment failure can be significant.

6. Versatility

Another consideration is how versatile the equipment needs to be. Buying a lift allows for customizing options to suit various applications and specialized job site conditions perfectly.

However, renting different boom lift types may provide more flexibility if the needs are particular. Ownership makes the most sense when a machine can perform various lifting tasks efficiently.

7. Rental Availability

Contractors should also evaluate the accessibility of quality rental options for articulating boom lifts and elevated work platforms in their local market. It may be more practical than a significant purchase if rentals can be obtained conveniently as needed without excessive fees or lead times.

However, renting frequent-use equipment long-term often proves more expensive overall and lacks the flexibility to customize tasks. Weighing these total costs over time is essential before deciding.

Frequently Asked Questions