1. Requirement of type of crane
2. Rent of machine
3. Insurance
4. Payment terms
5. Duration Of Project
6. Depreciation

Several types of cranes availability can be mind-boggling when it comes to choosing an adequate crane. Each crane has particular features, utilised in particular environments. Here are some factors that should be considered while buying a crane.

Look out for your requirements first
Having said earlier, each crane has been designed for particular tasks. For instance, truck mounted cranes can’t be used on boggy grounds. Similarly, you need rough-terrain cranes for off-road construction projects. You have to ponder over your work environment to decide which type of crane will basically meet your requirements. 

Rent of crane
Whether to buy or rent a crane, totally depends upon your needs. Buying a crane might be considered exorbitant, especially when you don’t have to use the crane often. For instance, you should rent a rough terrain crane for removal of logs if you have to use it seldom. However, renting is not the best option when you have multiple projects to execute with a specific crane. Usually the lifespan of a cran is around 20 to 25 years. Just estimate the per-year cost of the crane and compare it with profits associated with amount of jobs. If return on investment is higher, you should buy the crane. 

Insurance
Crane insurance generally refers to more than one coverage required to run a crane. The insurance coverage includes the insured value of a crane and general and auto liability.  Whether you are buying a crane or leasing, you need physical damage coverage. General liability covers all expenses arising out of any damage to a building or a worker during operations. However, auto liability is needed if your crane runs on roads. Umbrella policy is needed to cover all expenditures above the limit of general and auto liability.

Project Duration
Your project duration is important to analyse while buying or hiring a crane. It is not worth buying a crane when you need it just for a few short-term projects. Cranes can cause a small fortune therefore you should compare the cost with return on investment. Buying is benign only if the duration of your project is too long. 

Depreciation
Depreciation is the reduction the value of an asset over time due to normal wear and tear. Cranes also depreciate as they age. Your salvage value will keep abating over a number of years. So while buying a crane you should also think about its age.