Forklift Rental or Buying
The Pros and Cons
There is no right or wrong when it comes to the decision to buy a forklift or to opt for forklift rental. What your answers is does depend on your current business needs.
There are pros and cons for both buying or renting a forklift, but we want to help you take the guess work out of the decision making process.
Buying a Forklift
- If your company uses forklifts often, then buying a forklift will make more sense financially and you can get your return on investment when it is time to sell.
- If you are situated in a location where the costs to transport rental forklifts are too high, then it would also make financial sense to rather buy a forklift
- If you utilise a forklift often, then the costs of renting it can become high, as leasing a forklift costs more per month compared to purchasing one. This is because the forklift company charges more for rental because they incur the cost of owning the forklift, including the maintenance and devaluation.
- Maintenance costs are one of the biggest expenses when it comes to owning your own forklift.
- You mind end up buying the wrong type of forklift for your business needs.
- If you don’t need the use of your forklift often, then you will still make sure that it is maintained properly and keep it properly stored, and if you don’t have the space to store it, you will have to incur additional storage costs.
- Most forklift rental agreements will include general maintenance of the equipment, which gives you peace of mind about not having to train someone to do it or finding the right company to do it for you.
- You only pay for the forklift when you need it, allowing for more capital flow.
- The ability for you to rent different types of forklifts depending on your needs at that specific time, and not having to worry if you bought the correct type and size of forklift to fit a variety of jobs.
- You can also easily add or remove forklifts from your fleet depending your specific needs.
- If you have a very specific need, the rental supplier might not have the type of forklift that you require, which would mean that buying that specific forklift will be your best option.
- Location can once again be an issue, especially if the costs for delivery and pick up of your rental forklift becomes too large.
In the end the best way to decide whether you need to buy or rent a forklift is to look at your business needs and also your financial situation and then make the decision that will benefit you and your company the best