Should You Buy Or Rent?
Your Forklift Purchasing Guide
Ask Yourself These Four Questions Before You Rent Or Purchase a Forklift
Buying a forklift or other materials handling equipment is a significant purchase decision for most businesses. You need to consider things like financial readiness, how and when you’ll use a forklift, and what type of forklift is ideal for your business.
Do you have a year-round need for a forklift, or do you have more of a seasonal or infrequent need?
- If you have established a regular need, then owning a forklift may be the most cost-efficient option.
- If your need is only seasonal or during peak times, renting may be the better bet.
Have you budgeted for all the costs of ownership, in addition to the upfront cost of making this kind of investment?
- Make sure your budget includes routine maintenance and service costs.
- Consider whether your business is stable enough to justify the long-term expense of large equipment ownership. If you’re just starting out, renting may be a better option.
- Research the tax ramifications of purchasing/ownership vs. renting.
Do you need just one type of forklift, or could you benefit from having different classes or models available?
- Different applications require different kinds of equipment. The word “forklift” can be a broad term that refers to equipment including order pickers, pallet jacks, lift trucks and reach trucks.
- If your forklift application needs vary, but you can’t justify or don’t have the budget for a full fleet, your best option may be to have one full-time forklift, and rent other types on an as-needed basis.
Do you want to try before you buy?
- You may want to experience the ins and outs of different forklift qualities and capabilities. For instance, would pneumatic tires or cushion tires be better for your application? Should you purchase an electric forklift or an internal combustion (IC forklift)?
- Renting can help you identify which is best, before you make that major purchase.
We hope this forklift purchasing guide was helpful.
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