How to Know When to Rent Vs. Buy a Forklift?

Using a forklift machine results in better work conditions, greater efficiency, and higher productivity levels. If you’re set on using one, you can rent or buy the equipment. You’ll need to understand the needs and preferences of your business, though, to find out which option suits you better. 

Rentals and Leases

Rentals and leases are nearly the same. The only difference between the two is that leases last longer than rentals, the Young Upstarts explains. If you only need the equipment for a week or even a few months, then you’re better off with a rental option. If your business has peak seasons, a rental makes better financial sense since you won’t need to shell out a lot for upfront costs and still get the equipment you need. When it comes to leasing, though, you have the chance to acquire the forklift for your business after all the payments. If you think you need one permanently for your business, then a forklift lease is another avenue you can explore.

Purchasing a Forklift

If you’ll need the equipment for the long-term, though, it’s actually better if you go this route. There are many considerations that you’ll need to factor in before you make a move to buy the machine. For one, you’ll be using a chunk of your budget. If you are starting a business, do the math and make sure you don’t use up resources that are needed elsewhere. However, if your capital is enough to cover the cost, buying forklift is a good investment, one that will pay for itself many times over. If using the machine will impact your daily operations positively, then look into buying one. When you buy one, you can use it at any time. You won’t need to follow the leasing or rental schedule or worry about not getting the model you need because another customer rented it first.

New or Second-Hand?

When you shop around for a forklift, you can still reduce expenses by opting for refurbished or second-hand options. Many of these are available at a price that’s a lot less than you would pay for if you go for a brand-new equipment. Just make sure you check the unit thoroughly. Are there any signs of damage? What is the repair and maintenance history of the equipment? That can help you work out which second-hand options will deliver optimum performance.

Final Decision

Consider the pros and cons of each option to determine whether you should lease, rent, or buy. Think about the needs of your budget and business. How often will you use the machine? Which choice will help you balance the cost with revenue? If you need an option to accommodate your need for flexibility, then go for a rental or lease. If you need the equipment permanently, buy one. Whatever choice you make, do your homework and get the unit you need from a reputable equipment company. Buying from a trusted firm means you get to browse through a selection of reliable, top-of-the-line machines.

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Created on Dec 8th 2019 09:29. Viewed 310 times.

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