To Buy or Rent: Which Lift Truck Option is Right for Your Business?
Often your business needs reliable access to a high-quality, dependable forklift. But you’re not sure whether to buy or rent the forklift of your choice. What should you do? There are many factors to consider when deciding between purchasing and renting a forklift. Here are a few things you should think about before making your decision.
1. How Often Will You Use It?
Depending on the type of business you run, your forklift needs may vary. Some businesses use forklifts regularly, and may even require a fleet of them on-site at all times. Others only need a forklift for one or two tasks a week. If you plan on using your new forklift a lot, buying it may be the best option because it saves you incremental costs associated with renting. Additionally, you will eventually own the lift truck, which means one less expense against your bottom line.
2. Can You Manage Maintenance?
Another factor to consider is whether or not your business model can accommodate equipment maintenance. Many businesses don’t have the manpower needed to keep heavy equipment in good working order. In this scenario, forklift rental is better because you can always get a new forklift at the end of your lease term. This means you’ll never have to worry about issues associated with ageing equipment.
3. What Can You Afford?
Finally, consider what your business can afford to do. Purchasing a forklift may be better in the long term since the cost of ownership will drop off dramatically in just a few years. However, renting may be a more economical option in the short term. When deciding which option is right for you, make sure you include costs of ownership such as maintenance and service.