There is simply no textbook answer to the question 'should I purchase or rent a forklift?'. There are a few points to consider when deciding which route is the best one for your company since numerous factors determine the need for material handling equipment in the first place.
Let's have a look at some impacts of each option.
Buying a forklift, whether new, used or refurbished, will usually be a longer-term investment than renting. You will need to give some thought to how long you will own it before replacement is necessary and whether it will last the distance given your usage patterns.
As you own the asset, you will be in control of servicing, repairs and upkeep - all factors that keep you away from your core business. You will also need to fund and take care of all ownership costs.
When it comes time to sell the asset you will need to deal with the variables of the used market that make pricing unpredictable.
If you are looking for a tailored material handling solution, renting may be for you. With a smaller capital outlay than for the purchase option, you won't have capital tied up.
As the rental company will work to ensure the equipment is well-kept and running, there is less potential for downtime. This eliminates the need for an in-house technician.
The latest equipment will usually be on offer, allowing your business to utilise state-of-the-art features. The fixed cost of renting will assist budgeting, and you can plan around the duration of the contract.
Renting also enables you to update to newer equipment after your lease is up, keeping your fleet fresh. You'll also have the peace of mind of knowing that your forklifts have the latest in safety and environmental technologies.
Renting also gives you access to back-up equipment if required within the agreement.
Is it clear which option your company would benefit from the most? If you are still unsure which option is best for you, please contact our sales team on 1800 425 438 to see how we can help you get the equipment you need for your business.