Whether you’re looking for a single machine or an entire fleet, a forklift purchase is typically a big investment for any business. A brand-new standard sit down riders can sell in the $20,000 range, so depending on your company’s needs, comparing these prices to the cost of renting a truck can be a great way to cut costs. Purchasing managers need to balance the pros and cons of lease agreements, insurances, and interest rates when it comes to purchasing or renting material handling equipment.
For large facilities, investing in an expensive machine will pay off in the long run but if the machines aren’t critical for your everyday production, the upfront cost may not be feasible. Forklift rentals are typically available on a daily, weekly, or monthly rate and you can compare forklift rental costs right now on our forklift rentals page.
There are lots of different factors in play when you’re deciding whether to lease or buy a new forklift. Let’s go over some of the advantages and disadvantages to forklift rentals below.
If you only need trucks on a short-term basis, renting may be just up your alley. The cost will be lower up front and you won’t have to worry about serving the equipment yourself since most equipment supply companies provide all the maintenance for you. Another advantage to forklift rentals is that you can use the newest equipment and technologies as long as your provider has them available. If this is important for your organization, rented equipment may make more sense.
If you’re still not sure whether your frequency use makes sense for a purchase, calculate the weekly or monthly cost of renting a forklift for the period of time you need it, and do the same for a purchased vehicle during the same period of time to determine whether it’s more expensive for you to rent or buy in terms of the purchase price.
If you rely on lift trucks for multiple work shifts every single day, you’ll likely see a cost advantage to purchasing your own truck in the long run. You will need to have well-established credit, which can be a factor especially for smaller businesses. Your machine obviously also depreciates over time and will require maintenance and repairs. But if you’re adept to maintaining a fleet, this is a cost you can work into your overhead costs.
Safety is also something to keep in mind. As equipment takes on some ware and tare, it will need to be replaced within its recommended life cycle to ensure safe operation for workers. Last advantage to ownership however, is that you won’t have to rely on third party companies to get ahold of your equipment. Production can run quickly and smoothly with your material handling equipment available at your fingertips.
Compare the cost of renting different types of new and used forklifts for free and determine which option is best for your department today.