Need a forklift to keep up with your busiest season or for an extra lift on a short-term job? Or perhaps you simply aren’t interested in the high costs of maintaining a forklift fleet. In any of these cases, renting equipment may be the perfect solution for your operation. Renting equipment like forklifts can make more sense financially depending on your needs and intended commitment. Be sure to take into consideration all the options and questions to ask both yourself and the forklift dealer before signing a rental contract. Use these questions and tips below to decide whether renting a forklift is the best route for you and your company to take.
What do you need the equipment for?
If you’re looking for an extra hand during busy season, or are taking on a temporary job that requires some extra heavy lifting, renting is a good way to get the job done without having to make a major investment. However, if you’re going to be putting significant man hours during multiple days of the week on the truck, it may behoove you to do the math first. Calculate the weekly or monthly cost of renting the forklift for the period of time you need it, and contrast that against a purchase over the same period. There should be an obvious financial advantage to either rent or buy based on this calculation.
Then you need to consider what you are going to be lifting with it. Figure out the weight and dimensions of the types of loads you’ll be carrying before you decide on the type of equipment to rent. Pair this with any other functionality you’ll need it to perform the exact type of functions you need out of a rental before you sign on the dotted line. You don’t want to get to a job site with a forklift with too low a weight or lift capacity. Also consider how the items are packaged. Are they pallets or sitting flat on the floor? Take note of all of this information because it may require you renting a fork attachment in addition.
Finding a reputable forklift dealer.
One of the most important steps in renting equipment is finding the right dealer or provider. The easiest way to find trusted dealers that service your area, and have the exact type of equipment you’re looking for, is by using a marketplace like 123Forklift. This way you’re able to compare rental prices and services all in one place, and source top-rated dealers. Forklift rentals are a competitive market, and the dealers you speak with should be eager to win your business and offer the most suitable price for you.
Don’t be afraid to ask a potential dealer as many questions as you need. Do they offer rental service plans? Does your insurance cover your workers and company in the event that the rented forklift is involved in an accident?
Depending on the type of forklift, rental rates are usually assessed daily, weekly, or monthly. So again, it’s important to configure exactly how long you’re going to need to rent the forklift. You can usually get a lower rate per day, for longer periods of time. Set your budget before visiting a dealer. It will make it easier for you both to know upfront exactly how much you can spend. Ask your dealers what their specific terms are and if they’ll give you a break for a long-term rental.
Rental rates can vary based on the exact make and model, but here are some averages. To rent a 3,000-5,000 lbs. capacity forklift may cost between $100-150 per day, with greater capacity lifts costing you between $300-$700 per day.
Renting a forklift won’t make sense for every situation, but it can be a cost-effective and smart way to complete a job. It’s also a great option for testing out a new piece of equipment before committing to buying a brand new or used forklift.
