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DECIDING WHEN TO RENT OR BUY A FORKLIFT
When deciding between renting and buying, there are lots of things to consider. Your best solution will depend a lot on the specifics of your operation. Things like fleet flexibility, budgets and maintenance are all important factors when making your decision.
WHEN IT’S BETTER TO RENT A FORKLIFT:
- When your business is seasonal to be as cost efficient as possible, it’s an easy way to adjust your lift truck fleet to keep up with demand
- Maintenance and service is included in the rental fee, so there are no unexpected repair costs
- No need for in-house technicians or the carrying costs of parts
- You need to conserve capital- no expensive upfront investments
- Planned usage spikes such as warehouse relocation or yearly inventory
- You want to ‘test drive’ a specific truck or new technology.
- Forklift rentals are an operational expense versus depreciating a purchased truck.
- You have a fixed budget
WHEN IT’S BETTER TO BUY A FORKLIFT:
- You have unique needs or spaces that require custom machinery for the best productivity
- Your operation has a steady demand which requires consistent forklift usage
- You have steady, but light forklift use so a purchased truck will last a long time
- If you already have an in-house service tech and can perform your own maintenance
- If you are not located near a rental business making it inconvenient to rent
- Operations are predictable without seasonal fluctuation