Is it better to buy or rent? The answer depends on your priorities. Renting a forklift gives you the flexibility of a trial run with no upfront purchase cost. Buying a forklift requires some upfront investment, but it is usually cheaper in the end.
Consider the following factors to determine the best choice for your operation.
- Budget: Consider your upfront investment and monthly budget. Also, consider maintenance costs if a problem arises. Do not forget interest rates, if you plan to finance.
- Usage: Determine whether you need the forklift for a few days, a week, a couple months, or years. Consider how often you will use it, the nature of your project, and whether or not your business can function without one in case of a maintenance problem.
- Storage: You need storage space for your equipment. If it is a temporary project, it might not be worth the extra space. If the forklift will be in use for years, however, then be sure to include storage in your budget and planning.
So, how do you know if renting or buying a forklift is right for you? Here’s a guide to help you make the best decision:
When Is It Better to Rent a Forklift?
- Cost: There are typically lower upfront costs with renting a forklift, making it a lot easier on your company’s bottom line.
- Flexibility: If you are unsure about which make or model is right for your operation, there are benefits to rental vs purchasing. Renting from a local dealer gives you the flexibility to swap out the equipment, if necessary.
- Usage: If you need equipment for a short period, consider a short term rental and hold off on the purchase.
When Is It Better to Buy a Forklift?
- Usage: Buying a forklift may be better than renting if you plan to use it over a long period. Over time, the cost of ownership will be lower and you will have a tangible asset for the money spent.
- Flexibility: Ownership also gives you flexibility to use your forklift for unplanned projects, whenever you need it.
- Brand: If you know the exact make and model that satisfies your need and plan to use the forklift for a long time, buying may be better than renting.
Whether you are planning to buy or rent your next forklift, Equipment Depot offers an extensive inventory of new and used forklifts. We also offer parts, service and training.
Visit EQDepot.com or call us at 888.EQDEPOT to find the best equipment for your needs.