FORKLIFT HIRE VS. PURCHASE
The decision whether to invest in a forklift truck or ever a forklift fleet is a significant step for any business, which leads to the vast improvement in your warehouse operations. In fact, forklifts are expensive pieces of equipment. Based on your business needs, you can go for rental or purchasing. In order for you to make the right choice, take the time considering the options and the most common reasons businesses choose to buy or rent a forklift.
Rental hire forklifts can be attractive to many industries, whether short term (STR) or long term rentals (LTR). The cost of renting can vary based on a few variables, including the type and cost of the material handling equipment, and timing you are renting it for. By hiring a forklift or a forklift fleet you can avoid year-round servicing and maintenance costs as it is included in the rental agreement. Moreover, if requirements in your business have changed, or you find a truck isn’t fit for purpose, you can always swap it for a different forklift model without significant expenses. Renting can be very beneficial for those who operate seasonally and need to move extra freight during the high season.
Advantages
- Maintenance is included in rental rate
- Lower cost during slow periods
- Flexibility with different equipment
- Opportunities to access to the most up-to-date forklift equipment on the market
- Low initial cost
- Great for large warehousing operations where capital is not tied up in assets
Depending on your requirements buying a forklift truck could make more sense than renting. Purchasing material handling equipment bloats numerous advantages in terms of longevity. Firstly, you cannot deny the benefit of buying a forklift in the fact that it will be rightfully yours. Owning a forklift usually provided a better return on investment compared to rentals as the rental monthly fee is higher than in the same period financing costs. Secondly, purchasing a forklift means you have ownership of it which allows you to make modifications and customise the forklift. There are so many different setups and options to choose from so you can tailor a forklift for your special requirements and the company’s needs.
Advantages
- Return on Investment (ROI)
- Customisation with accessories
- Liability, where cosmetic damage isn’t too much of a concern
- No ongoing fees
- Great for small business owners
Below is a few Scenarios that we go through when a client wish to procure equipment. This may help in the decisions when either Renting or Purchasing your new forklift.
