Are you wondering whether it’s better for you to buy or rent a forklift? Learn the pros and cons of each and find out which is best for you today.
This is the day. That massive crate that refuses to budge an inch will finally get lifted and chucked into the warehouse where it belongs.
One problem though: do you rent a forklift to handle the crate or buy one? Sure, you only need to move one crate, but what if this problem happens again? And again?
Well, you need not worry about that problem any longer! We’re here to present you with this definitive guide on whether you should buy or rent a forklift for your businesses’ needs!
But enough preamble, right? Let’s dust off the cobwebs and get started!
Why You Should Rent a Forklift
One of the primary reasons businesses opt to rent a forklift over buying one is the initial cost. Forklift rental prices are much lower than buying the forklift wholesale. In addition, you won’t be responsible for paying the additional fees that come with owning a forklift (like insuring the vehicle or performing routine maintenance on it).
This cost also comes into play when calculating your company taxes. This is because rentals count as operational expenses, which saves you the time spent dealing with all the depreciation nonsense that comes with purchased vehicles.
Renting also allows you to utilize forklifts on a more sporadic basis. If your company’s overloaded with orders during the holiday season, bring some forklifts in. Then, when that peak dies down, you can return the forklifts to compensate for the decreased revenue.
On the other hand, if you had bought a forklift, you’d be stuck with a financial burden regardless of your company’s financial prospects.
Finally, renting forklifts can prove to be a time-saver. After all, the rental company can send you new ones if your old ones break, and you don’t have to wait for maintenance teams or a new forklift to be custom-built for you.
Why You Should Buy a Forklift
The main perk of buying a forklift is that it’s yours to keep, not property getting loaned to you. This means if anything happens to the forklift, you won’t have angry rental companies breathing down your neck.
Plus, this means you can customize and alter the forklift to your liking. This means you can add modifications like longer forks or amp the power to fit the forklift to what your business needs.
Remember the depreciation on bought company vehicles we mentioned earlier? While depreciations are more time-consuming, they also provide greater tax benefits in the long run. You don’t get these benefits if you rent.
Buying a forklift also gives you the vehicle whenever you need it. While you will have to transport and store the vehicle, you’ll have a forklift at your beck and call anytime rather than having to call a company to ship a fleet to you.
King of the Lift
So, now that you know the answer to whether or not to buy or rent a forklift for your company’s needs, where do you go from here? Well, if you want to learn more about the best in industrial products and vehicles, be sure to check out the other articles on our blog!