Choosing whether to rent or buy a forklift is an important decision for a business owner or facility manager. At Brennan, we offer a top-quality selection of forklift trucks, and we want to help you make a choice that best fits your company’s needs and operating style. If you are deciding whether to buy or rent a lift truck, here are some benefits of each choice.
Forklift Rental Benefits
Renting a forklift has much lower upfront costs than buying, and it doesn’t require the capital of a forklift purchase. This frees you to spend the money you would have used buying a forklift on another aspect of your business. Renting is also affordable if your business has limited credit. Some other renting benefits include:
- Lower maintenance costs – When you rent a forklift, the company you rent from performs all the maintenance on the machinery. So if you experience any problems, that company will provide you with a new lift truck while they fix the problems. This may lower your overall maintenance budget or free up room in your budget to cover other things. It also means you won’t be responsible for cleaning the equipment, which will save you time as well.
- Flexibility – Renting means that when you’re finished using the forklift, you can return it. This is great if you’re using the forklift for a short time, such as weeks or months of quick growth or changes in your material handling process. Renting is also a viable option if your business has seasonal highs and lows. In that situation, you can return the lifts during slow periods, and you already have a relationship with a company that can provide them when business picks up again.
- Current models and technology – While purchasing a forklift means you’re investing in a set of features from a specific point in time, renting gives you frequent access to the latest models and technology. A new model also may have different aerial lift heights and capabilities than an older model, which means you may be able to revise your plans and use the lifts in ways that are different from what you’ve done with them in the past.
Forklift Purchase Benefits
While renting is a great option for some businesses, it’s not suited to everyone’s needs. For instance, if your business is in a remote area, you may be better off purchasing a forklift. That way, you don’t have to worry about forklift rentals being delivered over long distances or staying in regular contact with a company that’s far away from your location. There are other things to consider when purchasing a forklift, too. Some additional purchase benefits include:
- Customizable equipment – When you rent a lift truck, you’re saddled with the features the rental company has provided. If your company does highly specialized work, you can purchase a forklift that can be customized to fit your needs. You can also purchase a used forklift that’s already customized for the jobs you need to complete.
- Machine familiarity – Purchasing a forklift means your employees and facility managers can become familiar with it and learn the ins and outs of how to operate it. With renting, your employees may have to adjust to different types of machines, none of which they get to use for a long time. Conversely, when you purchase a lift truck, you have unlimited access to it, so you and your employees can fully understand how it operates.
- Ability to perform tough jobs – Purchasing a forklift can be a good idea if you’ll be using it to perform intense jobs, such as outdoors on uneven terrain. If you rent a lift in this situation, your business will be liable for any cosmetic damage the lift sustains while your employees are operating it. That may be hard to avoid in tough conditions, so in this case you would be better off purchasing a lift.
Questions to Ask Yourself as You Decide Between Renting and Purchasing
As you consider whether to purchase a forklift or use a forklift rental service, you should ask yourself the following questions:
- How long do you need the forklift or material handling equipment? If you only need this piece of equipment for a few weeks or months, renting may be your best option. Your forklift dealer will take care of the maintenance, and you cover all their rental services with monthly payments.
- How many different types of forklifts do you need? If you need a variety of forklifts to complete your job, such as rough terrain forklifts, electric forklifts, and burden carriers, rental services can give you access to all the forklift types and other equipment types you need to complete your project.
- Do you have the budget for forklift maintenance? If you can afford to fix your forklifts’ wear and tear in-house, you should purchase a forklift for your facility. If not, renting is a more cost-effective choice for your business, since your forklift dealer fixes any wear and tear that their rental equipment sustains.
Rent or Purchase Your Forklift With Brennan
At Brennan Equipment Services, we understand what a big investment it is to purchase or rent a forklift. That’s why we work with you to help you make the best choice. We also offer different types of forklifts, including electric, diesel, internal combustion, and narrow-aisle forklifts, and we can help you decide which is the best fit for your business. Whether you’re buying or renting from us, we put your best interest first.