Forklifts are a staple for businesses in the manufacturing and construction industries and other businesses. That’s why the US forklift market was worth a whopping $53.5 billion as of 2021 and continues to show an upward trajectory.
If you need a forklift, one of the most important decisions you’ll have to make is whether to buy or rent a forklift. Forklifts are essential for businesses that need to move heavy items around. However, buying a forklift may not be an economically feasible decision for some businesses.
Thankfully, businesses that can’t buy forklifts can hire them instead. But between buying and renting a forklift, which one is better? Well, keep reading to find out. In today’s post, we’ll be looking at whether you should buy or lease a forklift.
Buying a Forklift
Most businesses with extensive financial portfolios prefer buying forklifts rather than leasing them. This makes perfect sense, given their financial capability. However, it may not be a good idea for a business still trying to find its footing.
Pros of Buying a Forklift
Depending on your situation, buying a forklift could be the better decision. Here are a few benefits of buying a forklift rather than renting one out.
Allows Unlimited Use
When you buy a forklift, it’s yours to use whenever you want. You’re not restricted by the hours or days you can use it. This is perfect for businesses that need to move heavy items around daily.
Additionally, if your business needs to use a forklift for more than eight hours a day, buying one is the way. Renting a forklift would be more expensive in the long run, as most rental companies charge by the hour or day.
Freedom to Customize the Forklift
Another advantage of buying a forklift is that you’re free to customize it however you see fit. This could include adding an auxiliary lifting beam or other modifications. These customizations can help businesses increase productivity and efficiency.
Additionally, if you buy a used forklift, you can have it refurbished to your specific needs. This can be a great way to get a high-quality forklift without spending a fortune.
Better Machine Familiarity
Another significant benefit of buying a forklift is familiarity. If you use the same forklift day in and day out, you’ll become more familiar with its capabilities and limits. This can help you avoid accidents and injuries.
Additionally, if a forklift breaks down, you’ll be more familiar with the machine and will be able to fix it more quickly. This can save your business time and money in the long run.
Cons of Buying a Forklift
While there are many benefits to buying a forklift, doing so isn’t without its downsides. Here are a few cons to buying a forklift.
Expensive Upfront Costs
Perhaps the biggest downside to buying a forklift is the expensive upfront costs. A new forklift can cost anywhere from $20,000 to $50,000. This is a significant investment for most businesses, especially small businesses.
Additionally, used forklifts can be just as expensive as new ones. Refurbishing a used forklift can also add to the cost. However, dealers like www.99lifts.com can get a decent forklift for a great price.
Must Be Stored When Not in Use
Another significant downside to buying a forklift is that it must be stored when not in use. This can be a problem for businesses that don’t have the space to store a forklift.
Additionally, if you live in an area with extreme weather conditions, you’ll need to take measures to protect your forklift from the elements. This could include investing in a storage shed or garage, which adds to the cost.
Renting a Forklift
Businesses that can’t afford to buy forklifts outright can always rent them instead. Some businesses can afford to buy forklifts but find renting them more feasible. Let’s look at a couple of reasons for doing so.
Pros of Renting a Forklift
Renting a forklift is always a good idea for businesses still trying to find their grip. Here are a few pros to renting a forklift.
Lower Overhead Costs
Renting a forklift is often cheaper than buying one outright. You don’t have to worry about maintenance or storage costs. Additionally, most rental companies offer discounts for long-term rentals.
This can be a great way to keep your overhead costs low while still using a forklift.
No Maintenance Costs
You don’t have to worry about maintenance costs when you rent a forklift. This is because the rental company is responsible for maintaining the machine. This makes renting a forklift all the more affordable.
Unmatched Flexibility
Renting a forklift also gives you unmatched flexibility. If your business needs to change, you can always adjust your rental agreement accordingly. Additionally, if you only need a forklift for a short period, renting is the way to go.
Cons of Renting a Forklift
Renting a forklift makes financial sense, but it does have its disadvantages. Here are a few cons to renting a forklift.
Penalties for Overuse
Rental companies typically charge penalties for overuse. This is because forklifts are expensive machines, and the rental company wants to make sure you’re using them properly.
However, you can look for a long-term forklift rental for prolonged use. This is perfect for projects that will drag on for a long time.
Expensive for Long-Term Use
Renting a forklift can be expensive for long-term use. If you need a forklift for an extended period, it’s often cheaper to buy one outright.
Additionally, most rental companies require a deposit. This could be several thousand dollars, which is yet another cost to consider. Not to mention that you may be responsible for the repairs if you damage a rented forklift.
Rent a Forklift or Buy One? It Depends
Whether you should buy or rent a forklift depends on your specific situation. However, now that you know the pros and cons of each choice, you can easily make a more informed decision. We hope you’ll make the right choice!
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