Should I Buy or Rent a Forklift?

by Jason Rigney, on November 25, 2019 at 5:30 AM

Should I Rent or Buy a Forklift

Forklifts are a significant investment for any business. Determining whether to rent or buy the next addition to your fleet can be a difficult decision to make.

When new equipment needs arise, you must consider the current financial status of your company and the pros and cons of owning a forklift long-term. Here are three key questions to ask yourself when deciding whether to buy or rent a forklift.

Is now a good time to invest in new equipment?

Buying a new forklift requires a significant cash outlay. It's worth evaluating whether your money could be better spent elsewhere, especially if your operation has limited reserves. A long-term or short-term forklift rental may allow you to address an immediate business need while preserving capital for other expenditures. If cash flow is not a concern, consider the popular Section 179 tax deduction before deciding to rent instead of buy.

How often will the forklift be used?

If the forklift will be used consistently over the long term, owning the lift truck could make more sense. But if the forklift would only meet a short-term, specialized or seasonal need, renting might make more sense for your business. There's no sense making payments on something that collects dust for months at a time.

Can we handle the maintenance?

Last but not least, consider the total cost of ownership for your forklift. Rental equipment has lower maintenance costs due to the nature of short-term contracts. When you purchase equipment, your business is responsible for maintenance. Whether you have an in-house team or outsource your forklift maintenance, figure those expenses into your buying decision.

There are pros and cons to both buying and renting forklifts. The friendly experts at MidColumbia Forklift are happy to help you run some numbers and make an informed decision. Our goal is to help you find the right equipment and purchasing solution for your business. Contact us today to see how we can help meet your material handling needs. 

Further Reading:
Top Reasons to Buy a Used Forklift
Forklift Acquisition: When to Buy, Lease, or Rent
Rent Vs. Buy - Do You Know The Magic Number?
Small Forklift Rental in Washington State

Forklift Rental - WIDE

Topics:ForkliftLeasingForklift Rental

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Material handling articles to help answer the questions you have about forklifts, aerial equipment, utility vehicles, warehouse optimization, and safety.

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