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Forklifts: Rent or Buy? The Best Option for Your Business

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As a business owner, you have to make important decisions on a daily basis. One such decision is choosing whether to buy or rent machinery, like a forklift. This equipment can be expensive, so it is essential to have all the information before deciding.

The Case for Renting a Forklift

A primary reason to rent a forklift is that it allows you to manage your work with limited capital. Not only that, but you can get and return the equipment at any time.

Renting is a big around the world. In 2019, 87.5 billion US dollars were generated by equipment rentals around the world (source). A recent study by the American Rental Association (ARA) showed that 93% of all companies reported having rented some kind of equipment in 2019.

Here are some other benefits that help the case for renting a forklift:

  1. Recent Technology

One of the best things about renting a forklift is that you can benefit from recent models. So if a particular project requires the need of a certain feature, you can rent the necessary forklift to perform the work. An added benefit is that you don’t have to keep the equipment after the project is done.

  • Low Maintenance Costs

The top benefit of renting a forklift is that you do not have to pay maintenance costs. This is because maintenance is included in the rental price. Not only that, but if the equipment faces issues, the business can offer you replacement and compensation for the downtime.

The Case for Buying a Forklift

Renting a forklift is a viable option for many companies but not all. For example, if you operate in a remote area, it is best to buy a forklift. This will remove the need to bring the equipment from a far distance and then return it. Here are some other benefits that help the case for buying a forklift:

  1. Ensures Familiarity

When you rent a new forklift model, your employees will have to adjust to it. This can result in issues if they don’t become used to the machine. Thus, you may have to rent an operator for the forklift too.

However, by buying the equipment, you rest assured that your employees will have years of experience using the vehicle.

  • Long-Term Use

The top reason to buy a forklift is when you have to use it for all your projects. In such cases, renting will prove to bear you losses as your savings will decrease. Buying a forklift is a one-time investment that allows you to use the equipment for many years.

Decision Time

Whether you should buy or rent a forklift depends on your business needs. You must consider other factors such as the number of forklifts you need, maintenance costs, and flexibility when making a decision. Once you compare them with the benefits, you can make an informed decision. Also make sure you calculate your total cost and compare it with the benefits.

If you require the equipment for a short period of time, it might be best to rent. However, if your company relies on the machine for a long time, you should consider buying it. We hope this information has helped you make the right decision.

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