Renting vs Buying Warehouse Equipment: Which is Best for You?

Deciding whether to purchase or hire a forklift really depends entirely on the application you need it for, the budget you have and how many trained staff you have. Forklifts are exceptionally expensive pieces of equipment, next to the employees you hire, they’ll be your largest outlay.

For those who are looking for ways to cut costs, hiring a machine might be the better option for your business, financially. But if you’re needing to permanently expand your fleet of forklifts to effortlessly meet your company’s requirements, then purchasing a vehicle of your own will make more sense in the long run as you won’t have to pay monthly for a machine you know you’ll need all year round.

So which option is best for your business, renting a forklift or purchasing a forklift? We’ll tell you everything you need to know in order to make the most ideal decision for both your staff and your company.

Is renting a forklift best for my business?

Renting a forklift will allow you to acquire a forklift as and when you need one, even if you only require it for a few days at a time, a couple of times a year. Generally, hiring a forklift is for the short term and many warehouse owners use this to their advantage, especially if their plan is to buy one in the future.

There are many different benefits to hiring a forklift, as one of those is it’ll allow you to test out the capabilities of other machines. This way, you’ll be able to match a vehicle to your specific needs and all as conveniently and as affordably as possible. They’re also ideal for enhancing your fleet during particularly busy periods, like Christmas.

In addition to the aforementioned, there are a few other reasons as to why a warehouse owner might choose to rent a forklift as opposed to purchasing one outright and those advantages have been listed below for you.

What are the benefits of hiring a forklift?

• It’s a flexible option – hire forklifts as and when you need them
• You won’t have to worry about maintenance – the cost of rental will include the maintenance of the machine
• The vehicle will be dropped off and picked up for you – when you’re finished with the machine, the forklift hire company will take the machine off your hands when you’re ready
• It’ll save you space – you won’t have to worry about housing the machines you hire for the long term, because it’ll be taken away once you’re done
• Seasonal demands will be met – if you plan your forklift rental in advance, you can prep your warehouse for some of the busiest periods in the industry
• It allows you to budget more easily – set up a regular payment plan with your forklift rental company, such as monthly or even quarterly payments. If you’re able to predict when the payment is due, you’ll be better able to manage your finances

Is buying a forklift best for my business?

When purchasing industrial equipment, it can be cheaper in the long run than renting it. As well as having the potential to save you money, it’ll also enable you to have better control over your existing resources. If you need a machine every day, five to seven days a week, then purchasing the forklift you need outright would be better than renting it for that period of time.

Together with it being financially viable over a considerable period of time, there are a number of different advantages to purchasing a forklift that you might not have been aware of and they include the following things.

What are the benefits of buying a forklift?

• You’ll have peace of mind that you’re its first owner – you know that it’s brand new and that you haven’t just bought a money pit covered in damages and built with worn or cheap parts