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Forklifts are expensive pieces of equipment but they are really useful and helpful for most businesses that handle lots of stock in a warehouse. As a business owner, one of your goals is to reduce the operation expenses yet still having the best performance. When it comes to forklifts, you have 3 options: to rent, lease or purchase your own equipment. But how do you know which one suits your business type? Read along to learn more.

Forklift Rental

Renting ad leasing a forklift are almost the same. The only difference is their duration. Rentals are for short term use only, around a few weeks or months. Renting a forklift has its own share of benefits. First, you get to know the dealership more such as how they respond to problems and so on which can give you an idea about their capability. You also get to try new models and different types of forklifts so you’ll know which one suits your business and increases productivity. Forklift rentals are also beneficial during peak season of your business since you’ll need extra equipment during those specific months only. For example, most businesses are busy months before Christmas that’s why they rent extra number of forklifts to accommodate extra work. After the peak season, you can revert back to the usual equipment you have.

Rentals are more expensive than leasing because the maintenance costs is included in your monthly fee. After renting the equipment, you really have to return it to the rental company.

Forklift Leasing

Forklift leasing is like renting but for a long-term basis. They are cheaper than renting because the maintenance costs are covered by the forklift company. Prices vary from different places but they are generally lower in cost compared with the rentals. When leasing a forklift, you have the chance to try new technologies to find which one works well with your business. You can try a certain model for a few years and see if boosts your business’ productivity. If it does, you can choose to buy it or just continue leasing.

Buying a Forklift

In some cases, buying your own forklift is better than renting or leasing. For example, you only need to use the machine for just an hour every day. Renting or leasing would be a waste of resources since you are still paying for the machine even on idle hours. Having your own forklift is also more convenient because you don’t have to follow guidelines and contracts from a leasing or rental company. It’s up to you to maintain and use it properly to make it last for a long time. You can choose between used or brand new forklifts, depending on your budget. It’s a good investment after all so your resources will never go to waste.

Every business has its own unique needs. Know your company and take note of what it needs. With this essential information, you can certainly find the deal that’s best for you.

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