Should I Rent or Buy a Forklift?

Having access to reliable and efficient forklifts and lift trucks is an essential part of material handling. There is a range of ways to gain access to the equipment your warehouse needs: rent, buy new, buy used, or lease. There are a few things to consider when deciding which option will work the best for you: cost, maintenance considerations, number of lifts required, etc. Here are a few things to consider about each option:

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  Renting a forklift or lift truck

  is a low-cost upfront option. You can easily budget for the time you’ll need to have the lift(s) available in your warehouse. As your rental ages and becomes outdated, you can look into renting a newer model.
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  Buying or leasing a new forklift

  is a great solution if you use the equipment frequently and it is an essential staple in your day-to-day workflow. Obtaining a brand new piece of equipment will offer peace-of-mind regarding maintenance cost to start. Unfortunately as the equipment ages, maintenance costs may increase and your options to get newer equipment is limited.
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  Buying a used forklift

  is a solid option for someone who doesn’t want to invest in a brand new piece of equipment or deal with renting. Buying used may mean you miss out on some of the latest technological advances, but when you buy used with Southern Material Handling Company, we ensure the machine will function as you expect.

Along with cost considerations, you should consider how much you’ll use the equipment in combination with how essential it is for your work flow. Do you need the forklift for only a few days each month?

Renting Pros

Maintenance

When you purchase a forklift, you are responsible for its upkeep and routine maintenance. When forklifts are rented from a company like Southern Material Handling, we are responsible for maintenance and costs associated with it. We will even replace the unit so there is not a stop in your workflow. Budgeting for a forklift rental is cheaper and easier than purchasing one and worrying about maintenance costs that may accrue.

Upfront Costs are Minimal

When you rent a forklift versus purchasing one, you can avoid large upfront costs for a down payment, etc. Instead, you can focus on renting a lift for a certain period of time. Ask about rates for weekly and monthly prices to ensure you receive the best deal for your dollar.

Model Choice

When you purchase a forklift, you are limiting availability of multiple models. The flexibility of renting a forklift will allow you to select which lift truck or forklift that will function the best for your operation.

Purchasing Pros

Special Orders

If your industry requires a unique type of truck or one with exact specifications, it may be difficult to find a lift truck for rent every time you may need one. Purchasing the truck that will function as you need may be the best option for your warehouse.

Training

No matter which option you choose (buy new, buy used, or renting), you will need the right training. Having the right training is essential to run a safe and productive warehouse. Forklift certification training can help prevent accidents thus saving lives & equipment too. Training is also required by OSHA. Be sure all of your forklift operators are trained appropriately to avoid hundreds of dollars in potential fines, prevent accidents, and at the very least reduce the cost of unnecessary maintenance requirements. Southern Material Handling Company offers convenient training. Find out more here.