FORKLIFT RENTAL V. OUTRIGHT PURCHASE

Which is Right for Your Business?

Many businesses within the Material Handling industry, will often face the critical decision of whether to rent or buy a forklift. This choice will have far-reaching implications regarding operational efficiency, financial planning, and long-term strategy. Both options offer distinct advantages, and the best choice will depend on your company’s specific needs, budget and long-term goals.
 

The Benefits of Forklift Rental

Forklift rental whether for the short-term or on contract is an increasingly popular option for business that require flexibility, want to minimise upfront costs, or have short-term needs. 
 

Preserve Your Capital

Renting a forklift involves a lower initial outlay compared to purchasing. For businesses with limited capital or those seeking to conserve cash flow, this is a significant advantage. Rental agreements often include maintenance and repair services, reducing the financial burden of unexpected breakdowns and the need for an in-house maintenance team.
 

Flexibility and Scalability

One of the main benefits of renting is the flexibility it offers. Whether you need a forklift for a short-term project, a seasonal spike in demand, or a specific job that requires specialised equipment, renting allows you to scale your operations up or down as needed. This adaptability can be particularly valuable in industries with fluctuating demand.
 

Access to the Latest Technology

Rental companies update their fleets regularly, giving you access to the latest models equipped with advanced technology. This ensures that your operations benefit from the most recent developments in safety, efficiency, and environmental performance without the need to invest in new equipment.
 

Customisation

Like outright purchasing, hiring a forklift on a long- term contract enables you to customise the forklift to meet your specific needs, whether that involves adding specialised attachments, modifying safety features, or selecting a specific model that aligns perfectly with your operational requirements. However, with short-term rental your customisation is limited to the rental company’s stock, in most cases you can choose the attachment or fork choice you need, along with the choice of forklift that best fits your criteria.
 

Reduced Liability

Renting shifts much of the responsibility for maintenance, repairs, and compliance onto the rental company. This not only reduces your liability but also simplifies your operations, allowing you to focus on core business activities rather than equipment management.
 

Operational Efficiency

Maintaining and servicing your forklifts and material handling equipment can be a time-consuming and expensive task. However, with forklift rental, you can enjoy the peace of mind knowing that all servicing and maintenance are covered in your rental contract. 
 

The Benefits of Buying a Forklift

While forklift rental offers clear advantages in certain scenarios, buying a forklift outright is often the best choice for businesses with long-term, consistent material handling needs.
 

Long-Term Cost Savings

Although purchasing a forklift requires a higher initial investment, it can be more cost-effective in the long run, especially for businesses that use forklifts regularly. Owning the forklift, eliminates the ongoing rental fees, which can add up significantly over time, making ownership more economical in the long term.
 

Asset Ownership and Value Retention

When you buy a forklift, it becomes an asset on your balance sheet, adding to the overall value of your business. Over time, this asset can be depreciated for tax purposes, providing financial benefits. Additionally, forklifts typically have a good resale value, allowing you to recoup a portion of your investment when you upgrade or no longer need the equipment.
 

Customisation and Control

Forklift ownership allows for greater control over the equipment. You can customise the forklift to meet your specific needs, whether that involves adding specialised attachments, modifying safety features, or selecting a specific model that aligns perfectly with your operational requirements. You also have full control over the maintenance schedule, ensuring that the equipment is serviced at times that are most convenient for your business.
 

Operation Consistency and Efficiency

Owning a forklift means it’s always available when you need it, without the need to schedule or arrange for rentals or be limited by rental agreement usage limits. This ensures that your operations are not disrupted by equipment availability issues, leading to greater efficiency. Operators can also become more familiar with the equipment, improving their productivity and safety.
 

Making the Right Choice for Your Business

Ultimately, the decision to rent or buy a forklift depends on what is right for your business.  Both offer a range of different benefits and disadvantages, meaning that in many cases, the best approach may be a combination of both. Owning or contract hiring a core fleet of forklifts to handle regular, ongoing tasks which then are supplemented with rental forklifts during peak periods or for specialised projects.
 
By carefully evaluation your business’s needs you can make a decision that supports both your immediate operational requirements and your long-term strategic goals.  If you need support with this, our team of experts is ready to assist you in finding the perfect forklift solution for your business.
 
Experience the Rushlift difference and discover why we are the trusted choice for businesses across the nation. Contact us today!