If you need to use a forklift truck to carry out some jobs, one of the questions that you will be asking yourself is whether you should hire one or buy one outright. There are a number of good reasons for doing each, and it depends entirely upon your requirements. Here are a few of the most important things to consider to help you decide whether to rent or buy a forklift.
How Often Will You Use It?
If you only have a few odd jobs to carry out, hiring is usually the best option for you. You will get access to a high-quality vehicle in perfect condition, and you can use it as much as you like until the job is done, leading to a much smaller expense overall. There is rarely much point in buying a forklift if you will only use it on a few occasions over a short space of time.
Upfront Costs
If you plan to buy a forklift you will have to make a large upfront payment, and it may not be worth spending all that money unless you are planning to use it for a long time. If you will use it every day, there is more reason to buy one. However, this is not always the case. Making a large upfront payment is not always convenient, and so many companies end up hiring forklifts for many months instead of buying one.
Flexibility
When renting, you may be able to get access to a variety of the best quality vehicles. You could hire the best, which is versatile and efficient for many jobs and would cost you a lot of money to buy outright. You may have a few different jobs to carry out, and different forklifts may be better for each job. In this case, hiring different vehicles is the best option as you will be able to enjoy more flexibility.
Maintenance Costs
Maintenance and repair costs can really add up over the months and years when it comes to owning your own forklift trucks, and this is another cost that you will have to consider on top of the initial upfront payment. If you are hiring a forklift, you won’t have to worry about these because you will simply be able to switch it for another one.
Budgeting
If you rent a forklift, you will pay a set amount on a regular basis to use it, and this can make it a lot easier to budget for. Having to pay for unexpected repairs can hit you very hard when you own your own forklift, but you may have no choice if the vehicle is essential for you to carry out your work.
Consider the Best Option for Your Needs
There really is no right and wrong answer when it comes to the question of whether you should buy or hire a forklift. There are advantages and disadvantages to be had from each, so analyse your own situation and keep the above considerations in mind, then decide on the best option for your own company.
