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Should You Buy or Rent a Forklift?

Should you buy or should you rent? That’s the big question here. Should your company make the large investment of a forklift and just straight out buy one, or should your company rent a forklift whenever it happens to need one? Let’s take a few minutes and look over the reasons that someone might choose buying over renting, or renting over buying.

Yale 3,000 Pneumatic 1Buying. If you have a large warehouse that uses forklifts constantly, you probably want to buy your forklifts. In the short-term, buying costs more than renting does. But, we’re looking at the long-term. Long-term, you will save quite a lot of money not having to pay another company every time you need to use a forklift. Additionally, when you buy, you have more control over how your forklifts are maintained and what attachments can/can’t be used on them.

Renting. If you have a small warehouse that only uses a forklift a few days a week, renting is probably going to be your best bet. Most renting places have contracts you must fill out before renting, and when you do fill them out you agree to only use the forklifts in certain ways so as to not cause permanent change to them. Some companies make it a bit harder to find a forklift that you can put attachments on, but if you talk to the company you should eventually be able to find a forklift for rent that they are fine with attachments being put on.

A downside of renting, is that every time you need to use a forklift, you have to transport it to your warehouse. A fact that almost always remains the same whether you buy or rent, is that you have to maintain the forklifts. If you buy your forklifts, you will have your own set of standards and your forklifts have to be up to par with the standards you set. If you rent, you have to follow the rental companies set of standards and be up to par with what they expect. Usually, when renting, you have to do a fluids check before returning the forklifts, as well as replace broken parts or pieces.

Repairing the forklifts can be easy and affordable though, going online to order your parts is usually the cheapest way to go, without sacrificing the quality of the parts. Plus, rental companies usually don’t make you fix the part on the same day it breaks, so it’s fine to order a part online and wait for it to ship.

One last note, I said the word “usually” a lot in this article. The reason being, although I’m giving you usable information on multiple companies of the same type, you still must go check for yourself. All rental companies are slightly different. Use this article as a guideline for deciding whether to buy or rent, but then also look at the companies contract to make sure you aren’t missing any information.

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