As it is with property and heavy machinery, it can sometimes be difficult for business owners to decide on whether it would be better to hire out a forklift trucks to their operations, or if it would work out more beneficial for them to own them. While there are many advantages to owning your own forklift, it is quite a hefty investment to make; which makes the decision one that shouldn’t be taken lightly.
So, if you are undecided, on the fence or not sure which route to take, here are a few things to consider that will help you determine whether your business should rent or buy its next forklift.
Can you afford the upfront fee?
Investing in a forklift, new or used, will set your business back quite a bit as far as the initial cost is concerned. Between sourcing, licensing and transporting the forklift, costs can accrue quite readily. You need to make sure that your business can handle the substantial capital input required here, but even if it does, should you still buy?
Renting, on the other hand, might cost you more in the long run, but on a month-to-month basis will be far more affordable in the short term. Because of this, you should consider the duration of time that you intend to use the forklift truck, and work out for yourself if the overall cost is better than buying or not.
Maintenance and servicing
An additional cost for owners to consider is those that come from servicing and maintaining forklift trucks over time. When renting, it is likely that the firm who owns the truck will be in charge of its upkeep, and all the costs that come with that; however, as an owner these will be your responsibilities. There is also the cost of insurance to consider, which is sure to push up your overall cost if you are looking to buy.
Do you need a brand-new one?
More often than not, it is possible to buy the forklift you need at a lower price by sourcing second-hand trucks. While out-of-the-box forklifts will be better in terms of reliability and lifespan, a secondhand option could be a much better fit for your budget. Take care, however, to ensure that you don’t cut the costs too low; since a forklift truck in bad condition will only end up costing you more on restoring it. Still, there are plenty of options available for forklifts that have been refurbished and leading brands of new ones.
Contact Forklift Exchange for further details
If you would like more information on hiring materials handling hardware, or are interested in forklift sales, feel free to contact Forklift Exchange today or visit us at our website for more details on our products and services.