Buying Vs. Renting: When to Buy

When looking into acquiring a forklift, it can be difficult to decide whether buying or renting is the right decision for you. Neither is outright better; depending on how much you plan to use a forklift and what you plan to use it for either can be the right decision. This week we bring you the first part of our analysis of buying versus renting, where we highlight some reasons why buying might be the best choice for you.

Perhaps the biggest advantage of buying your own forklift as opposed to renting one is that once you have it it is available whenever you want. If you rent, you are dependent upon a third party delivering it to you and having it available when you need it. It can be difficult to estimate the length of some jobs making renting a forklift difficult to budget for. If you own a forklift it’s always available, making you prepared for any urgent jobs or overtime hours required.

Superficial damage that doesn’t affect a forklift’s importance is also much less of a concern when owning a forklift. Unless the appearance makes you unhappy, there’s very little reason to repair superficial damage on a forklift you own. If you rent a forklift and pick up some scratches and scrapes while using it, you are responsible for the cost of repairs, making it difficult to budget for with 100% confidence.

If you plan on using a forklift on a long-term basis, it is probably going to be cheaper in the long run to simply purchase it. Although there is a large initial investment, the cost of maintenance is much less than the cost of renting. Owning a forklift also lets your operators fully familiarize themselves with the equipment, something they may not have the chance to do with rented machinery.

Next week we’ll bring you a look at some of the advantages of renting a forklift, stay tuned!

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