Buying vs. Renting a Forklift
Is Purchasing a Forklift Right For Your Business?
As a business owner, it’s always important to know how to manage your finances and assets. Knowing when to invest your money into a piece of expensive equipment—like a forklift—can be stressful, especially if it’s not possible with your current budget. Instead, you look into a forklift rental service near you, but how do you know if renting a piece of equipment is the right solution?
Here at Sam’s Mechanical Service, we get this question all the time. We understand your concerns and take pride in responding to your needs quickly. That’s why we put together this guide to answer a few common questions about buying versus renting a forklift.
Owning a Forklift
Purchasing a forklift is an investment, but it can be the difference between getting a job done on time or falling completely behind. New or used, the experts at Sam’s Mechanical Service are ready to help you make this big financial decision. Keep reading for a few ways to determine whether or not purchasing a forklift is right for your business.
Pros of Buying
Depending on the nature of your business, you may already know that your forklift will get heavily used if you make this purchase. When you buy a forklift instead of renting it, you can avoid unnecessary damage or maintenance fees from the rental company. Yes, you’ll be responsible for the repairs yourself, but it could save you more money down the road. The forklift can also reduce stress on trucks, vehicles, trailers, or other equipment you’ve been using in its place, saving you money on repair costs for those vehicles.
In addition, keeping the same forklift over the years will keep you from having to retrain employees to use new equipment. This saves you time and could greatly increase productivity.
Cons of Buying
It’s probably no surprise, but purchasing a forklift is going to be significantly more expensive than renting one. If you are making payments on it instead of purchasing it outright, you’ll also be making those payments when the machine is not even in use.
Another downside is that your equipment and technology will age. While the forklift will still get the job done, you will likely have outdated equipment in a few years’ time.
When Does Buying a Forklift Make Sense?
There are a few easy questions you can ask yourself to determine whether or not purchasing a forklift is right for you. First, is your business located in a remote location such as Narvon in Lancaster County, PA? If so, it makes much more sense to purchase a machine instead of having a forklift rental company charge you for the extra travel fees every time.
Also, if you know you’re going to be using the forklift for a long period of time, buying one will likely save you more costs down the road. In addition, you have the flexibility of adding your own forklift attachments without having to worry about compatibility or extra costs from rentals.
Renting a Forklift
How much does it cost to rent a forklift? Do I need a license to rent a forklift? Is renting a forklift right for me? There are a lot of questions that you may have when it comes to renting a forklift, but Sam’s Mechanical Service is here to answer them. If you’re not sure if a forklift rental is right for you, keep reading to learn more.
Pros of Renting
In most cases, forklift rentals tend to have a lower upfront cost. If you only need one short term, renting is the perfect solution. If your business tends to have slow periods, and especially if you know when they are, renting a forklift only during busy times can help you save money in the long run. Sam’s Mechanical Service has daily, weekly, and monthly rental rates to accommodate any of your needs.
In addition, Sam’s Mechanical Service always has the right lift for whatever job you need it. We have some of the most up-to-date products and technology, ensuring you’re getting work done as efficiently as possible. You can check out our inventory for more details.
Cons of Renting
While there are many benefits to forklift rentals, you have to watch out for any fees or penalties you could face. For example, if you know you’re going to overuse your forklift and it’s going to be doing a lot of heavy work, you may have to pay extra costs for maintenance and repairs. All of those added costs or fees could add up over time and you may end up paying more for the forklift rental than just flat out purchasing it.
When Does Renting a Forklift Make Sense?
Tight deadlines, busy seasons, or a particularly difficult job—all of these are reasons to look for a forklift rental near you. Most forklift rentals also will deliver to job sites, so if you need a lift for a specific job, renting is likely the better option.
For any business, considering where to invest your money is always a big concern. If you’re looking to save some money or have limited credit, renting a forklift may be right for you. Talk to your accountant, and Sam’s Mechanical will help you figure out what best works for you.
Founded in 1996, Sam’s Mechanical Service has been giving businesses a lift in heavy equipment for over 20 years. No matter if you’re renting, buying, or just need equipment serviced, we’re here to help. Contact us today to see how we can improve your productivity, save you time, and enhance your bottom line.