Investing in costly machines requires strategy and plan. You don’t want to spend all your money on a machine that you will not require a few years from now. Neither do you want to be making monthly payments for years when you could just own the machine?
This article looks into when to hire, rent or buy a forklift, and the advantages of each acquisition option;
If you are looking to use a forklift hire and training for an extended period without spending a lot of money then leasing is the best option. Leasing allows you to own the machine for a given duration without having to remit monthly considerations like renting.
Leasing allows you to lower monthly maintenance and rental costs as compared to when you rent or purchase the machine.
If you are also looking for flexibility then leasing is an ideal option. Leasing does not commit you to a specific model; you can always modify the tracks depending on your needs. You can also improve on the features after some time.
Renting is one of the best means to acquire forklifts as per need basis. It is a great deal for companies that tend to have seasonal tasks. Given there is no long-term commitment, you can easily exchange the machine if you feel it does not serve you right. You also don’t have to stick to one service provider. It means you are assured of the top output at all times.
The other benefit of hiring a forklift is the ease of acquisition. Unlike other financial methods where you have to place an order the wait for some time, renting is immediate. Most of the forklift dealers already have a variety to choose from without depending on your needs.
If you are looking to reduce maintenance costs, then renting is an ideal option for you. The rental costs in most cases already contain the maintenance such that you don’t have to hire a mechanic in case of break down.
Given your company needs, at times, buying a forklift can be the best alternative. Some of the cases when you can buy the forklift is if you intend to use it for an extended duration or you want to own capital equipment. If you have the money to afford the forklift then you also don’t have to worry about leasing or renting. You can also consider a used forklift as it is more affordable and comes with less tax and insurance costs.
Buying a forklift comes with assured return on investments. As long as you maintain the machine well, you can still sell it when you no longer need it. You also save a lot of money in the long run as the money you could have used for monthly rentals act as an investment.
With the full ownership of the machine, you can customize it to your standards. The ownership also qualifies you for a tax deduction as you also incur fewer cosmetic charges.
The means you use to acquire a forklift depends on your needs and the money you have to spend. Take time to put everything into context before committing to any option.