Deciding whether to rent or buy a forklift can be a difficult choice. Read about the benefits of both options and see which one best suits you.
Should You Rent or Buy a Forklift?
The forklift is one of the most important pieces of equipment in a material handling warehouse, revolutionizing the way warehouses operate since their invention in the early 20th century. Forklifts are valuable because they increase productivity, are easy to use, and reduce workplace injuries. Warehouse operators face two purchasing methods when they’re in the market for a forklift: buying or renting. In this article, we’ll go over the benefits of each option to help you understand which approach is best for you.
Why You Should Rent a Forklift
Renting a forklift is often the best solution when your need is short term. Warehouses that have a forklift in repair or are experiencing seasonal increases in demand will most likely find a rental to prevent production from falling behind. Renting also has the benefit of lower upfront fees, and maintenance costs are eliminated when you rent. Other benefits of forklift rentals include:
Renting Offers Predictable Costs
Renting a forklift comes with predictable monthly costs that you can factor into your bottom line. On average, you can expect to spend between $1000 and $3200 per month for your forklift rental.
You Can Try Before You Buy
In the market to buy a forklift but not sure which one is best for you? Renting a forklift can help you determine which model matches your needs.
Renting Eliminates Depreciation
Renting your forklift can maximize job efficiency and safety because a reputable rental company will provide the highest level of technology available.
Factors To Consider Before Renting
If you’re in the market for rental warehouse equipment, it’s important to consider these key factors:
How Much Weight Capacity Do You Need?
Having an accurate measurement of how much weight your forklift needs to carry will impact the overall cost of the rental. Forklifts have an average weight capacity of 5,000 pounds, and renting the wrong forklift for your job will create delays and additional costs.
How Much Lift Will Be Required?
Forklift rental services expect you to return the forklift in the same condition you received it in. Knowing how high your forklift will have to reach can keep it from tipping over, preventing damage to the equipment and serious injury to the operator.
Where Will You Use the Forklift?
Be sure to describe in detail where you plan to use the forklift. Forklifts designed for indoor use are equipped with different tires than forklifts used outdoors or on uneven surfaces. Warehouses with narrow aisles will need a forklift with a tighter turning radius than warehouses with more open space. Knowing this information ahead of time will help you rent the right equipment for your business.
Does Your Insurance Cover Rentals?
The rental provider will likely have the equipment insured, but that won’t extend to the operator. Verifying that your insurance will cover your employees in the event of an accident will provide security and peace of mind.
Looking for a forklift rental in the Houston or Dallas area? Contact HTX Material Handling for access to the most modern machinery on the market. Contact Us Today
Why You Should Buy a Forklift
Sometimes your need for a forklift becomes a year-round requirement. When that happens, it makes more sense to buy a forklift. While buying a forklift can be a hefty business expense, sometimes approaching $50,000, it does provide benefits that renting can’t offer, including:
You Can Customize Your Forklift
When you rent a forklift, you’re stuck with the features it provides. Buying a forklift allows you to customize the equipment to best suit your needs.
Buying Offers Unlimited Access
When you purchase a forklift, you can use it whenever you want. Not being at the mercy of rental availability will limit delays when business picks up.
Buying Provides a Higher Return on Investment
Purchasing a forklift offers a better return on investment (ROI), since long-term rental fees can be higher than monthly financing costs. Selling your forklift to other operators also increases the potential ROI.
A New Forklift Is Tax-Deductible
IRS Section 179 allows businesses to deduct the total cost of material handling equipment in the purchasing year. This deduction can dramatically increase your upfront tax savings.
Factors To Consider Before Buying
Various factors can impact the cost of a forklift. Be sure to answer these questions before shopping for your next forklift:
What Capacity Will You Need?
The higher the capacity, the more it will cost. Make sure you know the precise size of forklift you need before buying.
Are You Buying New or Used?
New forklifts cost more, but offer higher power and performance without the short-term risk of breaking down. Used forklifts will have a cheaper short-term cost, but you’ll have to replace them sooner.
Do You Need Additional Features?
Customizing your forklift with attachments or additional safety features will increase the overall cost.
Why You Should Rent or Purchase Your Forklift From HTX Material Handling
Selecting the right supplier is the most critical decision when you’re renting or buying a forklift. HTX Material Handling offers high-quality and reliable rental options that exceed industry safety standards. Our certified rentals must pass rigorous testing before they become available to our clients. In the market to buy a forklift? HTX Material Handling has forklifts from Linde, Hubtex, and Baoli, three of the most trusted manufacturers on the market. Customer satisfaction is our top priority, and our principles of integrity and dependability motivate us. If you’re in the Houston or Dallas area and in the market for a forklift, contact HTX Material Handling to see the difference we make for our clients.