SHOULD YOU PURCHASE OR RENT A FORKLIFT?

A forklift is a piece of essential industrial equipment, especially when we need to move heavier objects. If your business requires a forklift, you might find yourself debating whether you need to rent or purchase one. Forklifts Rental Toronto and purchasing, both have their own advantages and disadvantages. Purchasing it requires a lot of capital, which can deter people from making the decision. However, multiple things need to be taken into account before deciding. We are here to help you move towards an informed decision.

Questions to ask yourself 

Before we tell you whether you should consider purchasing or renting, there are questions that you should ask yourself. Some of the things that you need to consider include how long you will be needing it and whether it will be used daily or not. The intensity of the work to be carried out by the forklift needs to be determined as well. Capital available to purchase or carry out unexpected Forklift Repair and maintenance. You also need to consider how many forklifts would you require.

When to consider purchasing a forklift

Once you have gathered the necessary information, we need to work towards determining whether a forklift needs to be purchased or rented. If you think there is going to be used heavily, you should consider purchasing one. When you own a forklift, you don’t have to worry about the damages caused to the exterior of the machine. Just like any other machine, a forklift also needs maintenance. Owning a forklift implies that the cost of maintenance remains consistent, can easily incorporate it into your budget.

There are disadvantages to purchasing it as well. One of the most significant cons is that it requires a significant amount of capital investment. In the fast-paced world, we live in, technology improves quickly. Purchasing one would not provide you with the flexibility to change the machine without considering the cost. Using older equipment for a longer time could be hazardous.

When to consider renting a forklift

If the forklift has short or medium-term usage, renting one would be an excellent option. It is definitely cheaper than purchasing one. You don’t need a lot of capital for it. As the rental will be from the company, the cost of maintenance and repairs would be covered by the rental company. If you need a forklift for a day or a year, you can simply rent one. Renting also gives you the flexibility to choose the latest technology.

Even after you have decided the forklift you want to rent, you will have to wait for some time. Rental doesn’t give you the flexibility to have a forklift that is ready to use. It is possible that we can’t clearly determine the period for which it is required. The rental contract could be too short or long, which will be required to be adjusted as per needs. When renting, you also need to consider whether the forklift operator has the knowledge to operate the forklift.