Many businesses choose renting their forklifts and other equipment over buying it. It makes a kind of sense since it protects you from a huge initial cash outlay and the full range of maintenance costs.
Of course, renting equipment can get expensive in its own right. So what can you do to balance the benefits of using rental forklifts and the potential higher price of renting?
Keep reading for some tips to keep the costs down.
1. Comparison Shop
You should always shop around before you enter into a rental agreement for a forklift. While you won’t see the same range of options you get for a basic retail purchase, you will find some diverse offerings.
Don’t just look at the straight rental cost. Dig into any fees the company charge for associated services. Look for the company that bundles crucial extras into their agreement.
Remember, you can always negotiate about a deal. Even if the equipment rental provider won’t budge on the strict price, you can look for other ways to sweeten your financial deal.
For example, you can ask for a discount for renting for a longer term. If they typically rent out for a month, say you’ll rent for six months if they knock 5% off the top. Negotiating works especially well if you’re a loyal customer.
3. Hire Experienced Operators
Nothing will cause machinery damage faster than an inexperienced operator. While rental companies may bundle in or write-off minor repairs, they’ll expect you or your insurance to cover major repairs.
Rest assured that a major repair will drive up your insurance costs. The extra you pay for experienced operators will pale in comparison to lost time on the job site and higher premiums.
4. Return the Equipment When You Finish
Let’s say you only need a forklift for a short-term project. Once you’re done with the forklift, you return it. It feels obvious, right?
In many cases, though, rented equipment like a forklift doesn’t get returned right away. Why? It’s not anyone’s specific responsibility to take it back.
Any time you rent equipment, make sure that someone gets assigned the task of returning it when you finish using it. It helps keep those rental costs down.
5. Purchase a Forklift
Many businesses choose renting equipment like forklifts because it’s the cheaper option short-term. If you lack ready cash or a stable line of credit, it might even prove your only option.
If your business will make consistent use of a forklift year-round, however, renting often proves the most expensive option long-term. Buying your forklift can save you money over time.
Parting Thoughts on Saving Money on Rental Forklifts
Saving money on rental forklifts depends almost entirely on taking practical steps.
Do some basic comparison shopping and negotiate the costs. Return equipment when you finish with it. Hire experienced operators to avoid damage that drives insurance premium hikes or out of pocket costs.
In some cases, though, purchasing a forklift will ultimately save you more money.
Superior Industrial Products specializes in equipment rentals. For more information on our available rentals, contact Superior Industrial Products today.