The forklift market is projected to reach over $80 billion by 2027. They’re essential for many industries and purposes.
When it comes to forklifts, there are a lot of options to choose from. There’s leasing, buying, and forklift rent – each of which has its own benefits and drawbacks. So, how do you know which option is right for you?
In this article, we’ll take a look at the pros and cons of each method, so that you can make an informed decision about whether to rent, lease, or buy a forklift.
Do You Need a Forklift?
If your work involves lifting or moving heavy objects, a forklift can be a lifesaver. Forklifts are especially useful in warehouses and industrial settings, where they can be used to move pallets and other large items. What you need the forklift for and how long you need it can help decide whether you should buy a forklift, lease, or rent.
Ask yourself the following questions:
- Do I regularly move heavy objects?
- Do I need to move items between floors or in difficult-to-reach places?
If the answer to either of these questions is yes, then you probably need a forklift.
If you only need a forklift for a short period of time – for example, if you’re doing a construction project or moving house – then renting may be the best option. Forklift rental companies usually have a wide range of forklifts to choose from, so you can find one that fits your needs.
Renting also has the advantage of being relatively cheap with no maintenance costs and no financing required. It’s by far the most economical option in the short term.
Leasing a Forklift
If you need a forklift for longer than a few months, leasing may be a better option than renting. Leasing contracts usually last for between one and five years, and you have the option of upgrading or renewing your lease at the end of the contract.
Leasing also tends to be cheaper than buying a forklift outright, and you don’t need to worry about maintaining or repairing the machine. You’ll have fixed, predetermined lease payments that can be easier to manage.
One option is also to lease-to-own. This means that you can eventually own the forklift at the end of the lease agreement.
Buying a Forklift
If you need a forklift for long-term use and you have the money to buy one, buying may be the best option. Forklifts can be expensive, but owning one outright can come with a number of benefits. Owning outright may be a better return on investment should you ever sell your forklift, and you’ll also be able to claim tax deductions.
However, you’ll need to maintain and repair the forklift yourself with the help of a reputable forklift servicer.
Should You Rent or Buy a Forklift?
So, which option is right for you? It depends on your needs and budget. If you need a forklift for a short period of time, forklift rent is the best option. If you need it for longer than that, leasing may be more economical.
If you plan to use your forklift regularly and have the money to buy one outright, then buying may be the best option and also may offer a good return on investment.
The team at Super Industrial Products is here to help discuss your forklift needs, and come up with the perfect solution. Get in touch today!