Should you rent or buy your next forklift?

So, you’re looking into getting a forklift, but the question is, should you rent one, or purchase one? There is no right or wrong answer that is applicable to everyone, and whether or not you rent or buy is truly dependent on you and the reasons why you need a forklift. The majority of companies usually turn to renting, and below we will discuss the reasons why. But to make your decision, you will need to ask yourself the following questions: How often will you be using your forklift? Will the workload be heavy or light for your forklift? How long will you be needing your forklift? Which financing plan will be best for you and your business? Let’s look at a few reasons why you should either rent or buy your forklift.

Reasons for renting your forklift
  • Your company will be using a forklift often, more than 1000 hours per year.
  • You may require high service, repairing, or part replacement frequency
  • Potential company growth
  • Potential need for upgrading your machinery
  • You are not entirely sure which forklift is right for you
  • Your concerned with the decreasing of value of said equipment over time
  • You lack the time to fit in forklift upkeep with your business’s schedule
  • You don’t want to have a down payment
  • You want to pay for the use of the forklift out of your operating budget
  • You may be interested in purchasing your forklift after its lease term is up at a fraction of the cost
  • You want the freedom of having the choice to either continue use a particular forklift or leave it behind at the end of your lease
  • You want lower monthly payments than those that come with purchasing
  • You want to benefit from tax advantages
  • You want full control and freedom in managing the life cycle replacement of your machinery
Reasons for buying your forklift
  • You will use your forklift infrequently, less than 1000 hours per year
  • Your forklift will incur minimal demand
  • You have a decently-sized down payment set aside and ready for purchase
  • Higher upfront costs are not a concern
  • You will be using your forklift in a very lax environment
  • You have a predictable usage schedule in mind for your forklift
  • Your forklift will incur minimal hazardous or damaging situations
  • Your forklift will be used for smaller tasks
  • You don’t have an issue with the depreciation of the machinery

For either option, there are pros and cons, but typically, for the majority of businesses, renting ends up being the best option. If you are interested in learning more about forklift rentals in Irving, and whether or not it’s the right choice for you, look no further. Here at Ace Equipment, as a highly trusted forklift company in DFW, our team of forklift experts are excited to help you make the next decision in moving forward with the right forklift for you. Contact us today, and let’s get started!