Should Your Business Rent or Buy a Forklift?

Yale Cushion TruckA forklift can be a beneficial investment or a costly expense, depending on the frequency of use and type of work your business needs done. When buying a forklift it’s important to consider whether your investment will pay off more over time than renting the necessary equipment for each job. Renting a forklift may seem convenient, but will it cost you in the long run? Your industrial equipment experts at Voss Equipment have compiled a list of tips that will help you make the best decision for your business. Before buying or renting a forklift, always consider:

  • Initial Cost: Forklifts are specialized equipment, so they can be expensive. A new forklift generally costs around $20,000, and higher-capacity forklifts can be up to $100,000. Many small businesses can’t afford the initial cost. Buying a used forklift can be a solution, but if you want the highest quality equipment, it might be better to rent.
  • Term of Use: If you only need a forklift for a short amount of time or a few projects, it doesn’t make much sense to buy one. If it’s an important component of your business, however, constant rentals may be more of a financial burden than buying.
  • Type of Work: If you need a forklift for heavy work, you’ll have to consider maintenance costs. Maintenance is an expense you’ll have to include in your budget if you opt to own a forklift. Rental companies pay for maintenance, so depending on your budget, it might be better to rent.

Buying a forklift is a big decision, but at Voss, we’re here to help you every step of the way! Contact us today to speak with our friendly, knowledgeable experts.