Buying versus Renting a Forklift

Forklifts have given companies the ability to do better work in a shorter period of time. Businesses, both large and small, depend on this versatile piece of machinery to help them function at full capacity. 

Before buying a forklift, businesses need to decide between renting or owning the equipment. There are several factors to consider before jumping into a rent agreement or a full-blown purchase. 

Here are a few ways to best decide between buying or renting a forklift! 

Capital & Risk Management 

The decision to rent or own largely depends on your financial capabilities. As you review your finances, consider both the capital and risk management involved. Buying a forklift will often require a down payment. This may lead to putting forth a significant amount of capital, as well as taking on a portion of personal risk if anything happens to your forklift. This risk can be a major factor for smaller businesses, which may still lack stable finances. 

Long-term ownership is often cheaper than renting. If you can take care of the maintenance and operating costs in-house, you’ll likely save money in the long run! 

Immediate Availability

When you rent a forklift, you’re beholden to the selection of machinery available at that moment. This could require you to pause your work if you need to wait for a particular machine to be available. If you work on a strict schedule, a rental forklift may become more of a hassle than a help.  

Owning a forklift means that you will always have an available machine ready to use. While the additional costs of ownership can add up, they may be worth it so that you have the equipment available right when you need it!

Job Frequency & Location

Consider how often you work jobs and where you work them. If you work a specific type of job that requires a main piece of equipment, it may make more sense to own instead of rent. This is especially true if you work in more remote locations.

If your company often works away from the main thoroughfare, you might decide to own the forklift. This can reduce the amount of time wasted on moving equipment back and forth, between your sites and the rental facility!

Now that you have more information on buying versus renting, you can make a better-informed decision regarding a forklift! To buy or rent your next forklift go to KMC Forklift, located in Bryan, Texas. We also proudly serve Caldwell, College Station, Hearne, and surrounding areas.