Forklift Trucks: To Rent Or To Buy? Which Option is Recommended?

tgrtgrSince they were invented in the early 20th century, forklift trucks have been the backbone for many warehouses and industrial businesses all over the world, helping to move items that a human being, or even a group of human beings just simply could not even attempt.

From working in massively high warehouses through to moving bulky items around a factory, the trusted forklift truck cuts hours off the daily routine and offers a much higher efficiency level for businesses. Imagine a depot that had to load everything into the lorry manually, or a factory that had to drag expensive items around, it just does not make sense, which is why forklifts, both to buy and rent, can be sourced from dealerships and independent retails all over the UK.

But, do you buy, or do you rent? That is the key question for many businesses that need forklift trucks to operate.

We talked to leading Forklift Sales and Hire company Grant Handling about how a customer should choose between buying or leasing a forklift truck.

The Reasons To Buy

If you need a forklift truck on a daily basis for your business, then buying outright is the option that’s works best, otherwise you will be paying to hire something that in the long run if you rent for a long time, would cost you more than buying. When you need something as part of your business, and you know that the requirement is not going to change, then buying means you own an asset and that you can use it when you wish, without paying ongoing for the forklift.

It also means you do not have to worry about one being available when you need it, as some hire companies can quickly rent out all of their stock, and if your job is urgent and you need to wait a few days, this can have massive consequence for your company and huge knock on effects. Owning something that you use frequently is just far more cost effective and efficient, because you own bit of kit that is assigned to your business, you can use it when you want, and you know that tomorrow when you need it again, it will be there waiting for you.

The Reasons To Rent

Like most things that are available to rent, it normally comes to down to how much budget is available and whether you need one every day, as if your business is a bit cash strapped, or you simply need one for a month or so, then hiring is definitely the best way forward.

When you rent a forklift, you can choose the right one for your needs at that moment in time, as some lift bigger weights than others and some have a higher reach, so where the job keeps changing and you might want something different frequently, hiring is the best option. Along with this, you can always get the model you want, they are generally all kept in excellent condition thanks to the hiring company and of course, you don’t have to worry about storing it away at the times you don’t need it.

So, what is the best choice?

As you can see from the above, it really just depends on what your company needs. If you only need something for a short term, then hiring is best, or if you just need one to cover a repair or just every so often, then once again, hire is the way to go. Hiring also helps businesses that cannot afford to buy a new one at that moment in time, so can act as a good short term gap whilst you raise the finance to buy one, if required. But if you need forklift trucks for long term use, buying is the way to go, as you might have to find an initial lump of cash, but in the long run you will save money by not paying for it every month, and of course, it is also a company asset.

If you have any questions, please ask below!