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Renting Vs Purchasing a Forklift

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Forklifts are used for lifting and maneuvering large quantities of materials and are utilised within various industries. Not all companies who employ the use of a forklift within their operations opt to buy their own forklifts even when they are used on a very regular basis. This week’s blog discusses some of the advantages of renting in comparison to buying a forklift for your daily operations.

No large upfront purchase costs:

Forklifts can be hired on either a short term or long term basis. Organisations can avoid the large upfront costs involved in purchasing a forklift by renting equipment for desired timeframes. Long term hire can be arranged for a weekly or monthly price with a rental company. Short term hire prices can vary however most forklift companies do have regular pricing campaigns to take advantage of and you should always ask what deals are available to you.

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No maintenance costs and issues:

When a forklift is purchased, the owner is responsible for all maintenance costs and any associated issues such as downtime. Over the course of a year, this can add significant amounts to the cost of the asset. Also, as the forklift ages, maintenance costs increase simultaneously. The added cost of sidelined out of service equipment and organising temporary replacements if necessary, must also be considered when budgeting for a new forklift.

When forklifts are hired, the hire company is usually responsible for all maintenance costs so the cost of servicing or the replacement of a forklift does not need to be taken into account. If there are problems with a hire forklift and a replacement is required, most hire companies will provide the replacement unit free of charge. Some organisations believe regular hire payments are easier to budget for than unexpected costs which can occur when a forklift is purchased.

maintcosts

Safety and legal issues:

Forklift owners must make sure their vehicles are properly maintained and meet all relevant safety requirements. Many accidents involving forklifts are due to neglected maintenance schedules and poor working conditions. Companies hiring forklifts are responsible for the training and working conditions of forklift legislation and can offer expert advice together with full risk assessments, lifting plans and method statements which cover aspects such as personal protective equipment, checklists and operating instructions.

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Choice of models:

Renting a forklift enables an element of flexibility for a workplace. The customer can select the appropriate model to rent for a specific job which may be different to a model to that is required for another task. The same level of flexibility cannot be obtained when purchasing a forklift which can lead to higher costs for an organisation and/or inefficient working practices.

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In order to make the most suitable decision for your business in regards to renting or purchasing your materials handling equipment, speak to an industry professional to engage the best advice for your operation first. By analysing the above four factors and advice provided by equipment specialists, you will be in a position to make the most fitting decision for your circumstances.

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Next entry: High Risk Work Licence – What You Need to Know

Previous entry: Safety Fail of the Week: Lifting a forklift with another forklift

3 comments

Choosing to buy or hire a forklift can certainly be a difficult choice. Who doesn’t want their own forklift? Still, in my experience thus far, it’s been more economical to hire a forklift. As you point out, you save on maintenance, which adds up very quickly. I also haven’t found enough uses for a forklift to justify the upfront purchase cost. I’m sure renting isn’t for everyone, but it’s a good option to consider.

Will Fawkes
June 10, 2015 - 1:29 am

Thank you very much for this information. There certainly are a lot of benefits to renting a forklift as opposed to purchasing one. One of the benefits that you listed that I liked best was the no maintenance costs and issues. It is always nice not to have to worry about that.

Walter Kowalski
July 02, 2015 - 10:30 am

Thank you very much for this added information regarding forklift hiring.  Yes, renting a forklift is better specially of you are operating 24/7.  This will eliminate downtime which is one of the most costly part of the operation.             

RENATO INESORIA JR
April 03, 2017 - 11:38 am

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