Warehouse owners and purchasing managers are always looking for ways to reduce operating costs while increasing production. And in a business that relies heavily on material handling equipment, the decision of whether to buy or lease forklifts is not an easy one. The best financial option might not be clear from the get-go.
Here are some things to consider when deciding between leasing and buying forklifts in Indiana:
Leasing forklifts is a great option when you want to preserve cash for business growth. Leases usually have low interest rates. They’re perfect for a business with minimal credit that otherwise wouldn’t be able to afford to buy more expensive material handling equipment, such as a forklift.
When you’re using the forklift for a short or medium term project, the low monthly payments on a lease mean smoother cash flow for you.
If you’re not sure which type of forklift fits your needs, leasing gives you the chance to try different brands and discover new models. And your business enjoys a competitive advantage with access to the latest equipment and the newest products and technology. You won’t have to worry about the forklift technology becoming obsolete. You get to lease a new one at the end of your contract!
Another instance where purchasing managers prefer leasing forklifts in Indiana is when you don’t have the budget for maintenance and repair costs. They’re already included in the lease. So you won’t need to hire an in-house mechanic.
And if you don’t want to deal with the hassle of reselling a forklift when you’re ready to buy a new one, leasing is the way to go.
If your business doesn’t have issues with capitalization and depreciation of assets, buying a forklift in Indiana is your ideal option. You’ll see a cost advantage in the long run if you use your forklift heavily.
This is especially true if your company uses forklifts for long hours at a time. Some leases may restrict how many hours a forklift can be used. If you’re using it for light applications, owning a forklift affords you a long useful operating life.
Unlike a lease where you have to return the equipment in a certain condition, you won’t have to worry about superficial damages when you own the forklift. And you can use it in extreme temperatures, and even take it outside.
If your company is large enough to have an equipment fleet, owning your own forklifts gives you more flexibility. You won’t have to wait on a third party to provide you with the forklifts you need. That’s time saved.
Buying forklifts in Indiana is a sound financial decision when the equipment is known to have low service and repair requirements. You’ll want to check with your forklift sales representative for details before you buy.
It’s not easy deciding whether to lease or buy large equipment. That’s why you should take the time to research your options. Consider your company’s balance sheet, the forklift’s intended use, and everything in between. If you’re still not sure which way to go, consult with your local Tynan expert. We’ll help you assess your needs, bringing clarity to your decision of leasing or buying a forklift in Indiana.
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