You know your company needs to get a new forklift. You know which type of forklift you need. Now comes the big question: should you buy a forklift, or rent a forklift? The answer will depend on a few factors, including the type of work you’ll be doing and your business’s credit situation.
Let’s take a look at your options to make the decision to buy or rent a forklift in Indiana is a little easier.
For some Indiana businesses, renting a forklift can save you a good chunk of money, and a lot of headache down the road. One of the biggest reasons businesses choose to rent a lift truck is due to the low upfront cost. Compared to purchasing, renting a forklift is a lot easier on your business’s bottom line, especially if you don’t have access to a strong line of credit.
On the practical side, renting a forklift also gives you a nice “trial run” with the equipment. Try renting a lift truck, then after a few months if it’s not giving you the impact you were hoping for, opt out of the rental and look into a different model. Renting gives you the flexibility to test out different solutions before ponying up a lot of capital.
Renting a forklift can also give you a “safety net” when it comes to maintenance. The vast majority of all rental agreements will come with a scheduled maintenance plan to ensure high performance of your forklift throughout the rental period.
Lastly, if you know you’ll only need to use a forklift for a limited time, renting will obviously be the way to go.
To sum it up, renting a lift truck will be your best option if:
Making the call to purchase a forklift outright takes some planning and foresight on your part. Ownership in and of itself is a big benefit over renting. After a rental period, you don’t have anything to show for all your payments. But if you purchase that forklift, you’re able to use it in perpetuity, or sell or trade it in to upgrade to a newer model later on.
Buying a forklift typically comes with a higher upfront cost than renting, but in the long run will usually be cheaper, especially if you get a lot of work out of the forklift over its lifetime.
Ownership also has a few more “intangible” benefits that may not appear on your bottom line. If your business is prone to doing emergency work that requires a forklift, having a forklift that’s immediately available is invaluable, since there’s no need to wait for a 3rd party renter.
Buying a forklift is your best option if:
Making the call to rent or buy usually doesn’t have a black and white answer. Luckily, you’re not alone in the decision. Turn to Tynan and talk to one of our experts to walk through all your options, so you can find a rental or purchase plan that fits your specific needs. Start by calling us at 317-597-4003.
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