Forklift Purchasing Options: Buy, Rent or Lease?

You know you need material handling equipment for an upcoming job or ongoing project, but how should you procure the machines you need? Buying, renting, and leasing forklifts each have their own advantages. Explore those here to help you make the best choice for your operation.

You know you need material handling equipment for an upcoming job or ongoing project, but how should you procure the machines you need? Buying, renting, and leasing forklifts each have their own advantages. Explore those here to help you make the best choice for your operation.

Benefits of Buying a Forklift

Are you considering buying your material handling equipment? You have the option to buy new or used. The benefits of this option include:

  • High return on investment: Only by owning your forklift do you have the option to resell it. If you keep up with preventative maintenance, you can expect the machine to retain its value quite well.
  • Customization options: Similar to modifying a car, you have the opportunity to customize your forklift if you buy it.

Benefits of Renting a Forklift

Forklift rentals provide short-term access to the material handling equipment you need when you need it. Here’s why renting might be best for you:

  • Cost-effectiveness: Do you only need a forklift for a few days, weeks, or months of the year? If so, renting is the most economical choice.
  • No long-term commitment: Rentals are usually month-to-month, so you can return your forklift whenever you’re ready—or extend the rental period if it turns out you need the equipment longer.
  • Short lead times: Forklift dealers have numerous high-end machines in stock and ready to be delivered upon request.
  • Simplified maintenance: A preventative maintenance package can be added to your rental contract. This prevents unplanned costs associated with unexpected breakdowns and helps you keep up with recommended maintenance.

Benefits of Leasing a Forklift

Leasing is similar to renting, but it occurs on a long-term basis. Monthly payments vary depending on the value of the equipment you’re using. Consider these benefits of leasing a forklift:

  • Lower monthly costs: Leasing tends to cost less per month than renting, allowing you to pocket the difference.
  • Predetermined replacement timeline: You get to choose the number of years you want to lease the material handling machine, at which point you trade it in for a new model.
  • Access to the latest features: If you manage a high-cycle, high-throughput operation, you’ll appreciate the rotating stock of new forklifts in your fleet. Customization options are also available to ensure the best fit for your application.
  • Flexibility: When your lease is up, you can adjust the terms based on your changing needs. Increase or decrease your fleet size, change the product mix, or purchase the equipment outright.

Open an account with Ring Power Lift Trucks, and you’ll have the option of buying, renting, or leasing your next material handling machine. Still unsure which purchasing method is right for you? We would be happy to explain the differences in further detail to help you make the best choice. Contact us today at 877-544-5438 to ask about our forklift rentals and sales. We operate out of several strategically located branches in Florida, from Tallahassee to Sarasota.

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