The investment in construction and construction equipment tops over 20 billion dollars each year. The cost of equipment and servicing is higher than ever.
Your business thrives on timely projects and equipment that doesn't fail. Having to stop construction for servicing is costly. It also makes a huge dent in your project's timeline. More construction professionals are choosing to rent a forklift to help with costs.
This guide dives into the pros of renting and buying. Which one is best for you and the services you provide? Keep reading to find out!
Consider Your Needs
Consider the main sources of venue in your business. Should you buy a forklift?
Buying your own can reduce repeat rental costs if you are booked with building jobs, and a forklift is a staple in your operation. On the flip side, you are solely responsible for all maintenance costs.
If you work behind the scenes and focus more on development or design, renting a forklift can save you thousands of dollars in repairs and storage. However, depending on your job's needs and length, you may have to wait for your rental.
Benefits of Renting a Forklift
A forklift rental helps you save unnecessary maintenance costs, storage fees, and yearly upkeep. If your jobs are driven by the season, a rental allows you to save money in the off-season.
Renting helps save on repairs. Most rental companies roll repair and maintenance services into your rental fee.
Renting a forklift gives you the opportunity to have the latest and greatest in construction equipment. You have the ability to try different models and styles of forklifts. This is also a great option if you think you may want to buy in the future - it's the perfect way to "test drive" a forklift!
Benefits of Buying a Forklift
A new forklift could cost you upwards of $50,000. A rental ranges from a few hundred dollars up to $8,000.
If you tend to have jobs that do not have definite end dates or are a continuing project, buying can help save money in the long run.
Depending on your business location, you may benefit from purchasing a forklift if you are in a more rural area. Renting presents issues with transportation as well as damage. You do not want to nullify your rental agreement by returning a forklift in damaged condition.
Buying allows you to make custom enhancements if you enjoy modifying your equipment.
The priority should be investing in quality. You need equipment that lasts and gives your business dependability and professionalism.
There is no right or wrong answer when it comes to your business. Calculating the costs of weekly or monthly rentals compared to investing in your own forklift can help you decide on buying or renting.
Rent a Forklift Today
Whether you are ready to buy or rent a forklift, the team at Westminster Lift Truck is ready to help!
Our team has many decades of experience in the forklift business. From short to long-term jobs, we can help you decide what forklift is best for your services. We specialize in rentals as well as selling the best forklifts on the market.
Contact us today to schedule an appointment!