When to Buy, Lease or Rent a Forklift
If your business needs to add a forklift (or a fleet of forklifts), there are many great brands on the market with multiple accessories and new features being introduced all the time. You also have options regarding your purchase. You can choose to buy new, lease or rent. But which option is the most cost-effective?
At G&W, we’re here to help you navigate the process, including determining which forklift fits your specific needs and offers your best return on investment.
Should I Buy, Rent or Lease a Forklift?
At G&W, we hear this question frequently. The answer is: what makes sense for one business, might not be right for another.
The decision to buy, lease or rent a forklift depends on a variety of factors, and those are related specifically to how your business operates. Let’s review each option and the reasons it might be the right choice for you.
When to Rent a Forklift
Forklift rental can be a good option when your needs are somewhat temporary. If your worksite forklift use is seasonal, or if you have certain times of the year where you have larger loads to move, a rental forklift can make the most sense.
Forklift rental can have many benefits. You can select the length of time for the equipment and even swap out different lift trucks as your needs dictate. This allows you to obtain the right forklift or forklifts, with minimal commitment.
By renting a forklift, you also have the opportunity to try newer models. This is a great way to determine which truck technology is truly right for you.
If you’re looking for forklift rental service, give G&W a call. We have more than 1,400 lift trucks in our rental fleet. We offer rental forklifts from every brand we sell, plus offer an array of attachments.
When to Lease a Forklift
A forklift lease allows you choose the number of years in the term. For companies with periodic high-volume jobs that cause more wear and tear on the forklift, a shorter lease is recommended. Forklift lease options allow you to set the terms.
Leasing can help keep your inventory current, with the most up-to-date equipment. After your lease expires, with each new lease period, you can choose new lift trucks.
With leasing, maintenance is typically included in the price. So, while upfront costs for leased forklifts can be costly, you’ll save longer term on the maintenance.
When to Buy a Forklift
If your workload is stable and consistent, it can be most cost-efficient to purchase a lift truck outright. With total ownership of the forklift, you’ll have the exact equipment you need, customized to fit your worksite.
Owning a fleet of trucks can be a key part of your company’s owned assets. This means the lift trucks can be used for tax deductions.
If you’re ready to buy a new forklift or buy a used forklift, G&W has the team of experts to help you make the right decision. We carry the best known brands, from trusted manufacturers, and we can help you choose the right attachments and customizations.
Buying vs. Leasing vs. Renting a Forklift
In summary, there are good reasons for each option. Asking the right questions, and talking to an experienced sales representative, can move you in the right direction.
In simplest terms, the following guidelines can help you decide if buying a forklift, renting a forklift or leasing a forklift is the best choice for you:
- Forklift rental is great for short-term and seasonal use. If you only need the lift truck for a day, one week or a couple of times a year, rental is definitely your best option.
- A low forklift lease can be the best return on investment if you need a forklift for six months or more.
- Buying forklift can be the best investment if forklifts are integral to your business needs, and you will be using them on a daily or near-daily basis.
Looking for a Forklift for Sale, Rental or Lease?
Contact your nearest G&W location, and our professionals can assist with calculating the lowest cost of ownership option for you. We’ll help you find the right equipment from of our wide selection of great brands.