Do I rent my forklift or do I purchase my forklift?
In order to answer this question accurately, we first need to understand your operation. For example, for how long would you need the machine? Would you require a fuel supply along with your machine? For what would you be using the forklift? Do you need to reach high levels in your shop/warehouse? In other words, so many factors play into the needs of your facility versus the needs towards your bottom line.
The only major difference between renting and buying a machine is quite direct and to the point: Time and Money. How much are you willing to spend? And how long must the forklift reside in your facility?
Now, let’s discuss the pros and cons. Renting a machine is fantastic for short term goals. For example, if an operation spans about six months or so, you may want to consider a short term rental for your needs. The fuel expectancy is small and the maintenance is completely covered by EFR policies. Heaven forbid that something should fail on our equipment, you are covered no matter what. Since the forklift is on rent, it is EFR’s responsibility to repair anything that fails, breaks, wears, tears or falls (except in cases of accident, abuse, misuse, and/or neglect, of course).
Purchasing a machine, on the other hand, is ideal for long term goals. If your facility has existed at the same address for a long time, buying the forklift is your best bet. The warranty lasts for the predetermined length of time decided between you and your rep. The fuel supply comes completely full with your new forklift and all the bells and whistles agreed upon will glisten in all it’s new or pre-owned glory.
Naturally, there are cons as well… Nothing is fool proof. Any business owner or operations manager will admit that freely and with a weary head. Forklifts may break, hoses may burst or maybe mercury is in retrograde and decided to throw a wrench in your operation, causing it to come to a screeching halt. Thankfully, warranties and policies are in place to cover your repair expenses. However, those protection clauses come with an expiration date. Once the warranty period is over, you, the customer are subject to those repair costs. Therefore, protect yourself by protecting your equipment.