Are you debating whether you should buy a forklift or go with the Somerset County forklift rental route? The answer to this dilemma isn’t black and white. There are pros and cons for both buying a forklift and Somerset County forklift rental. It really depends upon your operations, circumstances, and individual needs as a company. If you’re running a high volume distribution center, you probably have several forklifts working all day long. In this case, owning would make the most sense. If you have a garden center, you may only need a forklift for heavy lifting now and then. With a construction project, you may only need a forklift for a few months. For short term use, throughput would be the best route. Maybe you’d like to test out the latest equipment with newer tech before you make a purchase. Somerset County forklift rental would allow you an opportunity for a trial period.
Somerset County Forklift Rental Vs. Buying | Things to Consider First
Before you decide to rent or buy heavy equipment, there are some important things you should have a good understanding of:
YOUR CURRENT FINANCIAL SITUATION:
Based upon your capital flow and projection for the future, consider what would be the best option:
- Renting: Somerset County forklift rental allows for more capital flow and you don’t have the overhead costs of maintenance.
- Buying: New forklifts may be a better option for you if you’re using the equipment often and you get a return on investment when it’s time to sell.
You can also look into leasing or buying used forklifts and equipment to see if those options suit your needs better.
THE COST OF OWNERSHIP VS RENTING:
Along with ownership comes the cost of maintaining and servicing equipment, safety considerations, insurance, licensing, fuel, batteries, etc. This adds up fast. If you go with Somerset County forklift rental, that fee will include most of those costs plus a markup. Equipment transportation is also a cost factor. Some companies find that regular rental payments are easier to budget for than unexpected costs acquired by owning a forklift. Plus, the Somerset County forklift rental company is usually responsible for the maintenance and servicing costs.
HOW FREQUENTLY THE EQUIPMENT WILL BE USED:
Determine if your operations call for consistent, daily use of a forklift or if it’s being used on a when-needed basis with intermittent runs. 100% utilization is a good way to determine if you should rent or buy. 100% utilization is when a forklift is operated 22 days or 176 hours per month. If you’re running at 100% utilization, buying would most likely be the right option for you.
To calculate value based upon utilization, take the cost of Somerset County forklift rental with the approximate amount of time you’ll need it. Then calculate the approximate monthly payments you’d have from buying within the same timeframe. Take a look at your break-even point and that will give you a good idea of when renting becomes less financially efficient than owning.
WHETHER YOU NEED EQUIPMENT AVAILABILITY 24/7:
If your needs are occasionally unexpected, purchasing a forklift or other heavy equipment will guarantee that you’ll always have the equipment when you need it. However, renting may be a better option if your need for a variety of equipment may fluctuate depending upon your projects. You’ll also eliminate storage costs for equipment that may sit for longer periods of time.
Somerset County Forklift Rental | Types of Forklifts to Choose From
Forklifts come in many shapes and many sizes, and also come in many varieties to handle multiple purposes. While some may know forklifts primarily as a material handling appliance, there are in fact many different categories of forklifts. For example a pallet jack is not the same as a three-wheel counterbalance lift truck yet they are both classed as a forklift. Whether you are trying to learn more about these wonderful machines or perhaps hoping to diversify your fleet, below are the different categories of forklifts and what they are used for.
- Counterbalance: Counterbalance forklifts are the most common types used in virtually all material handling capacities. Counterbalance forklifts are a straightforward appliance that feature dual forks for heavy loads and bulky items.
- Three-Wheel Counterbalance: These forklifts feature three wheels as opposed to four in their counterbalance relatives. Three-wheel counterbalance forklifts are ideal for narrow aisles as they have enhanced maneuverability for tight spaces.
- Reach Trucks: Reach trucks are known for what they are named after, their extended lift height. Reach trucks are great in any warehousing situation with high rise storage pallet racking. Reach trucks come in multiple forms, including the Stand-Up truck and Double-Deep truck. Stand-Up trucks are the most common and are often used where there’s only one load per bay. Double-Deep trucks are similar, but with longer forks, making them perfect for areas where multiple pallet loads are stored in each bay as they will reach right to the back of the bay.
- Pump Trucks: Pump trucks are considered to be a bit old school. Pump trucks are primarily used as a pallet jack but do not use any electric power to lift any materials. Instead, pump trucks rely on manual labor as the operator pumps the jack to lift the skids with their own force.
- Powered Pallet Trucks: The powered pallet truck is a modernized version of a pump truck. The powered pallet truck does all the heavy lifting for you. Mimicking the functionality of a pump truck, powered pallet trucks are perfects for skids and small packages that need to be stored or transported.
- Sideloaders: Sideloaders are made to operate in narrow aisles as well. They feature forks which are mounted to the side of the truck and are designed to pick up wide or long loads that would cumbersome to the typical forklift. Just like many other species of forklift, these to come in various forms. First is the Enclosed Cab that is frequently used outdoors and the Stand-Up which is geared to handle indoor assignments.
- Teletrucks: Short for telescopic hander forklift, these devices are another option for users that are tasked with high lifting or facilitation of mezzanine storage. These forklifts are often mistaken for cranes and are able to reach heights and angles that standard lift trucks cannot.
Interested in Somerset County Forklift Rental or Buying a Forklift?
Family owned and operated, EFR Corp. has over 50 years of experience and is proud to be a leader in the forklift industry. Serving New Jersey since 1987, our philosophy for impeccable customer service is what sets us apart from the competition. We are proud to be an affordable “One-Stop Source” when it comes to forklift repairs, maintenance, sales and rentals. Not only do we offer the best quality Somerset County forklifts for sale and supreme forklift repair & maintenance, but we also offer scissor lifts, boom lifts, sweepers, scrubbers, pallet jacks and many other types of material handling equipment. For more information, call us today at (732)249-7757 or visit the website.