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Forklift hire or purchase – what is best for you?

Forklifts are no doubt a worthy investment for any business that operates within warehouses and the transportation of heavy goods. They are able to replace the work that would have been done by numerous members of the workforce. But the question is, what are the benefits of forklift leasing vs buying? We examine the pros and cons of doing both. Forklifts can be very expensive pieces of machinery. The higher the operating capacity and lift height, the higher the price of the forklift.

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 ©Ken Morris

Forklift Leasing 

Added benefits 

Therefore, it may be more value for money to just rent a forklift over the large investment of purchasing one. Technology is always advancing and there are constant upgrades within technology. Therefore,  leasing equipment such as forklifts may be the best idea. As newer models are released,  the business is able to benefit from the upgrades that have been made in areas such as safety and upgraded features.

A monthly leasing programme can provide benefits which are not included when purchasing a forklift. For example, you can sign a maintenance agreement whereby that company is in charge of maintaining and servicing the equipment. This is included in the leasing costs of the forklift so the maintenance is looked after by the company and not yourself.

Also, if you were to purchase a forklift, it would depreciate in value over time so it is worth considering leasing if you are a new company who doesn’t wish to spend a lot of money early on. Therefore, leasing could be a viable option as the business isn’t tied up with purchasing forklifts.

Forklift Purchasing

Leasing can be a good option for short term projects and to be able to lease different ones for different jobs provides a flexible option as compared to purchasing a forklift outright.

Purchasing a forklift may have greater positive results than leasing. For example, one key reason is the complete ownership of the goods. When you purchase that product, it is yours and therefore is another asset in the company’s name. Also, instead of having to go through the process of leasing a forklift when you may just need it for a short term job, you have the equipment at your disposal when it is required.

A significant advantage in purchasing forklifts can be that there are specific modifications that can be made….  The business can make specific requests, for example, if the forklift needs to be used to for higher warehouse storage units etc.

Furthermore, there are other payment avenues instead of purchasing outright. The option of purchasing a used forklift which will have been tested correctly. Also, there is the option of doing monthly payments which many businesses offer as an alternative to the outright purchasing of the forklift.

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