{"id":26561,"date":"2019-06-13T09:21:22","date_gmt":"2019-06-12T23:21:22","guid":{"rendered":"https:\/\/www.machines4u.com.au\/mag\/?p=26561"},"modified":"2022-08-25T14:51:03","modified_gmt":"2022-08-25T04:51:03","slug":"forklift-rental-rent-buy-lease","status":"publish","type":"post","link":"https:\/\/www.machines4u.com.au\/mag\/forklift-rental-rent-buy-lease\/","title":{"rendered":"Forklift Rental: Should you Rent, Buy or Lease?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Once you\u2019ve picked the make and model of your\u00a0<\/span><a href=\"https:\/\/www.machines4u.com.au\/browse\/forklift\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">forklift<\/span><\/a><span style=\"font-weight: 400;\">, you need to decide whether forklift rental, leasing or buying is right for you. Each of them have their own benefits and are suited to businesses with different needs. But how do you know which is right for you?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we\u2019ll look at some of the pros and cons of each method, so that you have the information you need to decide between leasing, buying or renting a forklift.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Forklift Rental<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-26564 size-large\" src=\"https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154248\/forklift-header2-1024x576.jpg\" alt=\"forklift rental\" width=\"800\" height=\"450\" srcset=\"https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154248\/forklift-header2-1024x576.jpg 1024w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154248\/forklift-header2-300x169.jpg 300w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154248\/forklift-header2-768x432.jpg 768w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154248\/forklift-header2-500x281.jpg 500w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154248\/forklift-header2.jpg 1328w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">First, we\u2019ll look at the short-term option of the three, forklift rental. Renting a forklift is very similar to leasing one, except the term is shorter and there\u2019s often more flexibility in the forklifts you can pick. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The length of your rental period will depend on who you rent your <\/span><span style=\"font-weight: 400;\">forklift<\/span><span style=\"font-weight: 400;\"> from, and what they offer. Generally, you\u2019ll be able to choose from short or long rental periods.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Benefits of Forklift Rental <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are a couple of major benefits to renting a forklift over leasing or buying one, including: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No large upfront payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No maintenance costs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Wider product range<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Flexible time periods<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No finance required (usually)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Another benefit of forklift rental is that your bookkeepers may find it easier to use a forklift rental to reduce taxable income, rather than calculating depreciation on a purchased forklift. Of course, there are some other things to consider. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you plan on using the forklift for long hours or over a long period, then buying or leasing will generally be more cost-effective. And, rentals will usually need to be returned in the same condition as when you first got it. So any accidental damage or excessive wear-and-tear can end up costing your back pocket. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In short, if you only need your forklift for a short, busy period of a couple weeks or a month, then <\/span><span style=\"font-weight: 400;\">forklift<\/span><span style=\"font-weight: 400;\"> rental is probably a good choice. If you need a long-term option or want to use the machine as a business asset, then leasing or buying is a better choice.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Forklift Leasing<\/span><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26565 size-full\" src=\"https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154315\/forklift-1.jpg\" alt=\"Forklift lease\" width=\"640\" height=\"480\" srcset=\"https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154315\/forklift-1.jpg 640w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154315\/forklift-1-300x225.jpg 300w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154315\/forklift-1-500x375.jpg 500w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">In between renting and buying, we have leasing. <\/span><span style=\"font-weight: 400;\">Forklift<\/span><span style=\"font-weight: 400;\"> leasing is considered the best option for most businesses, with around <\/span><a href=\"https:\/\/forkliftrevolution.net\/rentingleasing-vs-buying-forklifts-what-is-best-for-your-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">80% of big businesses<\/span><\/a><span style=\"font-weight: 400;\"> choosing to lease forklifts over buying them. There are a few reasons why leasing is so popular, including: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lower, predetermined payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Latest models &amp; features<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No\/reduced maintenance costs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No\/lower upfront cost<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The reduced and predictable payments (whether weekly, fortnightly or monthly) make it easier to manage your books. While the low upfront payment (if there is one at all) reduces the initial hit your back pocket will take. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although there are a number of benefits to leasing a forklift, rather than buying or renting one, there are a few things to consider. <\/span><\/p>\n<p><b>Usage and resale value:<\/b><span style=\"font-weight: 400;\"> If you\u2019re only going to be using the forklift a few hours a week, and can plan for low maintenance costs, then leasing may not be the right choice for you. Forklifts do have a long life, especially so if you\u2019re only using it for a few hours a week, and your needs aren\u2019t likely to change in the upcoming years, then buying will generally provide a better ROI than leasing. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You also can\u2019t borrow against or use lease forklifts as collateral. As they are still owned by the leaser. Whereas you can use a forklift you bought outright to loan against or resell,if needed. <\/span><\/p>\n<p><b>Maintenance risks:<\/b><span style=\"font-weight: 400;\"> While you do get the benefit of someone maintaining and servicing your forklifts, you do run the risk of them doing a subpar job. Luckily this is easily avoided with a little research and review checking before signing the lease. <\/span><\/p>\n<p><b>Overall costs: <\/b><span style=\"font-weight: 400;\">The other major consideration is your overall costs. Lease forklift payments are easier to manage, and have a low upfront and monthly cost.But if you plan on buying the forklift at the end of the lease and owning it, you will often pay more (in total) than if you had bought it outright. Of course the actual final cost will depend on your contract, and could still be a viable choice if you get a good deal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a general rule, if you plan on getting good use out of your forklift, and want to be able to replace your fleet regularly with the newest models, then leasing is the way to go. If you only need <\/span><span style=\"font-weight: 400;\">forklifts<\/span><span style=\"font-weight: 400;\"> for a short busy period, consider renting. Whereas, if you have the capital, or need to own the forklift for tax reasons, then buying is the best choice. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Buying a Forklift<\/span><\/h2>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-26566 size-large\" src=\"https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154344\/forklift-2-1024x768.jpg\" alt=\"forklift\" width=\"800\" height=\"600\" srcset=\"https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154344\/forklift-2-1024x768.jpg 1024w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154344\/forklift-2-300x225.jpg 300w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154344\/forklift-2-768x576.jpg 768w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154344\/forklift-2-500x375.jpg 500w, https:\/\/magmedia.machines4u.com.au\/wp-content\/uploads\/2019\/06\/12154344\/forklift-2.jpg 1984w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Finally we have the long-term option, buying. The main benefit of buying a <\/span><a href=\"https:\/\/www.machines4u.com.au\/browse\/forklift\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">forklift<\/span><\/a><span style=\"font-weight: 400;\"> is fairly obvious\u2014you get to own it outright. Knowing you own a piece of machinery can often give you peace of mind, and some business owners will choose to buy all of their capital equipment outright, simply to know they own the gear. But this doesn\u2019t apply to everyone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That said, there are a few other benefits to buying a forklift, rather than leasing or renting, including: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Return on investment<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ideal for tough, rough workloads<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Easier to add to existing fleets<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax benefits &amp; deductions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Possibly the biggest benefit to buying a forklift outright is the return on investment. Buying is realistically the only option where you can resell the forklift to recoup expenses. You can also use them as collateral to borrow against, unlike leased or rental forklifts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Owning a forklift is also a good idea if you need it for tough, heavy-duty work where it\u2019s likely to get a lot of wear-and-tear. Many rental and lease contracts have conditions included over hours worked and the condition of the machine. If the work you\u2019re doing is likely to exceed what the rental company considers \u2018reasonable\u2019 then you may end up paying extra. Making the ROI on a leased or rental forklift lower than a purchased one. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another often overlooked factor is your existing fleet. Purchasing a forklift, whether it\u2019s <\/span><a href=\"\/mag\/used-vs-new-forklifts\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">new or used<\/span><\/a><span style=\"font-weight: 400;\">, makes it easier for you to find a model that is the same or similar to your current fleet. This reduces operator training for new machines, and lets you make use of any existing attachments and accessories. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the end, it\u2019s generally a better choice to buy a forklift if: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You only need to use it for a few hours a week<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Don\u2019t foresee a need to change your equipment for 5+ years<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Need the forklift to perform heavy-duty, rough work<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Want peace of mind knowing you own the machine<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">But, if you only need the <\/span><a href=\"https:\/\/www.machines4u.com.au\/browse\/forklift\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">forklift<\/span><\/a><span style=\"font-weight: 400;\"> for a short burst in business, then a rental forklift is probably a better choice. Whereas if you don\u2019t have the capital to purchase a machine outright, but you still need a long-term option, then leasing is right for you. <\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At the end of the day, deciding whether you should enter into forklift rental, leasing or buying will depend on your business needs and budget. Luckily, there is a great range of <\/span><a href=\"https:\/\/www.machines4u.com.au\/browse\/forklift\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">new and used forklifts<\/span><\/a><span style=\"font-weight: 400;\"> available to rent, lease and buy. Or, if you\u2019re looking to buy a cheap used machine, try your luck at a <\/span><a href=\"https:\/\/www.machines4u.com.au\/browse\/forklift\/forklift-auctions-4964\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">forklift auction<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once you\u2019ve picked the make and model of your\u00a0forklift, you need to decide whether forklift rental, leasing or buying is right for you. Each of them have their own benefits and are suited to businesses with different needs. But how do you know which is right for you? In this article, we\u2019ll look at some [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":26563,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23811,18990],"tags":[2909],"yst_prominent_words":[],"class_list":["post-26561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hire","category-material-handling","tag-forklifts"],"_links":{"self":[{"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/posts\/26561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/comments?post=26561"}],"version-history":[{"count":2,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/posts\/26561\/revisions"}],"predecessor-version":[{"id":29613,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/posts\/26561\/revisions\/29613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/media\/26563"}],"wp:attachment":[{"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/media?parent=26561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/categories?post=26561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/tags?post=26561"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.machines4u.com.au\/mag\/wp-json\/wp\/v2\/yst_prominent_words?post=26561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}