Choosing whether to buy or rent equipment is a tough decision. Below are some of the most common reasons a business may choose to rent vs buy a forklift, aerial lift, utility vehicle, etc.
Top 7 Reasons to Rent Instead of Buy a ForkliftLower upfront cost - Without a doubt, buying a piece of equipment is far more expensive than renting.
Make your bookkeeper’s life easier - Renting equipment can be considered an operational expense (as opposed to a capital expense). Using the rental cost to reduce taxable income can be simpler than depreciating a purchased asset. Consult a CPA to confirm this is how it works in your state / municipality.
Beneficial for businesses with limited credit - For many companies, access to credit is a concern. Consider where your money is best spent: tied up in a piece of equipment, or invested in an activity that will increase profits.
Cut costs during slow periods - When there’s a spike in business, you have the equipment you need. Return the lift trucks if business is slow. If there’s a piece of equipment you only need seasonally, a rental allows you to avoid paying for a machine when it’s not being used.
Lower maintenance costs - A rental fee is much easier to budget for than an unexpected repair. Our rentals have service and repair costs built into the payment.
You’ll always have the most current technology - Old equipment may not meet the latest OSHA standards for safety or emissions. Or, OSHA may require a modification after the vehicle was purchased. By renting, you can ensure your equipment is as up-to-date and efficient as possible.
Equipment comes to you If your operation is spread across multiple locations, and equipment needs to be moved, it’s your responsibility. If you don’t have a delivery vehicle that can handle a forklift, utility truck, etc., let the rental company pick-up and deliver.
Read the 7 Reasons to Buy Instead of Rent a Forklift. Or, try this online calculator to estimate when buying may be more cost-effective than renting.
If renting a forklift is the best option, check out what you need to know before renting a forklift in California, including how to get a great forklift rental rate, questions to ask, and more.
Whether you choose to buy or rent, we hope you’ll give us the opportunity to earn your business. Contact the TMHNC location nearest you via our website.
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