Why Buying a Forklift is Better than Renting

why buying a forklift from The Forklift Pro is better than renting

If you’ve been tasked with the purchasing of material handling equipment for your workplace, you may have noticed that there’s more than one way to acquire a forklift. Today, businesses have choices including leasing, purchasing, or renting a forklift, but which is the better option?

Pros and Cons of Renting a Forklift

More often than not, renting a forklift is used as a short-term solution. Forklift rentals are available on a day-to-day basis, or sometimes for a few months at a time. Renting a forklift gives businesses who may not need a forklift for a long time a bit more flexibility. Forklift rentals also prevent the need for maintenance. Typically, the rental company takes care of maintenance expenses.

However, renting a forklift comes at a cost. Because of the convenience of rentals, the price will be higher. The cost to rent a forklift over time would be more expensive than purchasing or financing a forklift. Renting also comes with the disadvantage of hefty deposits, contracts, and renewal dates and fees. These are all factors to keep up with and remember – while still running your business.

Purchasing a Forklift

Another option businesses have is to purchase a new or used forklift. Buying a forklift instead of renting has several benefits, including:

  • Easy budgeting. Once purchased or financed, a forklift is easy to factor into an annual budget.
  • Resale value. Forklifts hold their value well, and can always be sold when no longer needed or when it’s time for an upgrade.
  • Tax deductions. Tax benefits, like the Section 179 deduction, allow companies to write off used equipment purchases with an immediate 100 percent deduction – plus bonus depreciation!

Buying Used Forklifts

As mentioned before, businesses can purchase forklifts new or used. So how do you decide? Ultimately, it’s better for a company to buy a used forklift. Right away companies can save major money on a used forklift because of the reduced price and tax deductions. Most often, a used forklift is half the price of a new forklift.

When purchasing a used forklift from a reputable dealer, businesses don’t have to worry about their investment. A well inspected and maintained used forklift can do the job of a new forklift just as well.

For more information on buying versus renting a forklift, contact The Forklift Pro. Our material handling equipment experts are ready and waiting to help you find the right forklift to meet your business needs.