Forklift Truck Buying Vs Renting

When it comes to obtaining a forklift truck for your company, there’s one big decision you need to make. Buying Vs Renting Forklifts which is better?

They both have their pros and cons but ultimately it is what ever suit your circumstances.

Below we discuss the main benefits and down falls for both renting and buying a forklift truck.

Buying A Forklift

So buying a truck is an excellent option especially if you have excess cash in the bank. It means no lease money coming out of the bank every month, which can add up to a costly sum at the end of the year. The initial outlay can be steep but then its yours for the long term with no rental costs.

If you do buy, it’s in your best interests to ensure the forklift truck is looked after with regular maintenance checks. When buying a diesel or gas truck make sure the filters are changed regularly. If you decide to go for a battery truck make sure the battery fluid levels are topped up to the correct level.

To purchase an average new counter balance. you’re looking at anywhere between £18,000 to £30,000 depending on what type of truck you go for.

So there not cheap. If you’re still set on buying a truck outright you can always go for a used forklift. Always make sure you bring someone along who knows a thing or two about mechanics as it can be quite costly to start replacing and repairing forklifts.

Pros to buying a forklift

No rental cost each week/month.
No contract that you are tied in to.
Freedom to get LOLER checks where you want.
You can choose your servicing company.

Cons To Buying A Forklift Truck

Initial cash outlay is expensive.
If anything goes wrong with the truck out of warranty you front the bill.
When it comes time to renew your truck, selling it can be a long winded.

Renting A Forklift

Renting a forklift is a very common option for companies in the UK. As talked about in the previous chapter, it is quite a big outlay to purchase a forklift outright so leasing eliminates this expense.

Renting also comes with other benefits. Usually when taking out a lease for a forklift, the Loler checks and servicing can be arranged so everything in under one roof. If anything goes wrong with the truck you can ring your rental company.

When it comes time to renew your truck it is usually a case of pick your new one and swap over….simple. This makes changing trucks straightforward. Trying to sell a forklift is quite a lengthy time waiting process (unless you’re giving it away)

When renting a forklift, pre shift checks by the operator are still necessary to ensure the forklift is in a good condition.

If damage is caused to the truck through driver error it will be the renters responsibility to repair the truck. This would not be classed as general wear and tear. It is always good to put forklift operators through regular forklift refresher training to prevent this from happening

Pros To Renting A Truck

No big outlay for buying a forklift truck.
All servicing and LOLER checks can be under one roof.
No hassle of selling the truck when its time to renew.

Cons Of Renting A Forklift Truck

Another monthly expense
Tied into a contract
Sometimes the renting companies tie you into using their sister companies for servicing etc.

Conclusion

So there are Pros and Cons to Buying Vs Renting forklifts. It all comes down to what suits you best. What type of financial position you’re in. Do you want to use your own team for servicing. Do you feel better paying a monthly fee and having someone on call.

You have got a decision to make.

An easier decision is getting your employees trained up on the forklift. If you would like to book a forklift course please feel free to have a look on our site.

That is all for now.