Buying v/s Leasing A Forklift: 4 Golden Rules To Remember

Over time, the evolving needs of your workplace will demand more equipment. The forklift is one such machinery that adds value to your business by bearing and transferring the load. Recent trends mark an increase in renting equipment and if this leaves you wondering if purchasing a forklift is all that necessary, then, you are not alone.

Whether buying or leasing, you are equally exposed to risk and opportunity. Before you make this decision, there are four golden rules that you would want to consider:

Golden Rule #1: More Equipment Means More Maintenance

Introducing new equipment in your business also means having to incur the costs that are required to keep it working and in good condition.

A forklift truck requires special maintenance, capital, and manpower. A younger business may not have the professionals required to keep the machines in working order, but a bigger business can afford it. You need to consider keeping the masts, lifting mechanisms in working order, along with additional costs incurred because of unpredictable weather and exposure to chemicals and even the cost of labor.
More Equipment Means More Maintenance

If you cannot afford an experienced operator to manage the load at all times, leasing a lift truck is a better deal for you.

And when it comes to service and maintenance, the good folks at CIF Transmissions assure you of reliable assistance.

Golden Rule #2: Good Things Come In Expensive Packages

Affordability is a major determinant in owning a forklift because you don’t want to purchase one without enough money in the bank. You might need to consult your accountant on this one. The cost of owning a lift truck will spread thin over the years but maintenance and service costs will always apply. Besides, renting forklifts also means monthly payments as long as you have decided on a fixed period.

Depending on your business’ primary motive, going over-budget will burn a deep hole in your revenue. If you require a forklift temporarily and for specific projects, it might be economical and hassle-free to simply lease it. If you can afford to buy one, you can also consider it to be an investment.

Golden Rule #3: Temporary Need v/s Permanent Need

Requiring a forklift at all times on-site would mean that if you were to purchase it, it would be beneficial for you in the future. You will save tremendous costs on maintenance and repair if you owned a forklift that you used a lot, as opposed to owning one that you didn’t use quite as much. If you need to own a forklift for a few chores, leasing it until the task is completed is a better alternative. The purpose of a lift truck will vary from a construction site to a warehouse or a recycling operation. Your business model will have a significant impact on whether your business can make space for a permanent or a leased lift truck.
Temporary Need vs Permanent Need
This way, you won’t have to bear expenses of unexpected damage or manpower.

Golden Rule #4: The Right Forklift Training Is Essential

Maintaining or subletting a forklift calls for an expert or team of skilled individuals who can handle and keep the truck in excellent shape. Inexperienced employees could also threaten the lives of your other employees and cause loss to both, the equipment and the cargo.

While making these decisions, make sure you consider if you are willing to hire long-term employees who have adequate training in forklift operation, while also looking out for the welfare and cost of the equipment.

Conclusion

For any business owner, the choice of owning a lift truck is dependent on multiple factors that can change as your business grows. Having a small industrial vehicle like a forklift has many benefits. Not only do they fulfill various needs and make the process of moving cargo quicker and smoother, but they are also a reliable investment for a number of projects.

Now that you are aware of all the possible factors, do let us know if you are planning to buy or lease a forklift!

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