You may be in a business where the use of a Forklift is required and this may lead to the all important question of whether it is better to rent or buy a forklift. This can be a difficult question and there are advantages and disadvantages for both. By looking at a few important details it can help you with this vital choice.
Firstly though, it is most important that you work out what it is that is right for you and your business. However there are many advantages to looking at the Rental option and it can save you a lot of time and money by following this path.
It may be that your business is having a fluctuation in its demand and is in the middle of a boom period where there is a lot of activity and this may result in the needs of some additional lift trucks to ensure that business keeps flowing smoothly. This is where looking at a Rental may be most beneficial, as for a short term measure you can rent a few forklifts to keep things moving along, without having to outlay to purchase some capital equipment that you are not going to need in the long term.
There are a lot of other advantages when it comes to renting equipment such as forklifts, and one such advantage is that it will mean you will not have to outlay a large amount of Capital that is then tied up in equipment, and this capital can be put to better use.
The accountant would like the Rental option, as your costs for the rental will be a fixed monthly rate and you can then know exactly what is due each month, and you and the financial people will know that your budget is set and you won’t have to deal with any unexpected large outlays of funds.
Of course in addition to this, rental equipment is something that can be fully expensed as a tax deduction, which is another positive.
Owning equipment such as Forklifts can be quite a concern in terms of maintenance, especially if you have a fleet. By renting the Forklifts you can pass over this maintenance strategy and leave this to the experts from who you are renting your equipment from, and they will take care of this side of the business. You will be able to rest easy knowing that the equipment is fully maintained and well looked after when it comes to you for use.