Lease vs Buy a Forklift: What’s Best for Your Business?
Torn between renting and purchasing a forklift? You’re not alone. Many business owners who need this high-powered industrial truck for their businesses face the same dilemma: lease vs buy a forklift? The answer should depend on the demands of your operations and your long-term goals.
This article will help answer your questions and guide you in coming up with a decision that will best benefit your business.
Should you hire a forklift or buy one for your business?
The next sections will talk about the benefits and the downside of deciding on the options to lease vs buy a forklift for your company.
Benefits and Downsides of Buying a Forklift
Consider the factors below if buying a forklift is best for your business.
Cost vs Long Term Savings
Buying a forklift for your business is a good investment but can be a risky financial decision for small businesses. Getting one means spending a substantial portion of your budget. However, you must also think of its long-term savings benefits and return on investment. Evaluate the status of your business; is it a priority or not?
Updated Features vs Upgrade Costs
New heavy-duty vehicles in the market often have the latest features and technology, a big plus if you’re purchasing a forklift for your business. However. It also means that there will come a day when you must upgrade or maintain your machinery to keep up with the evolving demands of your operations. These can be costly. Is it something that you’re willing to spend on? It can be worth it especially if it improves your productivity.
Despite the drawbacks, buying a forklift surely has its advantages, especially in taking your operations to the next level. If you want to get the most of your investment, make sure to find industry-recommended forklifts for sale in NZ.
Benefits and Downsides of Leasing a Forklift
If you think that renting a forklift is a more practical option for your business right now, it’s important to be aware of the advantages and drawbacks of forklift leasing.
Long Term Renting Costs vs One-time Payment
Forklift leasing allows you to rent or hire a forklift machine for a set period. It has lower upfront costs and less paperwork, but since you do not own the machine, you must be ready to allocate a budget to renew your contract when the lease is up. An outright purchase will only require you to spend on a one-time payment and could save you money in the long run.
Renting Brand-New Equipment vs Customizing Your Equipment
Leasing a forklift gives you opportunities to rent newer units with all the latest features and technologies in the market, ensuring greater efficiency and productivity. As you don’t own the equipment, however, you won’t have the freedom to customize it according to the functional needs of your everyday operations. There are cases when customizing the features and functions of your machine are more advantageous.
If you’re still undecided between leasing or buying a forklift, it’s best to consult experts that will help you arrive at an informed and practical decision.
Whether you’re buying or leasing, SG Equipment has the best forklift solutions for you!
SG Equipment provides long-term and short-term forklift rentals to meet your business’s material handling requirements. We also have a wide selection of forklifts for sale that can answer different industry demands.
As a locally owned and operated business that has been providing quality machinery to New Zealand business owners for 25 years, we have established strong relationships with suppliers and forklift truck manufacturers to provide you with the quality, reliability, and efficiency that you need. Contact us at (09) 268 4610 for a quote today.
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