A forklift can be an expensive piece of equipment to purchase. But for many businesses, using a forklift is necessary for handling their products and materials. In an era of ever-tightening budgets, many purchasing managers find themselves wondering whether to enter into a forklift leasing agreement or to buy the equipment outright. Here is a quick guide to help you decide whether to buy or lease a forklift.

Your Guide to Leasing or Buying a Forklift

What Should You Consider When Deciding Whether to Lease or Buy?

The main difference between leasing and buying a forklift is ownership. In determining whether to buy or lease one, remember that forklifts, like any other vehicle, loses its monetary value over time. However, when deciding whether to buy or lease a forklift, you should consider what type of business you are in and how often you’ll use it.

When Should You Lease a Forklift?

If your company uses forklifts more than 1,000 hours a year than you should lease one. Forklift leasing is the most cost-effective way to use up-to-date equipment without having to worry about losing money due to depreciation. You should also lease if you’re certain that your usage won’t decrease anytime in the foreseeable future. Leasing has low initial costs, and in some states, like New Jersey, it’s a tax-deductible expense for companies.  

When Should You Buy a Forklift?

You should purchase a forklift if you know that you will use it less than 1,000 hours a year and that there will be minimal wear and tear. If you have the capital to invest in one, you can use it for many years without having to pay high maintenance or repair costs. Also, when you own one outright, you can keep it for as long as you’d like and sell it if you no longer need it.  

Are you looking to buy or lease a forklift? Contact AJ Jersey, Inc., located in Middlesex County, NJ. They have been central New Jersey’s premier forklift leasing company for over 45 years. They offer affordable forklift leasing options, as well as forklift repair services. Their inventory features top brands including Doosan® and Crown®. Visit their website to learn more about their products and fork leasing services, or call (908) 754-7333 to speak with a member of their team.