Many industries benefit from using forklifts. These versatile vehicles are instrumental for easily moving cargo and assisting in various construction projects. However, you may not know whether it’s better to buy or rent one from your forklift dealer. The answer largely depends on your needs, which is why it’s pivotal to understand the pros and cons of each option.
Forklift Rentals & Leases
Business owners who only have a short-term need or want to test out different types of equipment often opt for forklift rentals or leases. It allows you to get either one forklift or an entire fleet without the major upfront investment of purchasing them outright. Rather than one lump sum, you’ll make monthly payments. At the end of the agreement, there is typically a fair market value buyout option where you can own it at a price based on the age and service history.
Forklift rentals are also covered with a service agreement that protects you if it breaks down. The downside of renting or leasing from a forklift dealer is that you’ll likely end up paying more money in interest payments than it would’ve cost to buy it outright.
While it requires a higher initial investment, there are numerous advantages to buying from the forklift dealer instead of renting or leasing. You can enjoy the benefits of using the vehicle without having to make continuous monthly payments.
Buying also increases the overall value of your business since ownership of the vehicle makes it an asset. You can also sell it if you no longer need it or want to upgrade to a newer model. However, since owning it also means you’re responsible for maintenance costs, you should factor that in when deciding whether to buy or rent.
Whether you want to buy, rent, or lease your forklift, AJ Jersey in South Plainfield, NJ, can help. As one of the premier forklift dealers for more than 45 years, they’ve supplied local business owners with new and used forklifts from several industry leaders. They’ll work with you to help you decide which option is best for your business. Call (908) 754-7333 with any questions or browse their inventory online.