To Hire or Purchase a Forklift: What are the Differences?

There’s no single vehicle that can offer quite as many functions and features as a reliable forklift truck. Whether a fleet is on the agenda, or if a single vehicle is preferred – there are two main ways of acquisition; hiring and purchasing. Both options offer a variety of advantages and disadvantages, so understanding what each aspect entails is a good way to reach a decision.

The Pros and Cons of Hiring

When it comes to hiring a truck for a factory or commercial premises, one of the biggest draws relates to the general affordability. These types of working vehicles can cost thousands of dollars, but they are often a vital component for businesses of all sizes. Hiring makes it easy to obtain a suitable truck – without having to pay out in a single lump sum.

The vehicle can also be hired for as long as needed – whether that be for a week or two, or for a longer period of time. The cost of hiring is minimal when compared to purchasing and this is what leads many business owners to rent instead of buy. Furthermore, any agency that has hired the vehicle out will typically be covered for damages, maintenance and repairs, making it less of a financial burden should anything go wrong with the truck.

Even with these benefits, it’s fair to say that the person or organisation hiring the truck will never truly own it and therefore, they won’t be able to treat it as their own vehicle. Company branding and decals in general may be restricted – although there are certain rental agencies that do allow this type of activity, especially if the rental will be taking place long term.

The Benefits and Disadvantages of Purchasing

Unlike hiring a forklift; purchasing outright will mean that the buyer is free to decorate their vehicle however they see fit. They will also be able to use it without restriction or deadline. As expected, however, purchasing a truck will make the owner entirely responsible for all expenses relating to the vehicle itself.

This means that should any damage or injury take place; the owner or organisation’s insurance policy will be responsible for the financial output. Likewise, any repairs, servicing, or maintenance will need paying for by the owner. There’s also the consideration of the initial expense when buying the truck – which, as mentioned above, can cost a lot of money.

This is what has led so many businesses to turn to rental firms. The flexibility that comes with a personalised contract can be incredibly beneficial; and when comparing the options it certainly makes sense to minimise expenses and only utilise a resource for as long as it’s needed. Should the need arise again in the future, it’s a simple matter to re-introduce a fresh rental policy – without the demand or obligation that typically comes with ownership.