Rent vs Buy – Forklift

Announcer: At some point, you may find that you need another forklift and you’ll be faced with a question, “Should I rent, or should I buy?” All forklift purchasing decisions are unique, and what’s good for one business may not be best for yours. Let’s consider both options.

Say you decide to buy a Toyota forklift, one of the key benefits of buying is the forklift’s residual value, and the option to sell your forklift after it has reached its useful life at your facility. Toyota forklifts hold their value very well over time, and have some of the highest residual values in the industry. If you properly maintain your forklift, and work in a relatively clean environment, your Toyota forklifts typically hold a higher resale value than other manufacturers. Another thing to consider is that there are no restrictions about how long you can or can’t keep a forklift you own, like you will find on rental units.

While purchasing is the right move for many businesses, rental options offer another set of solutions. Are you working on a short-term project, and need to temporarily add to your fleet? Or do you have seasonal jobs that require additional forklifts?

Josh Smith: One of the benefits of renting a forklift versus leasing a forklift is the fact that it requires no capital financing. It is generally used for short-term needs. You’re not tied to a long-term lease where you have contractual obligations. As your business expands and grows, and whether it fluctuates from high volume to low volume, you’re able to get the equipment that you need and return it based off your company’s needs.

Announcer: Renting also means no added maintenance costs, as it is typically included in the standard rental fee. If you only need your forklift short-term or seasonally, renting is usually the best option. Toyota’s North American dealer network covers the United States and Canada, and can partner with you to manage and maintain the appropriate fleet levels through new purchases, leases, rentals, and used forklifts.

For more information, contact your local Toyota forklift dealer.