A forklift truck is a substantial investment to make as they are not cheap. With a forklift truck weighing typically 3x that of the average automobile, the price of the heavy materials reflects in the overall machine price. On average, they cost between £3,500-30,000+. Additionally, a forklift that is new will cost significantly more than a used model.
Why should you hire a forklift?
Hiring a forklift is great for individuals who only need temporary use of a machine. Why buy something outright if you are only using it for a short time period? You might even struggle to find a forklift to hire at a good price, so here’s everything you need to consider.
The benefits of forklift truck hire
When you hire a forklift, you will enjoy a selection of benefits that could very well outweigh the negatives. Here are the advantages of forklift hire:
- Keep updated with the constantly improving market of forklifts
- Lower initial cost
- Hire out during busy periods
- Could increase productivity at your work
We notice companies tend to focus on scheduling the use of their forklifts better when hiring. Want to keep your team in control of their forklift activity? Then provide them with the most efficient forklift models by hiring.
Downsides of forklift hire
Despite forklift hire having many benefits, there are some things that might concern you. If you get a short term hire the companies you hire a forklift from will charge you more to support their overhead costs when their vehicles are not in use.
The forklifts supplied are used by a range of clients, so the way they treat the forklift might change the quality of the vehicle you hire. A company that has forklift trucks for sale or for long term leases will sometimes focus on those models more than their short term hire forklifts. This means you could end up hiring a damaged forklift. The damage could be cosmetic or in the worst case, affect the functionality of the forklift. If you do hire a forklift make sure to check out reviews of the company you are hiring from so you don’t deal with this issue.
If you are hiring a forklift for long-term use then you might want to reconsider. Here’s why:
- You are restricted in your mileage usage
- Are reliant on the company you lease from to do any repairs
- Delivery costs for renting can be larger than you expect
- There is a smaller selection of models available when renting
So, should you buy a forklift?
When looking for forklift trucks for sale, you should be immediately aware of the price and cost of one. We have a guide on forklift prices here, but in summary, the prices are based on their capacity and power type.
Despite the price, forklift trucks can be a great investment and here’s why:
- There are no usage limits
- You have complete ownership of your forklift truck
- The warranty period for new models
- Product has already depreciated if it’s used
A good idea is to work out the cost of your contract for a hire compared to a purchase. It’s possible that the long term hire could cost more than buying it. Additionally, you can then sell your forklift after use as the owner. The hours and age will affect the price for when you sell your forklift again. If you can keep it in good condition, it shouldn’t decrease in value too much. If the idea of selling your forklift appeals to you, check out our top tips on increasing the lifespan of your forklift. The more maintenance you carry out on your forklift, the more you can sell it for after you are done with it.
Downsides of buying a forklift
Buying a forklift can have its downsides. Like any motor run investment, things are always more complicated than expected. Here’s why you might want to reconsider buying a forklift and instead look to hire one:
- Expensive initial cost
- You deal with the maintenance cost yourself
- You could get stuck with an outdated forklift truck
Realistically the only downside that should really concern you is the maintenance. Treat a forklift like your car. Check regularly for any damage or issues. If you manage maintenance effectively, you will get thousands of hours of use out of your forklift. Additionally, if you sell your old forklift, it can towards buying or renting a new one.
Forklift hire from Premier
If you think forklift truck hire is something that you need then think about hiring from us! Our forklift hire periods can be as short as a single day, while customised deals are available on long-term rentals of up to five years.
There’s also no need to worry about receiving a non-functional forklift. All our forklifts are subject to regular checks.
Forklift trucks for sale at Premier
If you think that buying a forklift is the better choice, then check out our range of new and used forklift trucks. You can find a premium forklift at a great price on our website, Premier Fork Lifts.