Lift Trucks: Rent or Own?

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Every company will have different business and financial objectives when investing in material handling equipment like specialty lift trucks.

Whether you need equipment for moving, storing, controlling or protecting materials, it can be difficult to evaluate options. The decision you make can be influenced by budget and operational needs.

Either way, you should expect to receive lift trucks that are safe and known for exceptional performance.

To help you weigh your options, we’ll cover some of the key considerations for renting or buying heavy-duty vehicles for limited or long-term use.

Lift Truck Rentals

Whether you need sit-down counterbalance forklifts or walk-behind pallet trucks, you’ll want reliable vehicles that match your specific needs.

When renting vehicles, ask about maintenance history and policies. Find out how quickly a dealer or OEM can repair or replace a lift truck experiencing issues, so downtime is minimized.

RICO offers a rental program for select EX models (monthly or annual rates are available).

Reasons to rent from an OEM include:

Quality: All vehicles are thoroughly inspected prior to use and upon return to adhere to the highest level of safety and compliance with NFPA 505 and to maintain FM Certification. OEM rentals are guaranteed to be high quality – even after continuous and rigorous use. They are also guaranteed to be suitable for unique and demanding applications. All EX units are approved to operate in Class A Division 1&2 Group D and Class 2 Division 1&2 – Group G.

Support: Renting from an OEM automatically facilitates access to a wide variety of support. RICO provides:

  • Application specific, certified attachments
  • Dealership connections
  • Reliable shipping
  • Thorough equipment training

RICO will cover all maintenance and servicing expenses within the rental duration.

Longevity: All RICO rentals are specifically engineered and designed to ensure optimal performance and proper conditioning within its working environment. OEM Units are sure to last longer due to continued product and technological updates

Investment: There is no better investment. Since OEM vehicles are designed to fit and perform to factory specifications, it increases the life of your equipment significantly. Rental fleets are always kept up-to-date, their quality is guaranteed and they are the safest in the industry. If there are any issues, a replacement vehicle will be sent immediately. Our quick response will save you money and eliminate downtime.

Renting a lift truck allows your crew to try out a vehicle and evaluate its performance. By renting it for a few months, you can compare it to your current fleet of forklifts.

More than anything, renting will help you weather seasonal demands or forecasted short-term projects. Businesses may own several lift trucks but decide to rent to avoid increasing the size of their fleets while dealing with changing needs.

Rather than buying a forklift, you may find that renting saves you money, particularly if you have a short-term need and can get rental rates that match your budget.

When you rent, your business:

  • Can invest the saved cash in other areas of your business
  • Can budget a fixed monthly cost that includes maintenance
  • Will avoid the need to juggle maintenance schedules

Additionally, look at factors like:

  • Availability of ergonomic controls
  • Certified equipment
  • Quick deliveries
  • Technical support
  • Bi-weekly, monthly or long-term agreements
  • Discounted rates

Buy Lift Trucks

Lift truck purchases can be a significant investment for companies in industries ranging from glass and paper to aerospace to agriculture. Whatever you buy should be customized to meet your unique operations.

For starters, your CPA can determine whether the deductions for depreciation and interest on a purchase will be cost-effective.

Buying a forklift can be better than leasing because many leases restrict the number of hours the equipment can be used. Exceeding those limits can cost a company a great deal.

Depending on how frequently it’s used – and maintained – a lift truck can be long-term investment that works out well.

Ultimately, buying outright might make sense if:

  • Your needs will likely remain constant and the forklift is expected to last 20 years
  • You prefer to have an asset with trade-in value down the road
  • You have enough cash to buy
  • You can borrow the money inexpensively with an existing line of credit
  • Your company prefers to own all of the equipment it uses

You may still be undecided in purchasing a lift truck. After all, renting does give you the option to test the equipment before buying. But just like other types of business or personal renting (i.e. homes, cars, and construction equipment), renting can add up over time.

You should evaluate all of your options and considerations. If it’s a short-term need, renting may be favorable. If you need forklifts every day for several hours, then buying may make more sense.

What are your lift truck plans? RICO vehicles are custom built to meet your specific application and the load requirements of any industry. Call us at 330-723-4050 or contact us to learn more.