The cost of a new forklift can cost anywhere between $15,000 and $50,000, which means that purchasing this piece of equipment is a significant investment. If you need a forklift for your small business, you may not have room in your budget for the purchase of such a costly machine. Before you consider applying for a business loan, consider renting a forklift from a professional supplier, such as Mr Forklift (2005) Ltd.

Reason #1 – Improved Level of Cost Predictability and Visibility

When you rent a forklift, you'll enjoy an improved level of cost predictability and visibility. Renting does not require a large upfront payment, and you can rent the equipment you need for a low monthly payment. Once you start the rental program, you'll know what your payment will be each month, so there are no financial surprises to worry about in the future.

Reason #2 – No Long-Term Commitment

Renting a forklift doesn't come with the long-term commitment of buying or leasing. If you plan to purchase a forklift in the future, renting gives you a chance to "test drive" the forklift before you make a big investment. For companies that only need a forklift to complete a short-term project, renting is a cost-effective solution. Once you are finished with the project, you can return the forklift. Renting is a perfect option if your current equipment is undergoing repairs, since you can choose to rent the machine until your forklift is back in service.

Reason #3 – The Dealer is Responsible for Maintenance

Purchasing a forklift requires a big upfront investment, but you also need to remember that you'll also need to pay for routine maintenance and repairs when you own the machine. When your business rents this piece of equipment, the dealer will be responsible for maintenance, which means you don't have to budget out money for regular maintenance. Dealers are motivated to maintain forklifts properly because they own the machine.

Reason #4 – Keep Up with Emerging Technology

Most small business can't afford to buy new forklifts every few years to keep up with emerging technology. The only way to keep up with technological changes when you buy a forklift is to sell the old one and purchase a new one, which can be difficult and expensive. However, if you choose to rent a forklift, your company can rent new, high-tech machines as they become available, ensuring that your business always has the latest models.

Although renting may be more costly over time, most small businesses find that a renting offers more pros than cons. However, before making your decision, be sure to compare buying, renting, and leasing to find the best option for your small business.