Pros and Cons Of Buying Vs Renting Forklifts In Visayas
The numerous industrial applications of forklifts make them must-haves for many companies. It’s no secret that they come with a steep price tag, but having them around for your use doesn’t always mean acquiring them for your own. In Visayas, like in other parts of the country, there are always companies, usually new ones, deciding on how they can get forklifts. To go for the best decision, you need to be properly informed of the pros and cons of buying vs renting forklifts in Visayas.
The factors that go into this decision include logistics, funds, and the amount of work it is needed for. Keep reading below to learn more about the things you should know about buying and renting forklifts.
Pros Of Buying Forklifts
Most companies would first consider buying the forklifts for themselves, and they do so for good reasons. It offers some security and some freedom compared to renting the machines. Here are the pros and cons of buying forklifts in Visayas:
Absence Of Penalties
If you own the forklifts, then you don’t have any responsibility for it to a third party. The best way to keep the machines functional is to take care of them with proper maintenance. But if you somehow fail to do that, you will not incur any financial penalties unlike when you rent them.
Unlimited Usage
As with anything you own, you can keep using forklifts in whatever way you want at any time. There will be no limits to the time you choose to use it, unlike with rentals where you only have the forklifts for a limited time.
Less Long-Term Cost
Forklifts can cost quite a bit, but if they are crucial to the work that you do, it will all be worth it. Frequent use of forklifts makes rentals not a good option as you would have to shell out some money every time you need the machines. In the long run, you would have spent less if you bought the forklifts as opposed to renting them.
Cons Of Buying A Forklift
There are several cons to buying a forklift, some of which may include high initial purchasing fees, extensive maintenance, or the use of outdated equipment.
High Starting Cost
Buying forklifts means spending large amounts from the get-go to acquire the equipment. As expected, the starting cost is significantly higher than rentals. You need to have enough on-hand money to purchase a forklift.
Maintenance
Because you own the forklift, you will be solely responsible for the maintenance of the machines. This means all maintenance costs will be shouldered by you. The good news is that you can control the costs by taking good care of the machinery.
Being Outdated
More technological innovations are being made every day. Having your own forklift means that when newer high-tech models come out, yours could be outdated. If your forklift becomes outdated, you would need to spend some more to buy the newer ones.
Pros Of Renting Forklifts
Another option is to rent forklifts instead of buying them. This option is great for those who don’t need forklifts all of the time and don’t want to invest too much in the machines. Other than that, here are the pros and cons:
Predictable Costs
Renting forklifts makes it easier for you to budget the costs as the payments you make are constant. Rental agreements normally include some fees for maintenance costs which means they have it covered. If you own the forklift, unforeseen malfunctions may require you to produce extra money on short notice for repairs.
Flexibility
Rentals offer more flexibility than when you own forklifts. With rentals, you can easily switch models or remove forklifts from your fleet. Thanks to that, you can easily change it for your needs. You could also rent different models at the same time.
Quick Acquisition
It’s much faster to acquire forklifts by renting than going through the process of buying them. If you need forklifts at a short notice, then renting them would be a good choice for you.
Cons Of Renting Forklifts
Renting forklifts from heavy equipment providers may not necessarily have the right model you need. It may also be incredibly difficult to find a supplier that can consistently meet your business’s requirements.
Company Limitations
Companies that offer forklift rentals may not have everything you need, especially if you have very specific needs. It would be difficult to completely rely on rentals and for some situations, buying your own forklift is better.
Location
In many instances, location can become a problem for renting forklifts. It’s best to rent from locations that are closer to avoid any complications with delivery. The delivery or pick-up cost can become too high.
Key Takeaway
Choosing between buying vs renting forklifts in Visayas is one that requires you to know the pros and cons of each. Make sure to assess your needs and resources and be knowledgeable about both options before finalizing.
At Multico, we provide top-notch heavy equipment, generators, spare parts, and of course, forklifts for our customers. We also offer after-sales services including maintenance and repairs. Learn more about us and what we offer here! And if you need forklifts in Visayas, feel free to contact us anytime!
