Purchasing a forklift is a significant expense. You need a significant amount of capital for this investment. A forklift is an essential muscle required for moving, loading and unloading heavy objects. Purchasing one might not always be possible. You can choose to go ahead with Forklift leasing Toronto or renting. Making the decision is not always easy. There is a difference between leasing and renting the forklift. We are here to tell you about it and make it easier to make an informed decision.
Leasing a forklift
When looking for a forklift for an extended period, leasing it would be a great idea. The period can be longer than a year. Leasing a forklift is somewhat like owning it but without the negative aspects of downsizing. It doesn’t need the capital that is required for purchasing the forklift. When you lease a forklift, you can make full use of it at a flat monthly rate that has been agreed upon by the lessor. After the lease comes to an end, you can choose to buy the forklift or return it. You could also continue the lease or lease another forklift for an extended period. If you decide to break the lease before the decided date, you will have to pay a termination penalty.
If you or your company are looking to get a forklift for long term usage without bearing the costs of purchasing one, it makes sense to lease the forklift. Another great advantage is that the monthly rates are lower compared to renting one. However, once you have leased a forklift, the contract can’t be easily modified. Leasing a forklift also means you have to bear some of the operational costs including repair and maintenance. The operational costs to be covered will be present in the lease agreement.
Forklift Rental
Renting a forklift is definitely a cheaper option than purchasing one. It is a great option when you need to use one for a shorter time. The rental period can vary from a day to a year. If the rental period is longer, the rates will be lower. If the business doesn’t have the capital to purchase, you can always rent it. As compared to other methods, renting provides a lot more flexibility. Often all the repairs and maintenance work is covered by the rental company. You won’t need a mechanic of your own to take care of it. While renting, you can choose the latest technology in a forklift.
There are some disadvantages to renting a forklift. When renting one, you have to wait for some time for the equipment to arrive. Sometimes, we aren’t sure about the period of usage of the forklift. It might happen that you would have to adjust the rental time. The initial rental time could be too short or too long for the task. There is also a possibility that the forklift operator might not know how to work the rented model.