Is it Better To Rent Or Buy Forklifts And Other Lift Equipment

Is It Better To Rent Or Buy Forklifts And Other Lift Equipment

If you’re looking for boom lift rentals, scissor lift rentals, or forklift rentals in Toronto, you know that trying to rent can be a challenging prospect. Evaluating the costs and benefits of renting against buying can reveal that buying is sometimes the better option. For some though, renting is a more appropriate option in the short-term. If you want to be effective in making a cost-efficient decision with results that will support your business, examine why it might be better to buy than rent.


Whether or not you decide to rent a forklift for your business will ultimately depend on your company’s needs and circumstances. And whether you are leaning toward buying or renting, the professionals at Modern Forklift can help you come up with the best solution for your Toronto business.

Rent Or Buy Forklifts

Is It Better To Rent Or Buy Forklifts And Other Lift Equipment

Considerations For Buying A Forklift

There are two questions that come to mind when planning a major project or maintenances: how often will workers need the assistance of equipment like a forklift, and how flexible and adaptable should this lift equipment be? If renting this equipment has a high price tag according to your answers to these questions, plan cautiously and systematically by buying a piece of equipment outright. Consider having a risk assessment done and a cost-comparison technique completed. If buying is not the most financially sound approach, don’t buy.

Cost Comparisons

There is a lot to consider in terms of a cost-comparison though. For example, begin with basic cost information such as the cost of a specific manufacturer, model number, capacity, drive type, etc.; purchase cost; the expected life; the expected use in hours per year; monthly rentals per year; monthly rental rate; and pick-up and delivery per rental. Now, determine the cost to own – such as depreciation costs, capital costs, overhead, overhaul parts and labour, subtotal, less resale value, and total cost to own. Then, consider the costs to operate such as how much labour, parts, lube, and tires will be in the short-term and long-term.

Choose Between Buying Or Renting

Making the choice to buy or rent can be difficult. The option you select will have a significant impact on the financials for your business. Thus it does take some time to consider all these points. Not all companies wish to buy their own forklift, even when used on a regular basis and for that reason we provide forklift rental services in Toronto and the GTA. Just some of the services that we provide include on-site consultations to help determine what your equipment needs are; short-term and long-term lift equipment and forklift rentals; a selection of the latest models; on-time equipment delivery and pick-up; trained and courteous delivery personnel; and a 24/7 emergency response service.

If you don’t have the ability to make a large, upfront payment, renting may be the only consideration. Rent within your desired timeframe, on an either short-term or long-term basis, and arrange a weekly or monthly price according to your needs.

We Can Help

If you are looking to determine the best machine for the job, please contact us today and we would be happy to help you with your decision. We will work with your schedule and your budget, drop the equipment off to you and ensure that it is ready to go on your job site. If you are looking for used forklifts in Toronto either to buy or rent, we would be happy to help.

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