You aren't alone if you're looking to cut costs in your business. Across the logistics industry, employment rates are dropping.
However, human capital isn't the only place you'll probably want to save money. You should also examine whether you can reduce capital expenditure. If so, a forklift rental could offer an answer for you.
When is it a good idea to rent a forklift rather than invest in one? What are the various types of rental options? What do you need to know to ensure you get the best forklift rental deal in Indian Trail?
Here, we'll dive into the ins and outs of forklift rentals, from comparing services and finding the best price to tips for deciding when to rent a forklift.
Reasons to Rent a Forklift: the Benefits
Is renting a smart option? Let's examine some benefits and costs compared to buying a forklift outright.
Cost Savings
Renting a forklift can help you reduce the long-term costs of buying one outright.
You can save on upfront maintenance and repair costs. Plus, when you don't need the forklift, you can save money on long-term storage costs. That'll free up space in your warehouse in Indian Trail.
Cash Flow
Cash flow is essential to the long-term survival of any business, so you need to make financial commitments that work for your cash situation each month.
Renting a forklift means you aren't faced with a large, upfront payment. You can keep aside your cash resources for other business expenditures, such as ones that will bring you an early return on investment (like marketing).
It's More Flexible
Suppose you want to switch forklift truck models or get a specific type of forklift for a particular job. That makes it easier to meet the unique needs of each job without making a long-term commitment.
Potential Tax Benefits
Rental fees can be used as an immediate expense against your income, allowing for potentially more significant tax benefits. That helps make the cost of renting a forklift in Indian Trail more affordable.
Maintenance
Renting a forklift means you won't have to consider ongoing maintenance and repair. That saves time for your workforce and means you'll experience less downtime that could disrupt your business.
It's also faster, as you won't have to wait for a part to help you fix a problem.
Types of Forklift Rental
If forklift rentals have advantages for your Indian Trail business, the good news is that multiple options are available. Here are the main types of forklift rental arrangements you'll find.
Short Term
These rentals offer flexible terms. They're perfect if you need a forklift for one specific project or upcoming event.
Long Term
Perhaps you have an ongoing need for forklifts in your Indian Trail business. If you run a logistics business, that's probably the case. In those circumstances, you'll have the option of a long-term rental.
These still give you the benefits of renting, but the longer-time arrangement will reduce your monthly rental costs.
Lease Purchase
A lease purchase is a hybrid option between buying and renting. You own the forklift outright but will pay the costs over a fixed term.
It's a good option for cash flow when you still prefer to own a forklift outright but need flexible financing options.
Fleet Management
Fleet management services will allow you to rent a range of equipment for a fixed monthly fee. You'll get support in sizing your needs, and a fleet management company in the Indian Trail area will help assess the right equipment for your business.
Maintenance Contracts
Perhaps your main reservation for buying forklifts is the cost and time of maintenance. In that case, you can purchase a maintenance contract from a third party who will take this off your hands for a fixed monthly fee.
Refurbished Rentals
If you want to keep your costs down and don't need a modern state-of-the-art forklift, you could opt for a refurbed rental. These types of rentals offer some of the most competitive prices around.
Eco-Friendly Equipment
If your business has environmental targets, you may want to invest in equipment that helps you meet your goals. In that case, you can look for specific eco-friendly forklift machinery.
