4 Ways To Keep A Forklift Purchase In Your Budget

Staying within budget while purchasing a forklift can be challenging, but it's possible with the right approach. Discover four practical strategies to help you manage costs, from choosing the right financing option to exploring used equipment, ensuring you get the best value without overspending.

The purchase of a forklift is a major investment for any company. With the pressure of the economy and the need to increase the company’s bottom line, replacing or adding to your current forklift fleet may seem impossible. However, four common options can offer a solution.

Adding Or Replacing Forklifts

Forklift Lease And Finance Options

There are many products through lending institutions that offer custom designed lease products for your individual business needs. Some of these options include:

Skipping a lease payment, which is beneficial for seasonal business when revenue is not generated monthly.
Two term leases, which gives the ability to walk away at the end of the first period or significantly reduce the payment during the second term.
Accelerated or decelerated payments, which is a fixed term with payments increasing or decreasing over the term. This option can help decrease your interest expense or reduce your current payment until business improves.

Buy Used Forklifts

If your forklift operates less than 4 hours a day, purchasing a used forklift might be a great fit for your needs. Many used forklifts become available through trade-ins or lease returns. Beyond the initial cost savings, these forklifts are often reconditioned by the dealer, with upgrades like new paint, tires, and safety features. Warranties are typically included or can be upgraded for additional peace of mind.

Consider An Electric Pallet Jack

The electric pallet jack (EPT) is often overlooked but can save thousands of dollars on your purchase. If your application primarily involves horizontal movement of products, an EPT is worth considering. Additionally, a wide range of electric forklifts is available if they better suit your specific needs.

Forklift Rental Or Rental Purchase Option (RPO)

If you have a forklift need but do not have the money in the capital budget, try renting.

A twist on renting equipment is a rental purchase option (RPO). Just as the name suggests, a new or used forklift can be rented for a predetermined period and you have the option to purchase that forklift while applying a portion of the rental payments. The key to RPOs is determining your long-term needs and the decision to own the forklift.

Contact ProLift to schedule a site visit with a sales consultant to discuss your product, application, budget, and more. Let us help you determine ways to keep a forklift in your budget.

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