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The purchase of a forklift is a major investment for any company. Depending on options and fuel type, new forklifts may range from $25,000 – $35,000. 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.
Forklift Lease & 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 runs less than 4 hours each day, buying used may work for your application. Many used forklifts arrive in the fleet when they are turned in for trade or off-lease. In addition to the initial cost savings, most units have been reconditioned by the dealer. Upgrades may include paint, tires and safety features. Warranties are often included or available for upgrade.
Consider an Electric Pallet Jack
The electric pallet jack (EPT) is often overlooked but will save thousands of dollars on the purchase. For applications requiring only a horizontal movement of product, you should consider an EPT. There is also a wide array of electric forklift products available as well, if these are more appropriate for your unique situation.
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. Companies will consider discounting rental rates for long-term commitments depending on the application and usage.
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.
Ready to add a forklift to your fleet? Contact an equipment specialist to explore your best options.
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