How to save money with forklift rentals

With the right forklift and proper maintenance, your warehouse, factory, or similar business can smoothly continue operations while keeping your workers safe.
But if your business doesn’t have enough capital to fund the purchase of forklifts upfront, or if you’re trying to reduce your costs overall, it may be in your best interest to invest in a forklift rental service.
Keep reading to learn more about saving money with your forklift rentals.

The Benefits of a Forklift Rental Service

There are several benefits to renting a forklift, rather than buying one directly.

• Reduced initial expenses – Some businesses choose to rent forklifts because they don’t have enough money to purchase one outright. If cash flow is tight, or if you’re trying to get started on a lean budget, renting a forklift can be an excellent financial strategy.
• Reduced maintenance needs – Forklift maintenance can be both expensive and time consuming, but it’s a necessary requirement if you want your equipment to remain in good shape for as long as possible. If you own the forklift, you’ll be the one responsible for maintaining and repairing it. In some forklift rental agreements, the owner will be responsible for this maintenance.
• Consistent cost forecasting – If you plan on renting forklifts over a long term, a rental agreement gives you consistent cost forecasting. This can lead to easier financial planning from a high level.
• Flexible future options – You can always adjust your forklift rental strategy as necessary. If you need to rent more forklifts or change the terms of your rental, you can do so quite flexibly.

What’s the Cost to Rent a Forklift?

Unfortunately, there is no standard cost to rent a forklift, since there are so many variables that need to be considered when calculating this price. The brand, lifting capacity, and reach of your forklifts will all play a role in the price. The terms of your rental agreement, your location, and additional fees can also influence the price.
Generally, you can expect to pay at least a few hundred dollars per day for a forklift rental. If you’re renting a forklift with an extremely high lifting capacity and other upgrades, you might end up paying up to a few thousand dollars per day.

How to Reduce Your Forklift Rental Costs

These are some of the best strategies for reducing the costs of your forklift rentals.

• Shop around: There are likely many options available to your business, so take the time to shop around. Talk to a variety of different forklift rental specialists and see what types of rental agreements are available. You might find that two competing establishments have similar offers but wildly different pricing. In this scenario, you could easily save hundreds of dollars just by choosing the lowest bidder.
• Prioritize dealers: Though not a guarantee, forklift dealers often have excellent forklift rental pricing. These businesses have access to many different types of forklifts from many different manufacturers, and they’re incentivized to rent these forklifts to other businesses.
• Read agreements carefully: Always take the time to read forklift rental agreements carefully. First, be on the lookout for any hidden fees or extra costs that aren’t immediately obvious. For example, is there an additional fee for insurance? Are you responsible for paying damages if your forklift is returned in damaged condition? Are you subject to additional penalties if you’re late in returning the forklift? Second, make sure you understand the requirements of the agreement. What are your responsibilities as a renter?
• Choose longer contracts: In most cases, longer contracts are more favorable to renters. Forklift owners want to make as much money as possible, so they’re typically willing to extend the discount if it means you’re willing to rent the forklift for a longer period of time. Obviously, if you only need a forklift for a week, it doesn’t make sense to rent one for a month, but longer contracts are typically capable of helping you save money.
• Negotiate: There are countless negotiation techniques that you can use to gain an upper hand when communicating with a forklift rental service. Sometimes, simply asking for a lower price is all it takes to score a better deal. You may also be able to get your partner to reduce or eliminate certain fees, enabling you to save money in a variety of ways.
• Use your forklifts responsibly: Make sure you use your forklifts responsibly once you begin renting them. Keeping them in good condition should help you mitigate the possibilities of paying for damages. Your forklift operators should be properly trained and certified, and you should build and maintain a culture of safe operation.
• Account for damage appropriately: If your forklift is damaged in any way for any reason, be sure to document that damage appropriately. Thoroughly document the accident that happened and describe the damage in sufficient detail. This way, you may be able to negotiate for reduced damages if necessary.
• Return your forklifts as required: Pay attention to the forklift return process (and any penalties that may be associated with mistakes), then try to adhere to that process closely. For example, if you’re required to return your forklift by May 15, make sure you designate someone on your team to be responsible for returning it on time. Otherwise, you may be subject to additional fees.
• Save for forklift purchases: If you want to eliminate the cost of renting forklifts altogether, consider buying one of your own. Buying a forklift isn’t the right financial move for every business, but it could be a strategic move to reduce your costs in the long term if you need a forklift consistently.

Get Started With a Forklift Rental From Schelkovskiy &Co Brennan Equipment Services

Are you ready to secure a forklift rental for your business? Or are you shopping around for a forklift to permanently purchase? Schelkovskiy &Co Brennan Equipment Services has everything you need. Contact us for a free quote today!