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Choosing to buy or rent a piece of heavy machinery is a big decision. If you’re debating between the two, you can do yourself a favor by asking the right questions. But first, let’s go over some basics. 

Jump to Sections:

• When Should I Buy Industrial Equipment?
• Why Should I Rent Industrial Equipment?
• Questions to Ask

When Should I Buy Industrial Equipment?

Some advantages of buying industrial equipment include getting attractive financing rates and tax write-offs while you build equity. On top of that, you’ll also have a resale value to help you recoup your investment when you’re done with the equipment. But purchasing does require a high capital investment, and maintenance and repairs are the responsibility of the owner. 

Buying New vs. Used

If you decide to buy, there’s also the question of choosing a new or used piece of equipment. Buying a new machine means you have the security of a full warranty, which is worth a lot. It also may come with newer, more updated technology — but at a higher price point.A used machine, on the other hand, typically sees a slower rate of depreciation and, of course, comes with a lower acquisition cost, but it won’t be in brand-new condition and it may not have well-documented or trustworthy maintenance records. With LiftOne’s pre-owned equipment, you’ll always have options to meet any budget and application. 

Why Should I Rent Industrial Equipment?

Renting equipment offers lots of flexibility along with its low capital requirement, but it won’t build any equity. You can rent for short- or long-term use and routine maintenance is typically included in your monthly payment.

Many choose to rent equipment for performing specialized tasks, trying before they buy or supplementing a fleet of machinery during peak business times.

LiftOne’s rental fleet includes over 3,000 pieces of equipment, suited for any industrial application available on flexible rental options to fit your operational needs. 

Questions to Ask

To make your decision about renting vs. buying industrial equipment, you’ll need to consider several different factors. Ask yourself the following questions:

1. How long will you need the equipment? If you’ll only need the equipment for a brief time, renting could be a smart move. You’ll also want to make sure that when you rent a machine, you use it efficiently on the job site — otherwise, you’ll be paying for an underutilized piece of equipment.
2. Are you OK with the additional costs of ownership? Buying your equipment entails paying for maintenance, parts, transportation costs, licensing and insurance.
3. What are your company’s goals? Are you trying to downsize? Renting can help keep inventory levels down. Maybe your company is making green initiatives. If so, investing in eco-friendly equipment can help you meet those goals. Individual projects may also have specifications or goals that align or conflict with the type of equipment you use, so keep them in mind.
4. Will you use the machine in the future? If you won’t use it enough to justify the investment, it likely makes more sense to rent.
5. What is the company’s financial situation? If you’re trying to spend as little capital as possible, renting is a good idea. But if a company has available capital and wants to build equity, purchasing can be a good choice, too. There are some tax incentives through Section 179 deductions for purchasing equipment.

If you’ve gone through these questions and still aren’t sure whether you should rent or buy industrial equipment, reach out to us online or give us a call at 855.543.8663 to talk it over with an expert.

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LiftOne is passionate about partnering with our customers to deliver the best possible solutions tailored for their specific application. We strive to understand our partner’s challenges and provide solutions that will help make their operation more efficient and as safe as possible.

The LiftOne team was honored to be chosen to partner with a large e-commerce distribution customer to outfit and support new equipment for their distribution warehouse within our territory. The warehouse, boasting more than one million square feet, is a brand-new build within the customer’s distribution network. LiftOne was responsible for the installation of their new equipment and will provide parts and service support for the account.

The installation encompassed four different models, totaling 248 forklifts. Because of the customer’s broad and diverse product offering, different models were chosen in order to best support their business. The fleet included order pickers, multi-level order pickers, reach trucks and stand-up counterbalance forklifts. For this customer, the selection of eco-friendly equipment and solutions in the outfitting of their operation was important to them, which is why all of the models are equipped with hydrogen fuel cell technology. Additionally, all of the forklifts have telemetry installed to provide maximum visibility to the fleet and their performance.

This job was significant not only because of the high volume of machines, but the customer’s deadline and coordination required with other vendors and construction on site. The LiftOne team had to work closely with the site manager and other vendors to ensure minimal distribution for all parties. With each forklift taking a few hours to assemble, four technicians were dedicated to the installation under the supervision of the local service manager.

“I am so proud of our people and us, as a business, to be nimble and agile to adapt to the ever-changing schedule, and ultimately getting the job done by the customer’s deadline,” LiftOne North Region Vice President Mark Hoch shared. “It is a true testament to our capabilities and further solidifies us as an unparalleled service provider in our industry.”

Regardless the need of equipment or size of operation, LiftOne is ready to partner with you to optimize your fleet and warehouse solutions. LiftOne is one of the largest material handling dealerships in the region, and is best equipped to provide first-in-class sales, parts and service. Contact us today to learn how we help you optimize your operation.

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“Almost everything in your life, both at work and at home, at some point was moved by a lift truck”.

Jump to Sections:

• 1. Ask About Safety Ratings
• 2. Get the Right Truck for the Right Job
• 3. Inquire About Fleet Management, Operator Training, and Response Times
• 4. Know Your True Total Cost of Ownership
• 5. Sign a Planned Maintenance Agreement

It’s connecting the world with the things they need in every aspect of their lives. So when your business is considering a material handling supplier, there are a variety of factors that should be considered…and it shouldn’t just be about the bottom dollar.

1. Ask About Safety Ratings

This might come as a surprise to be first on the list, but if you think about the way you run your operation and providing a safe working environment, shouldn’t the suppliers you do business with also demand high safety standards?  Any supplier coming into your facility should be properly vetted and asked to provide their OSHA safety ratings. This ensures that not only is the vendor you’re trusting to support your business in good standing, but that your own operation is in good hands and has a partner that is dedicated to being safety-first. Always ask for current recordable injuries and DART rates up front.

2. Get the Right Truck for the Right Job

In the world of material handling, one size does not fit all. While it may seem that lift trucks are fairly basic, there are many differentiating factors and options that need to be considered when making a purchase. Ensuring you are getting the right piece of equipment with the right options and attachments to serve the facility and functions you need is crucial. Any potential supplier should start with a review of your business and your needs, and asking a lot of questions about your operation to truly understand what it is you need before making any sort of recommendations. Ask for references from existing customers, ask for other similar businesses they have partnered with and how they’ve helped their business, and most importantly, ask what their commitments to you as a customer are. You’d be surprised how often many suppliers don’t have an answer for you.

3. Inquire About Fleet Management, Operator Training, and Response Times

There are numerous ways to acquire a forklift. So while selecting quality equipment is important, there should be other factors to ask up front regarding what else your supplier can offer. Asking about fleet management reporting to give you better understanding of productivity and efficiency, and what types of training they can offer your operators will help you gain operational efficiencies and reduce costs provides a true solution and partnership, not just a singular one-time purchase. Inquire as to what expected response times are for service calls to ensure your equipment is kept up and running.

4. Know Your True Total Cost of Ownership

Over the course of your equipment purchase, only about 10% of the total cost is incurred in the initial equipment purchase. So what’s in the other 90%? Consider parts replacement and service to maintain the equipment, fuel and operator-costs, and equipment down-time. All of these add to your bottom line, so when considering a purchase, ask about all of the stuff that isn’t in the truck quote. A knowledgeable partner should be able to present you with the whole picture, not just your initial purchase price, and help you understand why price and cost are two very different things.

5. Sign a Planned Maintenance Agreement

Unless your operation has an in-house maintenance team to regularly maintain your equipment, having a planned maintenance agreement in place with your supplier is key to lowering your cost of ownership, and ensuring your equipment is going to operate at the highest level of efficiency for as long as possible. This reduces costly service calls in the future, and gives you the best value for your buck for the equipment your business depends on.

Whether you’re selecting a new vendor or renewing an existing contract, consider all of these factors, be informed, and ask the right questions.

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