Forklift Hire vs Buying: Which Is Right for Your Business?
- Samantha Spacey
- Jul 29
- 5 min read
Deciding whether to hire or buy a forklift is an important decision for any business. The right option can help control costs, improve productivity and ensure your operation has reliable equipment when it is needed.
The wrong choice may leave you paying for equipment that is rarely used or relying on a truck that no longer meets your requirements.
There is no single answer that suits every business. Your operating hours, budget, workload, site conditions and future plans should all influence the decision.
At Forklift Truck Depot Limited, we supply forklift hire, new forklifts and used forklifts to businesses across Barnsley, South Yorkshire and throughout the UK. This guide explains the main differences between hiring and purchasing a forklift to help you make an informed choice.
When Is Forklift Hire the Better Option?
Forklift hire provides access to the equipment you need without committing to an immediate purchase. It can be particularly useful when demand changes, a temporary project begins or an existing forklift is unavailable.
Businesses commonly use forklift hire to:
Cover seasonal increases in workload
Replace a forklift following a breakdown
Support a temporary contract or project
Manage additional production or warehouse demand
Trial a different type of forklift
Avoid a large initial purchase
Provide temporary cover while waiting for permanent equipment
Short-term hire can cover an immediate operational requirement, while longer-term arrangements provide access to equipment for an extended period.
The most important factor is choosing a forklift that suits the actual application. Lift capacity, lift height, aisle width, load type, operating surface and working hours must all be considered before equipment is supplied.
The Advantages of Hiring a Forklift
Greater flexibility
Hiring allows your business to respond quickly when circumstances change. Equipment can be arranged for a defined period without creating the same long-term commitment as purchasing.
This can be valuable for businesses with seasonal workloads, changing contracts or uncertain future requirements.
Reduced initial expenditure
Buying a forklift requires a significant upfront investment or a longer-term finance commitment. Hiring spreads the cost over the agreed hire period and can help preserve available capital for other areas of the business.
Maintenance support
Depending on the hire agreement, planned maintenance and repair support may be included. This makes ongoing costs easier to understand and reduces the responsibility of managing unexpected mechanical problems.
Always confirm exactly what is included before entering into a hire agreement.
Access to suitable equipment
Hiring may allow a business to use a more suitable forklift for a particular job rather than attempting to complete the work with existing equipment that is incorrectly specified.
Explore our forklift hire options or speak to our team about your operating requirements.
When Does Buying a Forklift Make More Sense?
Buying may be the stronger long-term option when a forklift is required regularly and the operating requirements are unlikely to change.
Ownership can provide greater control over the truck, its specification and how long it remains within the business.
Purchasing may be suitable when:
The forklift will be used consistently
Your operating requirements are well established
You want to own the equipment as a business asset
The truck requires a specific configuration
You plan to keep the forklift for several years
Your business can manage servicing and repair costs
The total ownership cost is lower than repeated hire
Businesses can choose between new and used equipment depending on their budget, expected usage and required specification.
The Advantages of Buying a Forklift
Long-term ownership
Once purchased, the forklift belongs to your business. There are no hire-return requirements, and the truck can remain available whenever it is needed.
Greater specification control
A purchased forklift can be selected or configured around your operation. This may include the mast, lift height, forks, attachments, cab, tyres, power type and safety equipment.
Potential long-term value
A well-maintained forklift retains a resale or trade-in value. The amount will depend on its age, condition, operating hours, specification and service history.
No fixed hire period
Ownership removes concerns about extending a hire agreement when a project lasts longer than expected. The forklift remains available for as long as the business requires it.
Explore our new counterbalance forklift ranges or view our current used forklifts for sale.
Should You Buy a New or Used Forklift?
If purchasing is the preferred option, the next decision is whether to choose a new or used truck.
A new forklift provides the opportunity to select equipment around your exact requirements. It may also include manufacturer warranty support and the latest improvements in efficiency, safety and operator comfort.
A used forklift generally requires a lower initial investment and may be available sooner. However, its condition, operating hours, service history and remaining working life must be assessed carefully.
A professionally inspected used forklift can offer excellent value, particularly when the expected operating hours are moderate. Businesses with demanding, multi-shift operations may benefit more from new equipment specified for the application.
The purchase price should never be the only consideration. A cheaper forklift that is poorly suited to the job could result in increased downtime, maintenance costs and reduced productivity.
Compare the Total Cost, Not Just the Monthly Payment
When comparing forklift hire with purchasing, consider the complete cost over the period you expect to use the equipment.
This may include:
Initial purchase price or hire charges
Finance costs
Planned servicing
Replacement parts
Breakdown repairs
LOLER Thorough Examinations
Insurance
Battery or fuel costs
Transport and delivery
Depreciation
Resale or trade-in value
A low purchase price does not always represent the lowest long-term cost. Equally, hiring equipment continuously for several years may cost more than purchasing a suitable truck.
Calculate the expected total cost based on realistic operating hours and maintenance requirements.
Questions to Ask Before Deciding
Before choosing between forklift hire and buying, consider the following:
How long will the forklift be required?
A temporary requirement may be better suited to hire. Regular use over several years could make purchasing more cost-effective.
How many hours will it operate?
High operating hours affect servicing requirements, energy use, tyre wear and the specification needed.
Will your requirements change?
If workload, lift height, load type or site layout may change, hire can offer greater flexibility.
Is specialist equipment required?
A forklift with an unusual lift height, attachment or configuration may need to be sourced or specified specifically for your operation.
Who will manage servicing and repairs?
Purchased forklifts require an effective maintenance plan. Some hire agreements include servicing and repair support, but the exact coverage must be confirmed.
What is your available budget?
Consider both the immediate cost and the total expected cost throughout the period of use.
Could a Combination of Hiring and Ownership Work?
Some businesses benefit from owning the forklifts needed for normal daily operations while hiring additional equipment during busy periods.
This provides the stability of permanent equipment with the flexibility to increase capacity when demand rises.
Temporary hire can also provide emergency replacement cover when an owned forklift breaks down, helping the operation continue while repairs are completed.
Get Advice Based on Your Operation
The decision to hire or buy should be based on how the forklift will actually be used—not simply the lowest advertised price.
Forklift Truck Depot Limited can help assess your required capacity, lift height, operating environment, workload and preferred budget. We support businesses throughout Barnsley, South Yorkshire and across the UK with forklift hire, new and used equipment, servicing, LOLER examinations and ongoing engineering support.
Contact our team to discuss your requirements and compare the most suitable options for your operation.
Need help deciding whether to hire or buy?
Tell us what you need, how the forklift will be used and how long it will be required. Our team will help you identify a practical, cost-effective solution.
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