Forklifts, also known as lift trucks, are costly yet vital equipment in every warehouse nowadays. A forklift purchased outright would cost about $30,000 or more. It is why a significant number of forklifts are rented or financed.
The cost of renting a forklift varies considerably across rental companies. Its capacity, age and features mostly determine how much does it cost to rent a forklift and the rental agreement.
In this article, you will understand more about the advantages of renting a forklift and the different rental pricing and the factors that affect them significantly.
Benefits of Renting vs. Buying
Individuals often face the choice of renting or purchasing a forklift. While buying heavy construction equipment may seem to be the better option, renting offers several benefits.
If you purchase one, you handle it until it fails or you sell it. If you rent, you are always guaranteed the most current models. Likewise, not all forklifts are equal. However, renting a forklift guarantees that you have access to the specialist equipment you always need.
Forklifts Rentals
Renting may be the ideal choice if you need a forklift temporarily. The initial cost will be lower. In addition, you will not have to worry about maintaining the equipment yourself since most equipment supply companies will take care of it for you.
Another advantage of forklift rentals is that you may use innovative technology and equipment if your provider has them available. If this is a crucial component of your company, renting equipment may be a more cost-effective alternative.
Forklift Rental Prices
Renting a forklift has an average cost of between $225 and $7,325 per day. The capacity of your industrial forklift will influence a significant part of the cost of forklift rental agreement. Keeping the factors fixed, the cost of renting one will vary according to its capacity and length of rental.
Low Capacity Forklifts (3,000 to 5,000 lbs.)
Today’s smallest forklifts can lift between 3,000 and 5,000 pounds. As a result, these forklifts often compete for the lowest forklift rental prices. Daily rental rates for such a machine range between $250 and $360 per day.
The major rental firms will charge between $750 and $1,000 a month for such a forklift. Thus, they are the least expensive to rent. Renting sit-down electric forklifts costs about $160 per day. On the other side, the stand-up electric forklifts are available for rental starting at $150 per day.
Medium Capacity Forklifts (6,000 to 10,000 lbs.)
A dependable medium-capacity forklift will cost between $350 and $700 a week to rent. It can handle between 6,000 and 10,000 pounds.
If you choose monthly rental options, you will pay between $1,000 and $2,000 each month to the major suppliers. Daily rental options are also available from some of the top forklift rental companies. The medium capacity sit-down forklifts rent between $150 and $300 per day and between $400 and $600 per week.
Large Capacity Forklifts (10,000 to 30,000 lbs.)
The machines in this series are among the biggest forklifts available today. As a result, the rental prices for the different brands and models within the range are greater. Daily rental rates for these devices are between $200 and $700 per day.
Most companies charge between $500 and $2,000 for weekly rental options. Monthly forklift rental plans typically cost between $1,500 and $4,500 per month.
Four Factors Affecting Forklift Rental Prices
At the moment, there is no standard rate for renting a forklift. The varied pricing represents the many factors that contribute to the rental cost of a forklift. The five factors that influence the rental cost of a forklift are as follows:
Equipment Type
Renting various kinds of forklifts is priced differently. Pallet jacks, for example, are less costly to hire than telehandler forklifts. Depending on the kind, additional costs such as transportation and environmental costs may apply.
Length of Rent
The longer heavy equipment is required on a job, the more expensive it will be.
Rental Company
The company from whom you hire a forklift may affect the rental price. Many companies are located across the nation, and each has a unique way of determining the cost.
Location
The location of your project has a significant impact on the cost. Your location may also affect the company with whom you will be working. Not all companies operate in the same geographic regions. In remote areas, there may be just one company from whom you may rent. If you’re searching for the greatest price on a forklift rental, you’ll need to do some research.
Forklift Rental Cost Factors
When hiring a forklift, there are many extra costs to consider. The following section covers additional costs connected with renting this piece of equipment.
Delivery and Pickup Costs
Suppose you are renting a forklift from a contractor located outside of your area. In that case, you need a budget for transportation costs as well. It is because the forklift must be delivered from the company’s location to your warehouse.
The cost of transportation for a forklift is mainly determined by its size and the distance it must go. Some of the industry’s largest rental firms charge about $115 for deliveries within their specified delivery radius.
Fuel Costs
While some companies include a gasoline tank in the rental fee, you will refill it if it runs out. Forklifts operate on various fuel types, including diesel, gasoline, and liquefied petroleum gas (LPG).
Fuel expenses are partially determined by the fuel used in your rental property. On average, budget about $3 per gallon of gasoline used by the forklift while it is in your care.
Operator Cost
Most of the top forklift rental companies provide certified operators with their forklifts. Therefore, the rental price will include the operator’s charge. If, however, such an operator works overtime, you will compensate him or her appropriately.
When working hours surpass the operator’s shift schedule, expect to pay an overtime charge of between $5 and $30 per hour. Suppose the company cannot supply an operator to operate the forklift. In that case, a trained operator will typically charge between $15 and $20 per hour. It would be about $20 an hour for a forklift operator with extensive expertise.
Not sure yet what forklift to rent? Please consult with our experts. Watts Equipment Co. Inc. has been in the business long enough to provide quality forklift products and trusted maintenance services. Contact us today and be guided on what to do next in renting our heavy-duty forklifts.