Forklifts are incredible tools that streamline industrial operations during material handling or warehousing. Whether you need to transfer heavy loads or improve inventory management, these machines facilitate your specific needs.
However, purchasing these load trucks might not be feasible because of their high upfront costs and related expenses. In this aspect, forklift rental offers a cost-effective solution that helps businesses streamline their operations while reducing labour work. But how much will it cost you? In this blog, we’ll discuss various factors that affect the pricing of leasing lift trucks.
What is the Cost of Renting a Forklift for Your Business?
Forklift rental prices can range from $100 to as high as $3000. Multiple factors impact leasing costs, including rental duration, capacity, load truck type, special attachments and other specifications. Location of renting and transportation costs can also influence the overall rental costs.
Let’s comprehensively overview the main factors that can affect forklift rental costs.
Duration of Rental Period
One of the main components that can influence the renting cost of a forklift is the length of the rental period. Leasing companies typically provide forklift rentals on a daily, weekly, or monthly basis.
The overall cost relies on the timeline you opt for.
Longer rental periods usually come with discounted rates compared to shorter-term rentals. For instance, renting the lift truck for a month offers the best value, with higher cost savings than daily or weekly rentals.
Therefore, it’s essential to evaluate your projected usage and select the length of the rental accordingly while keeping costs in check.
Types
Different forklift types are designed for varying uses. For example, you may deploy eco-friendly electric forklift trucks to undergo indoor operations. Due to battery and electric motor technology, they have high upfront costs, which are factored into the rental rate.
Moreover, if you want reliable equipment for cargo-related tasks, you can use a counterbalance LPG forklift to carry out loading, stacking, and other indoor and outdoor functions. These are powered by internal combustion engines and are generally available at lower rental rates.
However, other factors, such as rental duration, load capacity, equipment availability, and any additional services or features included in the rental agreement, can also influence the overall cost.
Carrying Capacity
Additionally, forklifts vary in their lifting capacities, which significantly impacts the rental costs. For example, low-capacity truck lifts can lift around 3000 to 5000 lbs. and are affordable to rent. It might cost $150 – $200/day for standard sit-down riders.
A medium-load capacity forklift will cost between $200 – $450/day and can handle between 6000 to 10000 lbs. Likewise, the daily rental rate for heavy-duty forklifts with a load-lifting capacity of 10,000 to 30,000 lbs. is around $450 – $2000/day.
However, choosing the right forklift according to your load requirements is important for the safety and well-being of operators and everyone around. Otherwise, these powered industrial trucks cause 34,900 injuries every year.
Geographical Location
The cost of renting forklifts also depends on the location within your country. For example, the pricing of forklift rental differs in Ontario and other states of Canada. Prices vary based on a specific province or territory, the city or region and local market conditions. It’s important to consider these location-specific factors.
One good way is to get quotes from multiple floating service providers in the area. However, remember that cheaper isn’t always better. You must consider the reputation of the rental company and the quality of the forklifts before making a choice.
Transportation and Delivery
Another aspect to consider is transporting the forklift to your location. Rental companies typically charge for delivery and pickup services, which can vary based on distance and logistics. Opting to pick up the forklift yourself may offer cost savings, but it’s essential to assess whether your business has the means to transport the equipment safely.
Conclusion
In short, a forklift rental provides flexibility in performing industrial operations. It allows you to leverage innovative technology without the hefty investment associated with purchasing. By evaluating the above-discussed factors, you can make an informed decision to rent appropriate truck lifts accordingly.
If you are ready to take your logistics game to another level, connect with Solid Hook. We are a leading provider of reliable equipment rentals to streamline your project needs. By leveraging our flexible options, you can meet your rental requirements. So, why wait? Get in touch with us to get a free quote.
