Getting Forklift on Lease? Here’s How to Calculate Best Rental Duration
Considering how long you should rent your forklift can be tricky, especially if it’s your first time getting a forklift on lease. While selecting a longer duration can benefit you in the long run, short-term rentals can be just as good of a decision.
To make it easier to calculate the ideal rental duration for your forklift, we have curated top factors to make your job easier and save more time.
Number of Hours to be Utilized
The simplest way to determine how long to lease a forklift is by going through the utilization hours. Think of how many hours you would utilize on an annual basis, you can then calculate weekly hours to get an exact number. Based on this, you can get a rough estimate regarding rental duration.
On average, the total utilization hours in a lease wouldn’t exceed 3,000 hours. If you feel you would need more hours, get them included by asking your leasing company. Though, keep in mind that it would also add up to your monthly rental costs.
The rate of overtime is also something you should consider. Always ask your rental provider on how the overtime rate is measured and how it will impact your overall fees.
Rental Costs
Rental costs also play an important role in determining the duration of your rental. In most cases, the rental amount becomes lesser as the duration of rental contract increases.
If saving costs is your prime concern then opting for long-term rentals is the way to go. A duration of 2 or 3 years, for instance, can be the perfect sweet spot. Make sure you get the most of your forklift during the rental period to take advantage of your cost benefit.
Client Contract Duration
In case if you’re renting a forklift for an upcoming client or existing one that will utilize your forklift extensively, checking with their contract date is recommended. It will give you a better idea on how long you should lease.
This will also eliminate any risk of loss common in businesses such as an abrupt end of contract.
Uptime Percentage
A forklift uptime is nothing but the forklift’s ability to stay running in the most reliable condition without breakdowns. Based on your requirements, choosing between higher or lower uptime will let you determine the ideal rental duration.
If your work demands higher uptime from the forklifts, picking a shorter lease duration would be ideal since it will enhance your forklift’s reliability while keeping the hours low.
Fuel Options
Forklifts come in many types of fuel options such as Electric, LPG, and Diesel each with their pros and cons. Fuel options will definitely impact the duration of your lease term so you might want to consider the right one based on the load specifications and nature of work.
For instance, electric forklifts, due to being more efficient, will help you extend your lease term without worrying about costs. Compared to that, others would not necessarily last longer beyond your lease term.
Well, there you have it. Some of the top considering factors to help you best calculate the ideal rental period for your forklift. Make sure you give them a go before renting your preferred fleet of forklifts. If you need the top-performance forklift on lease, we at GEAR India have you covered.
We help businesses with forklift rentals for all types of needs big and small. Get in touch with us and we will help you hire industry-grade forklifts at affordable rates.
