While some warehouses use forklifts and other industrial trucks practically around the clock, other businesses may only need a forklift for a day or two. For these companies, the cost of renting a forklift may be preferable to purchasing one.
From “Wall Street” to “Ski School,” if films from the 1980s taught us anything, it’s that business is all about the bottom line. So, deciding between renting or purchasing a forklift comes down to the most economical decision.
Forklift cost: purchasing vs. renting
A variety of factors, such as type of forklift, lifting capacity and additional features or attachments, all combine to determine the cost of a forklift.
Purchasing a forklift cost
Electric forklifts are fueled by a powerful battery. These vehicles are typically used indoors because they are quieter than internal combustion (IC) forklifts and do not emit exhaust fumes (which also makes them more environmentally friendly). The cost of a new, standard-capacity electric forklift can range from $20,000 to $50,000, depending on its specifications.
Internal combustion (IC) forklifts are powered by diesel, gasoline, liquid propane fuel or compressed natural gas. They are typically operated outdoors on smooth, paved surfaces or indoors in well-ventilated areas. The cost of a new, standard-capacity IC forklift is like an electric forklift and can range from $20,000 to $45,000.
Rough terrain forklifts are IC vehicles designed to operate on uneven surfaces. They typically have at least two large pneumatic tires with thick treads to help maintain stability on uneven surfaces. They are almost always diesel-powered and have either a two- or four-wheel drive suspension. Rough terrain forklifts are typically more expensive, with prices ranging from $25,000 to $60,000 (and some specialty trucks can cost much, much more).
The smallest of these vehicles, pallet jacks and electric-powered reach trucks, are built for small spaces and narrow aisles. Depending on whether it’s manual or electric-powered and how much it can lift, the price of a pallet jack ranges from $400 (for a basic, manual model) to $2,500 (specialized machines can cost more). The purchase price of a standard reach truck can range between $10,000 to $40,000.
However, the initial purchase price is just one part of the equation. Owning a forklift comes with additional costs, including insurance and maintenance costs. Be sure to factor in these expenses when deciding whether to rent or buy.
Rent a forklift cost
Renting a forklift can help to offset the initial costs and long-term commitment of ownership. However, the final forklift lease price depends on several factors, including the type of forklift, the rental duration and where you are located.
Type of forklift
Forklift rental charges are directly impacted by the type of equipment you need. Smaller trucks cost significantly less than larger models. Renting a specialty or high-capacity forklift will cost even more. Other factors that impact price include load capacity, fuel type and attachments.
Length of rental
In general, forklifts are rented daily, weekly or monthly. So, anyone wondering how much to rent a forklift for a day will be pleased to discover that it’s less expensive than a weekly or monthly rental. However, while the cost to rent a forklift for a day may be the most cost-efficient option, someone who needs to rent a forklift for three days may find that it makes more sense to rent it for the week. That’s because the average daily cost of forklift rental decreases as the lease length increases. In addition, a longer rental may also have perks included in the contract, such as maintenance packages and equipment upgrades, that aren’t part of a short-term lease.
Demand
When forklifts are in high demand (such as during peak seasons) or in low supply, the cost of renting a forklift is also likely to be higher. Also, rental costs can vary depending on the region. For example, congested areas with a high demand for forklifts may have higher rental rates compared to areas with less demand.
Renting a forklift cost
While prices vary by region, these are estimated price ranges for some of the most popular forklift rentals.
Electric forklift lease price
These forklifts are powered by electric motors and they utilize cushion tires suited for flat, indoor surfaces.
Load capacity: 3,000 to 4,000 lbs.
- $190-$360 per day.
- $450-$700 per week.
- $1,125-$1,650 per month.
Load capacity: 5,000 to 6,000 lbs.
- $225-$400 per day.
- $500-$800 per week.
- $1,350-$1,850 per month.
Load capacity: 7,000 to 10,000 lbs.
- $300-$450 per day.
- $650-$950 per week.
- $1,650-$2,300 per month.
Internal combustion engine (ICE) forklift lease price
These machines are powered by diesel, gasoline, propane or compressed natural gas and typically operate outdoors or in well-ventilated indoor spaces.
Load capacity: 3,000 to 5,000 lbs.
- $200-$350 per day.
- $450-$650 per week.
- $1,000-$1,500 per month.
Load capacity: 6,000 to 8,000 lbs.
- $280-$450 per day.
- $500-$750 per week.
- $1,250-$1,800 per month.
Load capacity: 10,000 lbs.
- $320-$525 per day.
- $550-$825 per week.
- $1,600-$2,000 per month.
Load capacity: 12,000 to 15,500 lbs.
- $400-$550 per day.
- $850-$1,100 per week.
- $2,400-$2,700 per month.
Load capacity: 16,000 to 21,500 lbs.
- $300-$700 per day.
- $850-$1,200 per week.
- $2,500-$3,000 per month.
Load capacity: 22,000 to 36,000 lbs.
- $750-$900 per day.
- $1,700-$1,900 per week.
- $4,800-$5,500 per month.
Electric-powered pallet truck lease price
Pallet jacks are one of the most rented industrial machines.
Load capacity: 4,500 lbs.
- $60-$130 per day.
- $150-$325 per week.
- $450-$800 per month.
Load capacity: 6,000 to 8,000 lbs.
- $80-$150 per day.
- $200-$375 per week.
- $650-$950 per month.
Reach truck lease price
A reach truck’s rental price is based on lift height because they all have the same load capacity.
Lift height to 258 feet
- $200-$280 per day.
- $450-$550 per week.
- $1,300-$1,550 per month.
Lift height greater than 258 feet
- $230-$300 per day.
- $450-$600 per week.
- $1,500-$1,800 per month.
How much is a forklift rental? Additional costs
The final cost of renting a forklift includes more than just the daily, weekly or monthly forklift lease price. There are frequently additional factors that contribute to the ultimate expense.
Taxes and additional fees
Some taxes and fees that may be applied to the rental cost include local sales tax, environmental fees and administrative charges.
Delivery and pickup fees
Forklift rental companies often charge fees for delivering to and picking up from a job site. These fees can range from $50 to $200, depending on distance and logistical complexities. Always ask about delivery fees early so there are no transportation-related surprises when it’s time to sign the contract.
Insurance
Many rental agreements require renters to have insurance coverage for the forklift. This insurance protects against damage, theft and liability. The cost of insurance can vary, but it typically ranges from $10 to $30 per day.
Fuel and charging costs
If you’re renting an indoor forklift, the battery and charger are typically included in the forklift lease price. So, the only extra costs may be to your electricity bill.
However, for IC forklifts, renters must consider the cost of fuel, whether it is diesel, gasoline, propane or compressed natural gas (often, the machine is delivered with a full tank and expected to be returned with a full tank). For propane-fueled forklifts, ask your rental facility if the tank is included and if it is your responsibility to refill it.
Maintenance and repairs
While rental companies maintain the equipment at their facilities, renters may be responsible for routine maintenance and minor repairs during the rental period. This can include checking fluid levels, replacing tires and addressing minor mechanical issues.
End-of-lease options
At the end of the lease term, your business may have the option to purchase the forklift at a predetermined price. While this may be a welcome additional cost, it also requires budgeting and planning.
Once you understand the true cost of renting a forklift, you can make the best decision for your business, budget and operational needs. Just know that Texas Motive Solutions is ready to assist with your power requirements. We provide the best forklift batteries and accessories for your operation—we even have used chargers and batteries, which are perfect for those rental trucks.
To help you find your perfect power solution, we provide a complimentary non-invasive Power Study so you can discover:
- The power requirements your operation truly needs.
- How to improve operational efficiencies for optimal battery utilization.
- What type of forklift batteries and chargers would work best in your application.
- How to best optimize the performance of your forklift fleet to prolong battery life and ensure warranty coverage.
So, whether you rent or own, give us a call to discover how our complimentary forklift fleet performance analysis can get the best performance from your forklift fleet. Please reach out to (888) 316-2459 or fill out this form and learn about our services to discover everything that we can do for you.
