There are four main ways to get a forklift on your site: buy it, finance it, hire it for a while, or take it on contract hire. None of them is the right answer for everyone. It depends on how much you use the truck, for how long, and how you like to pay.
Here’s how they compare.
The options at a glance
| Buy outright | Finance | Short-term hire | Contract hire | |
|---|---|---|---|---|
| You own it | Yes, from day one | With hire or lease purchase, at the end | No | No |
| How you pay | One payment up front | Regular payments over a fixed term | For as long as you have it | One fixed monthly fee |
| Servicing and breakdowns | Your responsibility | Usually your responsibility | Ask what’s included | Can all be included |
| Best for | Steady, long-term use | Steady use, without the big outlay | Peaks, projects, covering a breakdown | Predictable costs over several years |
Buying outright
You pay once and the truck is yours. It suits businesses that use a forklift every day, plan to keep it for years, and have the cash to spare.
Remember to budget for servicing, repairs, tyres and periodic thorough examinations over the life of the truck. A used or refurbished truck lowers the upfront cost, and part exchanging your old truck can bring it down further.
Finance
Finance spreads the cost so the truck can earn its keep while you pay for it.
- Hire purchase or lease purchase: fixed payments over a term, and you own the truck at the end.
- Finance lease: you use the truck for a fixed period for regular payments, without buying it outright.
It suits businesses that want the right truck now without a large outlay.
Short-term hire
You have the truck for as long as you need it. It’s ideal for seasonal peaks, a one-off project, a new contract you’re not sure will last, or covering while your own truck is off the road.
Hire costs more per week than owning, but you’re not paying for a machine that sits idle for the rest of the year.
Contract hire
A longer agreement with a single, fixed monthly fee. Full service and breakdown cover, parts and labour, can all be included, so you know exactly what your trucks cost each month.
It suits businesses that want predictable costs and someone else to worry about keeping the trucks running.
Five questions that decide it
- How many hours a week will the truck work? Heavy, daily use tends to favour owning or contract hire.
- How long will you need it? Weeks or months points to hire. Years points to buying, finance or contract hire.
- Do you want to own it at the end? If yes, buy outright or use hire or lease purchase.
- Do you want servicing in the monthly cost? If yes, look at contract hire.
- Is your workload steady or seasonal? A steady core fleet plus short-term hire for peaks is a common answer.
Not sure?
Tell us how you use your trucks, and we’ll set out the options side by side, with prices plus VAT. #JustAsk
This guide is general information. Finance is subject to status and terms, which we’ll explain before you commit.