Forklift Leasing Rates 2022 [Short & Long Term Cost]
Forklifts are reliable and flexible equipment that make them essential for a range of tasks. However, many choose to rent forklifts due to the expensive upfront costs of buying and maintaining one.
Typically, forklift leasing costs can start as low as $295.00 per month and can get as high as $1,940.00. However, the actual price per month will depend on the lifting capacity and the forklift brand.
Various kinds of forklifts can perform specific tasks and have a more excellent weight-lifting capability, such as extended counterweight forklifts. Because of the variations, the leasing price of the forklifts will vary based on the model you hire.
Here is a breakdown of the leasing costs for the various kinds of forklifts. Let’s get started.
Warehouse Forklifts Leasing Rates
As the name suggests, they are used to move goods in warehouses across short distances. One of the stages to establish a warehouse plan is to ensure that the aisles are at least 12 feet large to accommodate these specialized forklifts.
Here are the leasing rates for warehouse forklifts equipped with cushion tires:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 5,000 - 6,000 lbs | $295.00 |
| 8,000 - 10,000 lbs | $530.00 |
| 15,000 - 25,000 lbs | $780.00 |
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Here are the leasing rates for quad mast warehouse forklifts equipped with cushion tires:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 5,000 lbs | $285.00 |
| 6,000 lbs | $350.00 |
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Here are the leasing rates for warehouse forklifts equipped with pneumatic tires:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 5,000 - 8,000 lbs | 5,000 - 8,000 lbs |
| 10,000 - 15,000 lbs | $525.00 |
| 20,000 - 25,000 lbs | $1,940.00 |
Here are the leasing rates for quad mast warehouse forklifts equipped with pneumatic tires:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 5,000 lbs | $305.00 |
| 6,000 lbs | $332.50 |
Contractors’ equipment insurance usually hires forklift trucks with a lifting capability of 15,000 pounds or more for specific businesses. Lifting capabilities of 12,000 and under are not necessary for insurance, although, in the event of an accident, it is advisable to take extra caution.
Reach Forklift Leasing Rates
A reach forklift — also known as a telescopic or telehandler forklift — is a crane and forklift combination. It is equipped with an extensible arm with twin prongs to move things off the ground. These devices help travel and reach small places and uncomfortable angles.
The rents of telescopic forklifts are priced according to their capacity and reach to lift. Here’s a breakdown of daily leasing rates:
| Lifting CapacityReach | Reach | Average Monthly Leasing Cost |
|---|---|---|
| 5,000 - 6,000 lbs | 19 - 36 ft. | $515.00 |
| 6,000 - 8,000 lbs | 42 ft. | $595.00 |
| 9,000 - 10,000 lbs | 42 - 45 ft. | $860.00 |
| 10,000 - 12,000 lbs | 55 ft. | $1,135.00 |
| 15,000 - 20,000 lbs | 65 ft. | $2,500.00 |
Some landlords won’t need you to provide a contractors’ insurance of 5,000 to 6,000 pounds. However, before leasing, weight restrictions over 6,000 need insurance.
Rough Terrain Forklift Leasing Rates
Rough forklifts are like harsher forklifts in the warehouse. They consist of a strengthened cage, a pneumatic pump, and a compact design in rough areas. Due to their robust design, these forklifts are ideal for outdoor work.
Here are the leasing rates for rough terrain forklifts:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 6,000 lbs | $400.00 |
| 8,000 lbs | $437.50 |
Typically, no insurance is required to hire a rough terrain forklift, although you may need it from other businesses so stay updated from time to time..
Industrial Forklift Leasing Rates
The finest features of warehouse forklifts and telehandlers are used by industrial forklifts. This kind of forklift is used to lift large items using hydraulic levers. While they are ideal for specific tasks, the way a telehandler can’t reach odd angles.
Here are the leasing rates for industrial forklifts equipped with cushion tires:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 50,000 - 70,000 lbs | $2,200.00 |
| 80,000 - 100,000 lbs | $2,750.00 |
Here are the leasing rates for industrial forklifts equipped with pneumatic tires:
| Lifting Capacity | Average Monthly Leasing Cost |
|---|---|
| 30,000 - 36,000 lbs | $1,200.00 |
| 40,000 - 60,000 lbs | $1,815.00 |
| 80,000 - 100,000 lbs | $2,150.00 |
It is worth noting that contractor equipment insurance is needed when renting an industrial forklift.
Pallet Jacks Leasing Rates
Pallet jacks can lift heavy weights and fit tightly. Sometimes referred to as pump jacks, the pallet jacks need prior force to be pumped up, while electronic pallet jackets utilize a button and runoff from a power source.
Here are the leasing rates for the two types of pallet jacks (manual and electric):
For some businesses, insurance is not necessary to rent a pallet jack but check with your provider if you need one. Similarly, some training is also needed to understand how to operate a pallet jack correctly.
Walkie Stacker Forklift Leasing Rates
Walkie stackers are a new kind of forklift intended to move and guide the operator behind the truck. It eliminates the need for cabins to achieve accessibility in tight aisles. You may not require insurance or a license to rent these compared to other types of forklifts, but always ask who you are to rent whether one is needed.
Here is the leasing rate for walkie stacker forklifts:
| Type | Average Monthly Leasing Cost |
|---|---|
| Walkie Stacker Forklift | $245.00 |
Factors Affecting the Leasing Rates of Forklifts
There is no standard pricing to hire a forklift as it stands. Instead, the varied costs reflect the different elements of renting a forklift, which is:
- Equipment Type – Various kinds of forklifts are charged different leasing rates. For example, pallet jacks are less costly to hire than forklift handlers. Depending on the kind, additional costs, such as transport and environmental charges, may also be affected.
- Leasing Duration – The longer a project requires heavy equipment, the more it costs.
- Leasing business – The company from whom you rent may influence the forklift leasing pricing. There are various businesses across the nation, and they all have distinct cost calculation techniques. Some businesses supply leasing equipment from various places to offer you the most delicate quality equipment at the best prices.
- Working Area – Your project address will significantly influence the pricing. Your location may also influence the business with which you work. Not all businesses work in the same field. In remote areas, there can only be one business from whom you may rent. You will have to do a little research if you search for the most excellent price to rent a forklift.
When a forklift is rented, additional costs include delivery, pick up, and environmental changes. However, the kind of equipment you get and the location of your work will influence them.
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Forklift Lease Types
While leasing is cheaper than buying, it still will be a considerable investment. As such, it should be thought over carefully.
Basically, there are several different types of forklift leasing options, including:
Fair Market Value Forklift Lease
Also referred to as the residual lease or operating lease, a fair market lease generally will have monthly payments.
However, if you plan to keep the equipment at the end of the lease, you must pay its fair market value. As such, it may turn out to be more expensive in the long run.
Full-Service Forklift Lease
This one works somewhat like a long-term rental in that you make a monthly payment, but the forklift provider is responsible for reliability and repairs. The monthly lease payments with this option will be relatively higher than they are with the fair market lease option.
Full Payout Forklift Lease
This option is meant for business owners who would like to own the equipment at the end of the lease period. This lease option is commonly referred to as the dollar buyout lease or capital lease owing to its nature.
Since you will only be required a small amount, often a dollar, to own the equipment at the end of the lease period, this option attracts higher monthly payments.
Regardless of the lease option you opt for, the monthly payments you will be required to make will mainly depend on the lease period.
Basically, the monthly payment is typically reduced as you lengthen the duration of the lease. Consider a longer lease if it is important to keep the payment as low as possible.
Make sure to extend it past the point where the benefits of a smaller payment are canceled out by increased costs for maintenance.
Tips on Leasing a Forklift
If you are aware of the need for a forklift, the leasing procedures are pretty simple:
- Choose the appropriate lift type – Make sure you know what lift can accomplish. A pallet jack won’t perform the same function as a warehouse forklift. To find out the one you need, you need to find out the items you will transport.
- Determine the capacity of weight – Identify the total weight of the items to be lifted. If the calculation is incorrect, you may risk the safety of everyone and damage the forklift.
- Determine lift height – The prongs must be able to achieve the necessary height on the forklift. Just like weight, be as precise as possible.
- Determine the surface of the ground – Will your forklift be in the wooden yard or warehouse? As flexible as a forklift is, not all of them will work the same thing. Make sure to choose one that works in the working area.
- Shop around – Varying businesses have different equipment costs. Don’t be scared to search around and locate the business you need to suit your budget on the forklift.
- Price negotiation – Not all businesses have locked up and inserted their pricing. See if you can negotiate a leasing bargain. And don’t be scared to ask if you rent for more time for a reduced cost.
- Sign the documents — Once you have chosen the right business with the right forklift and negotiated the price for all the parties, it is high time to sign the documents.
These are the latest forklift leasing rates in the current year. Do not hesitate to inquire if you have any concerns regarding the leasing agreement or any other element of the renting procedure.
After all, any business would want the process to be as seamless as possible. That’s the point of renting a forklift. If you want to know more about forklifts and their functions, check out our resources here.
Ready to Lease a Forklift?
Would you rather pay affordable monthly installments for a forklift and end up owning it eventually? Well, consider getting a manageable lease from a trusted forklift provider like Toyota.
As you have learned throughout this guide, the cost of leasing a forklift will depend on such aspects as the unit buying price, depreciation, and your credit rating.
With this guide, you will not end up paying hidden costs in your forklift rental agreement.
