Happy New Year and welcome back to the OEA blog — we hope you are continuing to enjoy our content!
We ended the year with blogs that focused on attachments, their effect on forklift capacity and what attachments we like to use on forklifts. We want to start this year by exploring the acquisition of these common and often necessary pieces of equipment.
You Can Rent Attachments?
According to Statista, the equipment rental industry was a $48.5 billion industry in 2020 and is expected to grow almost $10 billion in 2022. IBIS World specifies over $4 billion of this total will be for attachments and tools for equipment. So, while renting equipment is the bigger business, there is still a sizable market for the rental of attachments. As a manufacturer of industrial vehicle forks and attachments, we want to focus on that for this blog.
Reasons To Rent?
Finances – Often, one of the most important factors in the decision to rent or buy is the financial differences. The purchase price of some attachments compared to the potential usage of the attachment can make it less reasonable to purchase. If a set of long length forks is only needed once a year, renting might be the most cost-effective option.
Other Costs – Being able to avoid repair and maintenance costs is a big money saver for renters vs. buyers. Transportation and storage costs are also expenses that some renters can avoid.
Versatility – Investing in pieces of heavy machinery like forklifts, wheel loaders and skid steers can be a huge commitment. As we highlighted in our Attachment Awareness series, there are so many options that can move goods faster and safer than just one standard set of forks. The ability to rent attachments gives almost endless possibilities of ways to use your equipment.
Availability – Many rental stores usually have multiple well-stocked locations in their network, and are usually able to provide what you are looking for quicky. When you run into issues or new needs in a project, renting can help fill those needs quickly without having to wait on production time associated with a new attachment, especially with the Supply Chain issues many companies are facing.
When Should You Buy?
The biggest reason to consider buying an attachment is if it will fall under the 80/20 rule according to Case. If an attachment will be used in at least 80% of core business, buying will be the better investment long-term. If an attachment can provide legitimate opportunities to expand and grow an offering and business, it may be a good idea to invest in the attachment initially. When you work with a manufacturer like OE Attachments, your attachment is built to your specifications — you get exactly what you need without any additional modifications. Even if there are no set-in-stone growth opportunities, the added efficiency and versatility the attachment can offer for future endeavors should still be considered.
While we can’t decide for you or your customers, we hope the information we provided can help you make an informed decision. We know business is important — happy customers bring more business and having the knowledge and expertise to help them grow can strengthen your relationship.
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