If you've been asking yourself "should I hire or buy a forklift", you're not alone. It's one of the most common questions warehouse managers, logistics directors, and business owners across the UK face and the answer isn't one-size-fits-all. The right choice depends on how often you use a forklift, how your business is growing, and what matters most to you: long-term value, financial flexibility, or access to the latest technology.
In this guide, we'll walk you through the key factors that separate hiring from buying, look at the real costs involved, and help you make a decision that's right for your operation.
What's the Difference Between Hiring and Buying a Forklift?
Before diving into costs and calculations, it helps to understand the three main ways UK businesses typically acquire forklifts:
Buying outright means a one-off capital purchase. You own the machine, add it to your balance sheet as an asset, and are fully responsible for its maintenance, compliance, and eventual disposal.
Short-term hire (also called rental) means renting a forklift for days, weeks, or a few months. Maintenance is typically included. You return the machine when the job is done.
Long-term hire or lease sits between the two. You commit to a period of usually one to five years, benefiting from lower monthly costs than short-term rental, without the upfront capital outlay of a purchase. Service packages can often be bundled in.
Should I Hire or Buy a Forklift? The Key Questions to Ask First
How many hours per year will the forklift be used?
This is the single most important variable. Buying is generally considered the best option for businesses with stable, high-volume operations running 1,500 or more hours per year with a healthy cash reserve. If your forklift will sit idle for weeks at a time, you're paying to store and maintain an asset you're barely using.
Is your workload seasonal or steady?
Seasonal businesses those tied to retail cycles, harvest periods, or construction project timelines face a fundamental problem with ownership. Buying enough equipment to cover peak demand means carrying idle capacity through every quieter period. The trucks still depreciate, still require storage, and still need periodic servicing even when they're not running. For those businesses, hire gives you capacity that tracks actual demand.
Do you have the capital to buy outright?
A new counterbalance forklift from a reputable manufacturer typically costs between £20,000 and £50,000, depending on specification. For businesses purchasing multiple units, that's a significant sum tied up in depreciating assets. If that capital could be deployed more productively elsewhere in the business, hire may free up room to do so.
How fast is forklift technology changing in your sector?
Forklift technology moves faster than it used to. Lithium-ion battery systems, integrated telematics, improved ergonomic designs, and advanced safety features are all developments of the last decade that make older machines look increasingly dated. An owned fleet ages its technology reflects the year of purchase, not the current state of the market. At iLift, we've seen significant operational improvements for businesses that moved to modern lithium-ion EP forklifts, particularly around charging flexibility, reduced downtime, and lower total running costs.
The Real Costs: Hiring vs Buying a Forklift in 2026
Understanding the true cost of each option goes well beyond the headline figures.
Cost of buying a forklift
The purchase price is only the beginning. Annual maintenance and ownership costs typically run from £1,500 to upwards of £7,000 per forklift, per year, depending on fuel type, usage intensity, and the age of the machine. You'll also need to account for LOLER and PUWER thorough examinations, operator training, and eventual depreciation.
Electric forklifts typically have lower maintenance costs than diesel and gas models due to fewer moving parts. This is one reason lithium-ion electric forklifts like the EP EFL Series available at iLift are increasingly the preferred long-term purchase for businesses who do buy outright. Lower servicing costs, no fuel bills, and a significantly reduced total cost of ownership (TCO) over the machine's lifespan make them compelling.
iLift's EP forklifts also come with a 5-year battery warranty included as standard, which removes one of the most common financial unknowns for buyers.
Cost of hiring a forklift
The average short-term hire cost in the UK is around £100 per day or £160–£190 per week for a standard model. A 12-month rental averages around £3,000 just over £55 per week.
For longer commitments, a £15,000 electric forklift on a 3-year lease typically costs around £320–£380 per month. A heavier model on a 5-year arrangement generally runs £450–£550 per month, with maintenance, tyres, and safety inspections often included in fully maintained packages.
The key trade-off is this: over a forklift's lifespan, buying outright is the lowest total cost option but it requires the upfront capital, the operational stability to justify it, and the internal resources to manage maintenance and compliance.
What About LOLER and PUWER Compliance?
This is an area most hire vs buy articles gloss over and it genuinely matters.
Whether you hire or own a forklift, UK law requires compliance with two sets of regulations:
LOLER (Lifting Operations and Lifting Equipment Regulations 1998) governs the safe use of all lifting equipment, including forklifts. All lifting operations must be properly planned by a competent person, appropriately supervised, and carried out in a safe manner. All equipment used for lifting must be fit for purpose, suitably marked, and in most cases subject to statutory periodic thorough examination. For forklifts, this examination is required every six months.
PUWER (Provision and Use of Work Equipment Regulations 1998) runs alongside LOLER and requires that forklifts meet safety standards, are fit for purpose, kept in good repair via a maintenance log, and that operators are adequately trained.
The important compliance point for hire: confusion about who actually holds LOLER duties is the single most common reason compliance failures turn up in audits. LOLER places duties on people and companies who own, operate, or have control over lifting equipment including all businesses whose employees use lifting equipment, whether owned by them or not. Hiring a forklift does not transfer your compliance responsibilities to the hire company. You remain a duty holder on site.
When you buy a forklift from iLift, our service and maintenance packages are designed to keep you fully compliant with scheduled thorough examinations, certified technician support, and comprehensive service records, so you never have to worry about where your compliance paperwork stands. Find out more on our service and maintenance page.
Hire vs Buy: A Quick Comparison
|
Short-term hire |
Long-term hire/lease |
Buy outright |
|
|
Upfront cost |
Very low |
Low |
High |
|
Monthly cost |
High (per day/week) |
Medium (fixed) |
Low (once paid) |
|
Maintenance responsibility |
Hire company |
Often included |
You |
|
Ownership / asset value |
No |
No |
Yes |
|
Technology flexibility |
High |
Medium |
Low |
|
Best for |
Seasonal peaks, project use |
Growing businesses, cash flow management |
High-usage, stable operations |
When Buying a Forklift Makes the Most Sense
Purchasing outright is likely the right call if:
-
Your forklift will run at high utilisation typically over 1,500 hours per year
-
You have available capital and want to avoid ongoing monthly commitments
-
You want the machine as a balance sheet asset with resale value
-
You have the internal infrastructure to manage servicing and compliance
-
You're committed to a long-term operational model that won't change significantly
iLift's range of EP electric forklifts starts from £13,250 exc. VAT and includes a battery, full pre-delivery inspection, and a 5-year battery warranty making the total cost of ownership highly competitive against diesel alternatives over the machine's working life.
When Hiring a Forklift Makes the Most Sense
Hire is likely the smarter choice if:
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You need a forklift for a short-term project or seasonal peak
-
You want to preserve capital for other areas of the business
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Your operational requirements are likely to change in the next two to three years
-
You want access to the latest equipment without worrying about depreciation
-
You prefer predictable monthly costs with maintenance bundled in
iLift offers flexible short and long-term rental options on EP lithium-ion equipment with no hidden fees, fast booking, and a team on hand to help you select the right truck for your application.
FAQ: Should I Hire or Buy a Forklift?
Is it cheaper to hire or buy a forklift in the long run?
Over the full lifespan of a well-maintained machine, buying outright is typically the lower total cost option. However, hire wins on cash flow, flexibility, and avoiding unexpected repair costs particularly for businesses that don't use a forklift intensively every day.
Does hiring a forklift mean I don't need to worry about LOLER?
No. LOLER compliance obligations sit with whoever controls the lifting equipment on site, whether hired or owned. You remain responsible for ensuring thorough examinations are conducted, operators are trained, and lifting operations are safely planned.
Can I try a forklift before committing to buying it?
Yes. Short-term hire is an excellent way to test a specific model in your working environment before making a purchase decision. iLift's rental fleet includes EP lithium-ion forklifts across multiple capacity classes, a practical way to evaluate the technology before committing.
What is the best type of forklift to buy in 2026?
For the vast majority of UK warehouse and distribution applications, electric lithium-ion forklifts now outperform diesel and LPG alternatives on running costs, maintenance, emissions, and operator comfort. The shift away from lead-acid to lithium technology has also significantly improved charge times and battery longevity.
Are there tax benefits to buying a forklift outright?
Potentially yes. Forklifts purchased outright may qualify for capital allowances under HMRC's rules, allowing you to offset the cost against your taxable profits. Speak with your accountant about the current Annual Investment Allowance (AIA) thresholds, which can allow full deduction of qualifying plant and machinery in the year of purchase.
Making the Decision
The question of whether to hire or buy a forklift ultimately comes down to three things: how much you'll use it, what you can afford upfront, and how certain you are about the future of your operation.
For high-utilisation, stable businesses, buying an EP electric forklift from iLift is a sound long-term investment backed by industry-leading warranties, low TCO, and a dedicated service team covering the Southern region of England.
For businesses with variable demand, short-term projects, or a preference for keeping capital flexible, iLift's rental options put the same quality lithium-ion equipment to work without the commitment.
Not sure which route is right for you? Get in touch with the iLift team and we'll help you work through the numbers.
