A practical comparison from a Singapore company that both rents and sells forklifts.
Rent if you need a forklift for a limited period, your workload changes, or you don't want to handle maintenance — at LB Industrial, rental starts from S$700 per month for a 3-tonne diesel forklift, with maintenance included. Buy if the same forklift will work heavily for many years, you want to own the asset, or you're switching to an electric model that qualifies for the Energy Efficiency Grant.
| Renting | Buying | |
|---|---|---|
| Upfront cost | None — you pay monthly | Full purchase price (or financing) |
| Running cost | From S$700/month (3T diesel), maintenance included | Fuel or charging, servicing, parts and repairs |
| Maintenance | Included — bi-monthly inspection by our technicians | Your responsibility (we can service it for you) |
| Breakdowns | We repair it; our workshop responds as soon as possible | You pay for repairs and downtime |
| Delivery | Free for rentals of 6 months or more; otherwise from S$700 two-way | Arranged with your purchase |
| Safety package | Fitted before delivery | Added at purchase or later (we install) |
| Flexibility | Change capacity or return the unit as jobs change | Fixed asset — resell when no longer needed |
| Grants | — | Pre-approved electric models may qualify for the Energy Efficiency Grant |
| Ownership | You never own the forklift | You own the asset and its resale value |
Diesel forklifts (3–7 tonnes) suit outdoor yards, construction and marine sites. Electric forklifts (2.5–3.5 tonnes) suit indoor warehouses and food or clean environments, with no exhaust fumes. Only electric models can qualify for the Energy Efficiency Grant. Our lowest-priced rental is a 3-tonne diesel forklift, from S$700 per month.
Enterprise Singapore's Energy Efficiency Grant (EEG) co-funds pre-approved energy-efficient equipment, including selected electric counterbalance forklift models. The base tier supports up to 70% of the cost for SMEs (rate valid until 31 March 2027), capped at S$30,000 per company. Pallet jacks and stackers are not covered. Grant terms change, so check the latest details on Enterprise Singapore's EEG page before you buy — we can tell you which of our models are on the pre-approved list.
Enterprise Singapore — Energy Efficiency Grant →
Last updated: September 2026. Prices in SGD; no GST is charged.
For short or uncertain periods, renting is usually cheaper: there is no purchase price and maintenance is included. For many years of heavy daily use, buying usually costs less overall. The break-even point depends on the forklift's price, hours of use and maintenance costs — send us your numbers and we will compare both options. For very short hires, include delivery and collection (from S$700 two-way); rentals of 6 months or more include them free.
At LB Industrial, forklift rental starts from S$700 per month for a 3-tonne diesel forklift — our lowest-priced unit — with bi-monthly maintenance included. Electric, heavier (up to 7 tonnes) and specialised units are quoted on request, based on capacity, power type and rental period. There is no minimum hire period. Delivery and collection are free for rentals of 6 months or more; for shorter rentals, two-way transport (delivery and collection) starts from S$700. Prices are in SGD; no GST is charged, as LB Industrial Technology is not GST-registered.
Yes, for some electric forklifts. Enterprise Singapore's Energy Efficiency Grant (EEG) co-funds pre-approved energy-efficient equipment, including selected electric counterbalance forklift models. The base tier supports up to 70% of the cost for SMEs (rate valid until 31 March 2027), capped at S$30,000 per company. Pallet jacks and stackers are not covered. Check the latest terms with Enterprise Singapore before buying.
We do. Every LB Industrial rental includes bi-monthly inspection and maintenance by our own technicians, and our Tuas workshop does its best to respond as soon as possible if a unit breaks down. You operate the forklift; we keep it running.
Yes. We sell Toyota, Mitsubishi, Heli, JAC and TCM forklifts, and service all major brands — including inspections, engine and transmission overhauls, parts sourcing and safety feature installation.
Tell us the load, the site and how long you need it — we will compare renting and buying for you.