How Much does a Forklift Cost?

This question comes with a variety of answers. Before determining how much a forklift will cost your business’ bottom line, you must first determine your specific needs for the product, how much use you’ll get out of it, and understand the different forklift options that are available in today’s market.

The good news is, you do have options. Depending on budget and need, you can rent a forklift versus buy, or even buy a used forklift versus a new one. We break down the categories and costs of forklifts, below.

How is the price of a forklift determined?

Before we jump into numbers, you should understand why certain forklifts are priced the way they are. These factors can help you see the big picture when it comes to utilizing a forklift to achieve your goals, and ultimately, how much it will cost you in the long run.

• The bigger the forklift, the more expensive it will be.

  This is why it’s necessary to determine the specifications of the forklift you need to get the job done correctly, whatever that job may be. Don’t spend more than you need to on a large forklift just because you think it can do more and handle more capacity. It may not be the right fit for you.

• Consider different manufacturers.

  Not all forklift manufacturers build and sell the same way. The higher the quality, the more long-term use and value you’ll get from the machine. Check out our current featured listings to get an idea of which manufacturers you can rely on for high-quality products.

• Long-term cost is more important than the sticker price.

  There is such a thing as “sticker shock,” but don’t let the upfront price of a forklift deter you from investing. If it’s a good quality product and can help you streamline your business practices, it will be worth it in the long run and could even end up saving you on other costs.

• Always consider operating costs.

  Again, don’t just focus on the sticker price of the forklift. You’ll also need to determine how much it will cost to operate the machine. This is where the renting versus buying conversation comes in handy. More details on that, later.

• Make the most out of your forklift with a potential extended warranty.

  Warranties are an extra cost, but almost always worth it if the forklift will be heavily used. Extended product warranties come in handy, and essentially pay for themselves, if a part goes bad or breaks on your forklift.

How much does it cost to rent a forklift?

You may be wondering how much buying forklift costs versus the cost of renting one. Buying and renting both have their own specific advantages, but here’s how you can determine which option is right for you.

You should buy a forklift if you have the capital available and if you need a specialized machine that renters will probably have low, or if any, inventory of.

The pros of buying your forklift include:

• Being able to resell it
• Tax deductions on company-owned equipment
• You always have the option of buying a used machine
• You won’t be hit with damage fees from rental companies since you own the equipment

The cons of buying your forklift include:

• Maintenance costs
• Higher up-front price

You should rent a forklift if you just need a short-term solution, want to try different types of forklifts before making a purchase, or if you want to save on the upfront cost.

The pros of renting your forklift include:

• Flexibility of use
• Short lead times for non-specialized machinery
• Less cost to your bottom line
• Zero maintenance, as most renters will take care of maintenance work for you (it just comes with a separate cost)

The cons of renting your forklift include:

• Paying more in the long run. Just as with any rented product, you’re paying more on a consistent basis for the peace of mind of flexibility.
• Maintenance costs
• Longer lead times for specialized needs

Actual costs of renting versus buying are dependent upon the model, age, and capabilities of the forklift.

How much does a used forklift cost?

If you’ve decided to purchase your forklift, the same ideas come into play when choosing between buying new or used. How much does a new forklift cost in comparison to a used one? Well, as you can imagine the prices are quite different.

Used forklifts obviously come with a bit of wear and tear, but it doesn’t mean they aren’t reliable. Fastline currently lists over 200 forklifts, with used models going for as little as $1,500, to $225,000 for larger models such as the 2002 Omega Lift 54D.

Buying a new forklift comes in handy if you need a specialized piece of equipment and if you know you’re going to get great use out of the machine for a long time. Again, a certified dealer can help you determine if a new machine is worth the cost for what you’re hoping to achieve.

Conclusion

To summarize, there are many forklift options on the market for you to consider before determining how much a forklift will cost you in the short- and long-term. Check out our list of forklift manufacturers to browse new and used machines.