Are you looking to purchase a forklift? If so, you might be in the process of deciding whether you want a new or used vehicle.

Either way, the forklift price might be your first concern. But, there are tons of factors that influence the value and functionality of a forklift. For instance:

• Load type
• Work environment
• Technology

These are things you'll need to think about before committing your hard-earned cash.

So, in this guide, we've outlined what you should expect to pay for either a new or used forklift. Let’s take a look at your options!

If You Buy a New Forklift…

Here’s what you should keep in mind when it is a new forklift you are after. First of all, you can expect to pay the list price when purchasing new.

This will be a higher upfront cost than if you purchased a used, similar forklift. However, other considerations may or may not make a new forklift the right decision for you.

New Forklift Models Could Provide the Technology You Need

If you purchase a new model for a higher price, you are more likely to get precisely what you want. You can choose newer models with additional features or attachments that fit your work environment best.

This means you can build exactly the forklift you need for your business. You can specify the mast height, special lighting, and accessories like cup holders!

All this comes in handy if your workplace has specific requirements, and could make your job a lot easier. Think about whether new technologies and accessories might be worth the extra money.

Availability

Keep in mind, if you buy a new forklift, you'll have to wait a while before receiving it from the manufacturer.

Lead times depend on the chosen model, but it could take as long as 18 weeks. If you're in a hurry, this isn't the fastest option for you.

Longitude

Purchasing a used forklift comes with the risk of having to face repair costs when something breaks. This can, at times, be more expensive than buying a new forklift.

Newer equipment will also last longer without breaking down and comes with a warranty that usually lasts 12-36 months.

If you plan on using your forklift for a long time, investing in a new model might save you the hassle and cost not too far down the line and could end up being cheaper to maintain.

Prices for New Forklifts

Prices for new forklifts depend on the type and can vary greatly. Here are some ranges you can expect to see.

New electronic Forklifts range from $20,000 - $35,000. The battery can add another $4,500 to $7,000, and the charger comes in at $2,500 - $4,500. With electrics, you are buying all of your fuel upfronts.

LPG Forklifts cost anywhere between $20,000 and $60,000. 

If you're after any attachments, these can also add a high cost to your purchase. Paper rolls clamps, carton clamps, single-double pallet handlers, and much more - each attachment could increase the purchase price by a few thousand dollars.

For example, the standard side shifter attachment can set you back an additional $1,000 - $2,000.

If You Buy a Used Forklift…

If you decide to purchase a used forklift to cut on the price, you're potentially compromising on other factors.

In comparison to a new forklift, you might be facing increased maintenance costs. The equipment has already experienced wear and tear and could present you with unexpected downtime and repairs.

Maintenance costs can run expensive, so maintain and check your used forklift at regular intervals.

You may still get a warranty on used forklifts if you buy from reputable dealers, but these are rarely as comprehensive as the warranties provided with new machines.

Used warranties typically only cover you for 60 days and apply to reconditioned or restored forklifts rather than those bought ‘as is.’

You may also compromise on features and availability. Older models might not have the features you wanted, and you might only have limited choices.

These are not always the perfect fit for your needs or work environment. These are all critical things to consider when buying a used forklift.

Prices for Used Forklifts

Used forklifts are considerably cheaper to purchase than new ones.

Used Electric Forklifts

These range in price between $7,000 to $32,000. The unit might not come with the battery included, so be sure to clarify this with the seller. It's recommended that you purchase a new battery regardless.

This will last longer and is the basis for the excellent condition of your forklift. You'll also need to purchase a charger - these are less common to be found in a used condition.

A Used LPG Forklift

This could cost anywhere between $10,000 to $50,000. The price depends on the load capacity and hours used.

It's worth finding out whether the used forklift was exposed to extreme environments, like the cold or salt water, as this may cost you more in maintenance expenses. 

Forklift Price Aside, Are New or Used Forklifts Better?

No doubt, you can save lots on upfront costs by purchasing a used forklift. However, it's worth carefully researching its condition, previous usage, whether the seller is reputable, and offers a warranty.

If you plan to use your forklift for many years, you might find that a second-hand machine carries hefty maintenance and repair costs with it. In this case, you might want to think about investing in a new forklift with a better warranty cover.

For more information on forklift prices and how to make the best buying choices, contact us today. We're always happy to help!