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New vs. Used Forklifts: 4 Key Factors to Evaluate Before Purchase

If you are the person in charge of purchasing forklifts for your business, the sheer number of alternatives could be overwhelming. With so many models and features to choose from, your main worry may be more about whether to buy new or used equipment rather than which model or feature set to get.

With the help of this guide, you should be able to make an informed decision that fits the needs of your business and your budget by understanding four important variables.

4 Key Factors to Evaluate Before Purchase

The guide outlines four crucial factors to consider:

1. Cost Comparison

While used forklifts may have a lower initial purchase price, the total cost of ownership, including maintenance costs, should be factored in.

New forklifts generally have lower maintenance costs, making them more cost-effective in the long run.

Now let’s look at several pricing situations for forklifts, both new and used:

A 5,000 lb. cushion driven by LPG:

New: Between $24,000 to $30,000
Used: Between $9,900 and $21,900

Five thousand-pound electric sit-down riders:

New: Between $35,000 and $40,500
Used: Between $8,550 and $25,000

The total cost of ownership is an additional expense that is relevant to both new and used trucks, so the initial purchase price does not provide a whole picture.

Let’s explore this idea for those who are not familiar with it.

All of the expenditures related to using the forklift, such as the purchase price, gasoline, operator training, and maintenance, are included in the total cost of ownership.

When choosing between new and used solutions, maintenance costs become an important factor to take into account. Because of their age, used lifts require more frequent maintenance, usually costing $3.50 or more per hour. On the other hand, the average hourly maintenance cost of a brand-new forklift is $1.00.

Therefore, by considering the entire cost of ownership instead of only focusing on the purchase price, one can make a more informed decision by gaining a thorough grasp of the true costs connected with both new and used lifts.

2. Work Needs Analysis

Industry experts often advise considering a new forklift truck if you want to use it for longer than four hours a day, five days a week. That implies you’re generally best off looking elsewhere if you’re managing a manufacturing or warehousing company that runs around the clock.

But, there are a few more factors you should think about in addition to the anticipated service hours. One is the design and functional requirements of your facility. For example, you might have trouble locating a truck on the used market with a mast that is tall if you run a warehouse with racking that is 25 feet tall.

Likewise, it could be difficult to locate a lift with a reduced “trucker’s” mast if you’re stacking pallets inside semi-trailers.

You might need a side loader forklift, a swing reach truck, or a short-frame 3-wheel electric forklift if your facility has restricted aisle widths. There might not be as many of these trucks available for used purchase. Finally, the truck’s hydraulic system needs to be taken into account.

You will need at least four functions if you’re utilizing multi-function attachments like paper roll clamps and fork positioners, but it can be difficult to find a used truck that satisfies both of your other operational requirements and has that many functions. Increasing the number of hydraulic functions is an expensive addition. Thus, you’re probably best off moving on if that’s the case for you. In this manner, you can start with the right configuration.

3. Service History Evaluation

A forklift’s productivity and dependability are influenced by its servicing history. With warranties and increased dependability, new forklifts save maintenance expenses and downtime. Used forklifts can be good as backup or part-time vehicles, but they need to be thoroughly inspected to ensure that the service records, maintenance logs, and operational history are accurate.

4. Urgency Consideration

Urgent operational needs may influence the choice between new and used forklifts. Used forklifts can be quickly acquired from local dealerships, while new ones may have longer lead times from the factory.

Above are the factors that play a critical role in determining whether to invest in a new or used forklift. Consulting industry experts can provide tailored advice based on specific requirements to ensure the right choice for the company’s needs and budget.

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