A forklift is an important asset in your construction or logistical needs and can help boost productivity and efficiency of work in the long-run. However, forklifts these days aren’t getting any cheaper. In fact, like any vehicle nowadays, many factors affect the prices of the forklift and its affordability.

Whether you are looking to buy or rent a forklift, understanding your needs for the forklift, and considering the variables that will add to its final costs are essential in getting the most appropriate forklift.

Factors Affecting Forklift Prices

1. Capacity of Forklifts

This is usually defined as the amount of weight the forklift is able to carry and handle. The entry-level forklifts usually carry about 1.5 ton and the higher-end, more expensive ones can carry up to 3 ton. In this age and advent of new, stronger technologies for construction, engineers can design and construct forklifts with capacity beyond 3 ton, but the amount of engineering and materials used to make it will definitely make these forklifts more expensive.

2. Operating Capabilities

The operating capabilities is defined as how high it can lift and extend out while carrying the load in a safe manner. At the entry level prices, most forklifts can lift about twice its resting mast height, or the height of the mast when the forklift is at rest at base level. The lifting mechanism required will also affect the cost. Whether you require a standard mast or a full tree lift mast will determine the initial investment for your forklift.

3. Engine Type

The engine plays a major factor in the final price of the forklift as the engine type would heavily affect the initial cost of the forklift as well as the subsequent fuel cost.

Engine TypeInitial CostFuel Cost
Diesel EnginesHigh Initial CostLow Fuel Cost
Gasoline/LPG EnginesLow Initial CostHigh Fuel Cost
Electric EnginesHigh Initial CostLow Fuel Cost

4. Brand

The more prominent and long-standing brands offer better quality forklifts that are reputed to have better performance. This is attributed to their long experience in the industry. Thus, brands such as Toyota, Hyster and Yale are internationally recognized for their long-standing research and efforts to design, engineer and construct world-class quality forklifts for better performance and higher durability.

One of the biggest draws about these companies is their strong support systems in place to take care of customer relations and handle maintenance and repairs. With such service excellence, customers will definitely keep coming back to engage their services. Of course, all these factors come at quite a hefty pricetag, but customers are still loyal because of this level of trust that they have built with the company and their quality and service assurance.

The entry-level brands definitely give much cheaper prices, and this can be especially beneficial for companies that may run on a tight budget, or just simply need an entry-level forklift to meet their needs.

5. Condition

The condition of the forklift plays an important part in the pricing of your forklift. It goes without saying that used forklifts definitely cost less compared to brand new ones. Getting a used forklift of reputable brand may be as affordable as getting an entry-level forklift from a non-reputable brand, and this allows one to save costs while benefitting from higher performance.

Many question the safety and reliability of used forklifts, but many companies that sell second-hand forklifts usually have to get forklifts inspected thoroughly, and have to do necessary maintenance and repairs before it is fit for resale. This makes purchasing of used forklifts a much more reliable process.

Used forklifts are a lot cheaper than brand new ones and it really depends on what the company prefers based on their needs and budgets.

Conclusion

There are many factors that affect the price of the forklift, however, it more important to consider the functions that you require the forklift to perform. For example, the load which you require the forklift to lift will determine the lifting mechanisms as well as the engine type required. By knowing what sort of functions you require, it would be easier to decide on the most suitable forklift to meet your needs. From there, you can consider between getting a brand new or used forklift, or buying or renting a forklift. If you are unsure of the type of forklift you require, you can definitely speak to our consultants for some assistance.