How to Calculate Your Forklift Lifespan
June 14, 2022 - Last modified: August 25, 2022 @ 12:06 pm
A forklift’s lifespan is the key factor when purchasing a used or new forklift. When searching for the ideal forklift for your workplace, the economic lifespan is more important than utilization hours. With the right mechanic, your forklift has the potential to last decades. However, the cost of maintenance and repairs may outpace the actual cost. Here are important things to know when calculating the economic lifespan of your forklift.
How Does Economic Forklift Lifespan Differ from Operating Lifespan?
The operating lifespan is the number of utilization hours of a forklift. Propane lift trucks have an estimated operating shelf life of 10,000 to 12,000 hours, whereas electric trucks have a span of 12,000 to 15,000 hours. If you consider these hours in years, a forklift's average operating lifespan is between 9 to 15 years if your operators continuously use your forklifts for four hours each day, five days a week.
The factors that affect the operating and economic lifespans of a forklift include:
- Utilization: Increased operating hours negatively impacts lifespan.
- Operator skill level: Experienced operators positively impact lifespan.
- Service years: Increased number of service years negatively affects lifespan.
- Quality of equipment: Baseline forklift quality affects the projected shelf life.
- Workplace conditions: Harsh conditions negatively affect lifespan.
- Equipment applications: Heavier lift loads negatively affect lifespan.
- Maintenance and service frequency: Forklift neglect negatively impacts shelf life.
In addition to these factors, the economic lifespan of a forklift considers the financial risk of maintaining your current lift truck versus replacing it. This risk evaluation directly affects operational costs and thus contributes to increasing or decreasing your business’s bottom line.
How Do You Calculate the Economic Forklift Lifespan for Your Business?
Operating costs and revenue loss are the main measures needed to calculate economic lifespan. If you determine these measures for your current lift truck, you can compare the final amount to the expense of a new or used forklift replacement. The total operating cost is traceable and includes rental costs during major equipment fixes, lease payments, installation payments, service costs, and maintenance expenses.
Revenue loss is not an obvious measure and is specific to the facility. This measure calculates the loss of revenue due to loss of workplace output when a forklift is getting repaired. If your workplace relies on a single forklift, there can be a significant loss of dollars per hour. However, suppose your workplace has several replacement lift trucks on hand. In that case, loss of revenue is not a big factor in economic lifespan.
Where Can You Find the Most Fitting Forklift for Your Workplace?
The most difficult part of purchasing a forklift is figuring out where to find one with a great economic forklift lifespan. At Forklift Inventory, we offer a wide range of new and used lift trucks for your workplace. Our buyer's guide and free quotes make the purchasing process easy. Get started today by clicking the button below.
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