Forklift Pricing Guide: What You Can Expect

January 03, 2023 - Last modified: December 9, 2022 @ 4:01 pm

A quality forklift is a critical piece of equipment for any logistics or large-scale shipping operation or construction business. It is also a big investment, with some new models costing well over $100,000. With so much money on the line, it's important to understand what goes into a forklift price so you can choose a model that gives you the most value for the cost.

Forklift Price Differences Between New and Used Options

One of the major factors that determine the price of your forklift is whether you buy a new unit or a used one. Much like a personal vehicle, forklifts that have had a previous owner are worth less because they have some wear and tear on them and may have fewer usable years ahead of them. However, the price difference can be drastic, with thousands of dollars in savings.

According to Green Building Elements, a standard new forklift starts at a price of about $15,000. A standard used forklift starts much lower, near $5,000. It is easy to see the opportunity you have to save a lot of money by choosing the used option.

However, business owners need to consider more than just the forklift price when choosing between new and used. A used model may be a bit worn depending on how the previous owner used and maintained it. It is vital to get a used forklift inspected and repaired if needed.

Some manufacturers will refurbish a used forklift for the best results, so look for this option. Keep in mind that a certified refurbishment may increase the price tag for the forklift. However, a business operator also needs to factor repair costs into the price of getting a used model.

A new forklift will cost more upfront but should require fewer repairs in the early years of ownership. New forklifts are also typically able to operate for more hours. This could increase efficiency at the warehouse or job site and improve profitability, helping the machine pay for itself a bit.

Forklift Price Differences Based on Engine Type

Most forklifts come with one of a few different options for engines and fuel types: electric, hydrogen fuel cell, diesel, or propane. Each engine type has its own pros and cons, as well as different upfront and long-term costs.

Electric Forklifts

Electric forklifts come with an electric battery that you will have to charge regularly to operate the truck. Charging times will vary by model and the age of the unit, but the standard is about eight hours for a full charge. These vehicles can typically also operate for about eight hours. This is not always a full workday in a warehouse or job site, so you may need to plan carefully.

As for costs, going with an electric option can add anywhere from $10,000 to $15,000 to the forklift price. There will be some variation depending on whether the battery and charging accessories are included. If you would like to have a backup battery for the forklift, that may be an additional $5,000 or so.

While you will have to pay more to buy an electric-powered forklift, you could save in the long run. It typically costs less to charge a battery than to regularly fuel up an engine, so your daily operating expenses could be lowered, which is good for business. It's just a matter of whether the initial investment is worth it.

Hydrogen Fuel Cell Forklifts

An increasingly common option is using hydrogen fuel cells for your forklift power. They are built to be filled with hydrogen, then create a chemical reaction that generates electricity to power your unit. Fuel cells are very environmentally friendly and don't require the charging time that electric batteries do. As long as they have the needed hydrogen, they are good to go.

Choosing a fuel cell model will require a greater upfront cost since the technology is still relatively new and less widespread. A hydrogen fuel cell is typically more costly than an electric battery. However, you do gain the benefit of lower long-term fueling costs and less downtime for your unit. Consider these trade-offs as you compare options.

Diesel Forklifts

For a more common style of forklift, look at diesel models. Like many other traditional industrial equipment, a lot of forklifts are made with combustible engines that take diesel gas. You can get a tank of gas from your local station, fill up the forklift and get to work.

Cost-wise, these are an economical choice. Because combustible engines are so common, you can typically get a lower overall forklift price with this option. Remember, though, that you will have to continuously pay for fuel. While this is usually a manageable cost, you may take a hit if the retail price of fuel and oil drastically increases. You'll either have to absorb the expense or operate your forklift less.

Liquid Propane Gas Forklifts

Another way to power a forklift with a combustible engine is with propane. These machines have a space for you to place a canister of propane that is used to fuel the equipment. Propane-powered forklifts have good power and are widely available.

Forklifts that run on propane will be some of the most budget-friendly models that you can find. However, those initial savings come at a cost. Much like using diesel, using propane leaves you vulnerable to fluctuations in market prices for fuel.

Forklift Price Differences Based on Features

How much you end up paying for your next forklift will be determined in large part by what type of forklift you get. Different lift trucks are meant for different jobs, so you need to make sure to invest in one that can complete the tasks you need.

Standard Forklifts

For basic loading jobs, standard forklifts are usually the go-to. They are the most common type of forklift found in warehouses and are perfect for raising and moving pallets and large items from shelves to trucks and back again. They work best over short distances and with weights up to about 5 tons.

They are the least expensive true forklifts. New standard forklifts can cost as little as $15,000 and range up to $45,000 with bells and whistles. In a used market, it could be possible to pick up one for as little as $5,000 before shipping and delivery costs.

Counterbalance Forklifts

A counterbalance forklift is also a popular option for many different operations. As the name suggests, these trucks are built with extra weight in the back to balance the load being carried in the front, increasing stability and maneuverability. They are a great option for tighter warehouse spaces.

Counterbalance models tend to come with a reasonable forklift price. Because the units are usually a bit smaller and the forks are fixed with no forward movement, you can get new basic counterbalance forklifts for as low as $20,000 and up to $100,000 for decked-out models. The used market is healthy, with options as low as $7,500 on average.

Rough-Terrain Forklifts

Look to a rough-terrain model when you need a forklift that can handle tougher outdoor jobs. These machines are built to handle rough, uneven terrain. Pneumatic tires and a stronger frame keep the forklift steady as it moves over bumps and dips. These lift trucks are good options for construction sites, which are often unlevelled and full of obstacles at the beginning of the project.

All of that extra stability and strength comes at a price. New rough-terrain forklifts tend to cost around $20,000, ranging up to around $50,000. You can knock off about 40% of the cost if you go with a used option. However, do careful inspections of used rough-terrain forklifts, since they are exposed to the elements and may be used in harsher conditions.

Order Picker Forklift

A step up on the forklift price scale is the order picker. An evolved form of the walkie stacker, order pickers are built to reach above-average forklift heights, as high as 32 feet in many cases. Not only can they lift cargo, but they are also made to lift the operator. This gives the worker a better view to pick the specific pallet or item needed.

A new order picker costs substantially more than a new walkie stacker, with starting prices closer to $12,000 and ranging up to about $25,000. Used models start as low as about $7,000, so they may be a good choice for a more limited budget.

Telehandler Forklift

If you're able to make a big investment and need a very versatile machine, you may want a telehandler forklift. This machine is like a combination between a forklift and a crane. It can lift large capacities high in the air, perfect for delivering materials to the second stories of construction sites. This equipment is built to be rugged to stand up to tough job sites.

This is not a machine you can get without being willing to shell out substantial money. A new lightweight-duty telehandler can cost $70,000, putting it on the high end for forklift pricing. A more substantial unit can cost $140,000. Used telehandlers will save you money, but you still need to be prepared for a big cost. Pre-owned options often range from $15,000 to $60,000.

Other Factors That Add to Forklift Price

Once you decide between new and used, engine type and forklift type, there are still more factors that could increase the cost of your forklift.

You may need to pay more to increase capacity, mast size, and special tires. Which of these is worth the extra expense depends on why you need the forklift. If you need to move things from high spaces often, paying for a higher mast makes sense. Companies operating on rough surfaces may find investing in tires and improved suspension systems valuable.

Be mindful of shipping costs. A new forklift often comes from a dealer that will handle logistics for you. You may have to pay a fee, but there is likely a bigger cost to get a private seller to transport a large forklift to you from a faraway location. This difference could be enough to erase the benefit of buying used. Plan for long-term maintenance as well to make sure your forklift keeps running.

Find the Right Forklift Price for You

As you look for a machine that's right for your needs, you can expect to spend at least a few thousand dollars even when you find a great deal. To find the best deal available, use Forklift Inventory to compare new and used forklifts for sale near you.

Find New & Used Forklifts For Sale

Sources:

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