How Much Does a Forklift Cost? Understanding Total Cost of Ownership
May 15, 2025 - Last modified: May 15, 2025 @ 11:26 amQuick Summary
Understanding how much a forklift costs involves more than the upfront price tag. The Total Cost of Ownership (TCO) includes purchase price, maintenance, operating expenses, financing, and depreciation. This guide breaks down each component to help forklift buyers, warehouse owners, and general contractors make informed decisions.
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What Factors Influence Forklift Cost?
When considering forklift prices, several factors influence the initial cost and ongoing expenses:
- Type and capacity
- Fuel type (electric vs. internal combustion)
- New vs. used forklifts
- Brand reputation
Forklift Initial Purchase Costs
Initial purchase price can vary significantly:
- Electric Forklifts: $20,000 – $45,000
- Internal Combustion Forklifts: $15,000 – $35,000
A visual comparison table highlighting these price ranges and associated forklift types can provide clarity to readers.
Used vs. New Forklifts: Cost Breakdown
New forklifts offer reliability and warranties but at a higher upfront cost. Used forklifts, priced from $5,000 to $25,000, can save upfront but may incur higher maintenance costs.
New vs. Used Forklifts — Which is Right for You?
Operating Costs: Fuel & Energy
Forklift fuel and energy expenses differ:
- Electric Forklift: Typically $1.50 – $3.00 per operating hour.
- Gas or Diesel Forklift: Usually $3.00 – $7.00 per operating hour.
Forklift Maintenance & Repair Costs
Annual forklift maintenance costs average:
- Electric Forklift: $1,000 – $2,500
- Internal Combustion Forklift: $1,500 – $4,000
Regular maintenance schedules and proper care can significantly reduce unexpected costs.
Financing Costs for Forklifts
Financing can help manage cash flow but incurs interest, adding to TCO:
- Typical financing interest rates range from 5% – 10% annually.
- Lease vs. buy options can impact monthly cash flows.
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Depreciation Costs
Depreciation significantly impacts total forklift costs:
- Forklifts typically depreciate 15% – 20% annually.
- Electric models usually retain better value due to lower maintenance requirements.
How to Calculate Forklift Total Cost of Ownership (TCO)
Calculating forklift TCO involves summing:
- Initial purchase price
- Operating costs
- Maintenance expenses
- Financing charges
- Depreciation
Reducing Forklift Ownership Costs
Strategies to lower forklift ownership costs include:
- Regular scheduled maintenance
- Employee operator training
- Optimal forklift selection based on usage needs
Other Resources
- Forklift Buyers Guide: Choosing the Right Forklift for Your Needs
- Understanding Forklift Financing
FAQs About Forklift Total Cost of Ownership
A typical forklift lifespan ranges from 8–10 years, though proper maintenance can extend this.
Are electric forklifts cheaper than gas forklifts?
Electric forklifts have higher initial costs but lower operational and maintenance expenses, making them potentially cheaper long-term.
Leasing is ideal for short-term flexibility and lower initial cost; buying is better for long-term ownership and potentially lower lifetime costs.
Unexpected repairs, increased downtime, and financing interest are common hidden costs.
Compare Forklift Prices
Forklift Inventory has the largest online selection of forklifts, aerial lifts and construction forklifts. Compare new and used forklifts to get the lowest prices available.