New or Used Forklift: Which is the Better Investment?

April 30, 2021 - Last modified: September 7, 2022 @ 4:19 pm

If you’ve ever purchased lifting equipment, chances are you’ve had to decide between a new and used forklift. While every business would love to be able to drop thousands of dollars on the latest forklift model, it’s unlikely that many have that option.

To save money, it can be tempting to turn to used equipment. Sometimes, that’s a great choice! Other times… not so much.

So, how do you know when used equipment is worth it? Is it ever worth it? Should you just bite the bullet and invest in a new forklift? The answer varies for each business.

Forklift Inventory is here to help you make the decision that’s right for you. Learn more about the pros and cons of each to determine whether a new forklift or used forklift is the best fit for your company.

Buy a forklift with confidence. Learn more about your options below. Then, use Forklift Inventory to compare forklift prices in your area.

Used Forklift Pros & Cons

Pros: The most obvious advantage of buying a used forklift is the price. Used forklift prices can be less than half the price of their new counterparts. That’s thousands of dollars in savings.

Let’s face it, price is a huge factor. However, these financial savings aren’t always long-term. Used forklift prices don’t tell the whole story.

For instance, let’s say you purchase a used forklift for $30,000. If the new price is $50,000, you “saved” $20,000. Now let’s say that after one year of operation, your forklift starts to need maintenance. Over the course of the next three years, you pay $25,000 in repairs.

If you had bought the new forklift, you would’ve spent more money upfront, but $5,000 less over time. Plus, a warranty would’ve covered most maintenance fees.

Of course, paying more upfront isn’t always an option. There are endless aspects to running a business. Many companies need to keep their finances open for daily operation. Keep in mind that forklift financing is always an option. Forklift Inventory offers competitive financing plans. Request free equipment quotes to learn more.

Cons: There are tons of used equipment scams out there. Not every forklift dealer is trustworthy. If you plan to buy used equipment, use these tips to checking if a used forklift is quality.

Don’t want the hassle? Use Forklift Inventory to compare quality used forklifts in your area. We partner with pre-screened dealers to collect an inventory of trusted forklifts. Compare used forklift prices for free.

Get pricing on equipment today.

Summary: Only consider buying a used forklift if you plan to use it for less than four hours each day in a single-shift operation. Purchase reliable inspected equipment from a trustworthy dealer. Remember that used forklift prices don’t tell the full story.

New Forklift Pros & Cons

Pros: The biggest advantage of a new forklift is its reliability. Even if something goes wrong, a warranty is there to save you from unexpected repairs early on. Most new equipment comes with a 12 to 36-month warranty.

On top of that, new equipment will last you longer. That means you’ll spend less time searching for equipment every couple of years.

If you plan to use your equipment most days for the entire year, you’ll want to consider a new forklift. This equipment can handle long hours efficiently with little to no downtime.

Plus, you won’t have to compromise. When you shop for a used forklift, you often won’t be able to find exactly what you need. Maybe the equipment won’t have all of the features you’re looking for or maybe you’ll have to buy additional attachments to fulfill the applications you need.

In contrast, you can purchase a new forklift that is equipped with everything you’re looking for.

Cons: The biggest downside of new equipment is the price. Forklift prices fluctuate massively based on equipment type, features, and specifications. However, there’s no doubt that used forklift prices are lower. Keep your budget in mind and remember that forklift financing is an option.

Another downside to purchasing new equipment is that it takes time. There is a lot of paperwork involved when you buy a forklift from a dealer.

Summary: It makes sense to buy new equipment if you plan to use it heavily. Operations that run multiple shifts and rely on high productivity will want to invest in a new forklift. You may also want to consider purchasing new if you need specialized accessories or specific features.

Buy a Forklift for Your Business

Keep in mind that the biggest factors that affect forklift prices are equipment type and capabilities. Regardless of whether or not you choose to buy a forklift that is new or used, you’ll still want to get the best deal.

That’s where Forklift Inventory comes in. We partner with qualified dealers in the area to offer the largest inventory of new and used forklifts for sale nationwide. Let us know what you’re looking for and we’ll sort through this inventory to find equipment that fits your needs.

Once we’ve found forklifts that match your specifications, you’ll receive quotes on each one. That way you can compare forklift prices before you buy.

Buy a forklift with confidence, knowing that you are getting a great deal on reliable equipment. Compare forklift prices from the comfort of your home.

Find the Best Deal on New or Used Equipment in Your Area.