Is Buying A New Or Used Forklift Better For My Business?

When you’re managing a business, a part of growth is investing in various tools and equipment to keep up with work demands and production operations. If you have to regularly handle heavy loads that include raw materials and finished goods, it’s a good idea to invest in a forklift. 

In this post, you’ll learn more about buying a new or used forklift and identifying the best forklift for your business.

What Is A Forklift?

A forklift is also called jitney, lift truck, fork truck, forklift truck, and fork hoist. This powered industrial truck is used in lifting and moving materials and goods over short distances. It was developed by several companies in the early 20th century. The average cost of used forklifts depends on the type of forklift you want to buy, and whether it’s a used or new forklift. A used forklift may cost 50 percent less than a brand new one.

When Is Buying A New Forklift A No-Brainer?

If your business operation is running multiple shifts, investing in a new machine is a total no-brainer. New forklifts are specifically designed to handle heavy use. They come with warranties of usually one to three years. New lift trucks offer higher productivity, less down-time, and greater reliability. 

Check out these other reasons why you need to choose a new forklift for your business:

  • A higher tax write-off 
  • Match it with others in your fleet
  • No need to wait for a used lift truck matching the exact specifications of your business operation 
  • Boost the morale of your employees

When Is Buying A Used Forklift Practical?

Buying a used forklift can help you budget-wise when you have a sudden equipment need for a forklift. A used forklift can be a fast replacement if your existing equipment broke down and cannot be repaired. When the business requirements of the forklift fleet grow suddenly or quickly, a used forklift can help optimize your fleet, delivering maximum performance and the output you need. 

Here are the other benefits of opting for used forklifts:

  • Maximize Equipment Buying Power: Because you can save almost half of a new forklift’s price when buying a used forklift, it means that you can buy two forklifts to meet the needs of your business operation. With proper maintenance, used forklifts offer years of reliability and viable usage before needing parts replacements. 
  • The Familiarity Of Features: Newer models of forklifts come with new design features. If your forklift operators are more accustomed to the ergonomic design and operation of older forklifts, purchasing used ones can maintain their productivity and comfort level. Also, it equates to expert use of equipment, which also correlates with the safe use of forklifts.

Things To Consider When Buying Forklifts

Forklifts make warehousing a breeze. However, not all forklifts are the same, and you have to choose the best one that can meet your production and business needs. So, how do you go about buying forklifts?

The important factors you need to consider when buying a new or used forklift are efficiency, reliability, and cost-effectiveness. You can research from different available resources to find the best forklift for sale, such as searching by name, year, model, or brand. 

Another important point to consider here is whether a low-cost forklift comes with hidden costs.

Advantages And Disadvantages Of Buying A Used Or New Forklift

Forklifts improve your business logistics, and it’s a good idea to determine the advantages and drawbacks of used and new forklifts to help you come up with the best decision as to what type of forklift is best for your business.

New Forklift

Advantages:

  • New forklift models are equipped with the latest features, capable of operating for longer hours when used regularly at an efficient pace. Used forklifts are best for occasional use. 
  • New forklifts come with a warranty, which is a major deciding factor because used forklifts have limited warranties.

Disadvantages:

  • Due to the higher costs of new merchandise, people tend to buy used forklifts. 

Used Forklift

Advantages:

  • As previously mentioned, a used forklift can save you up to 50 percent of the cost of a new one. Because the availability of parts can be a major concern for newer forklift models, people tend to purchase used ones. 
  • Used forklifts dealers offer excellent assistance when purchasing. 

Disadvantages:

  • A used forklift, like any other used vehicle, will have obvious wear and tear, so you have to obtain a detailed previous maintenance report. 
  • Also, you have to consider how long the second-hand forklift had been used. If you tend to utilize a forklift for less than four hours a day, buying a used one is a practical decision.

Conclusion

When choosing between a used or new forklift, it is important to consider the frequency of usage, intended use, and the cost. While you may want to be practical and buy a used forklift, you also need to think of long-term use. A used forklift is recommended if you’ll only utilize it for a few hours a day, whereas a new forklift is a wise investment for regular and long-term use.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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