When it comes to outfitting your warehouse with a forklift or multiple forklifts, the question on every business owner’s mind is almost always the same: how much does a forklift cost? The truth is that the cost of a forklift can vary significantly depending on various factors, including the type of forklift you need and the features you’re looking for.
There are a number of financing options available for businesses looking to purchase forklifts, and the right option will depend on your specific needs and financial situation. In this article, we’ll take a closer look at how much forklifts cost and how you can finance the purchase of one or more forklifts for your business.
What Is a Forklift For
A forklift is a type of lifting truck that is used to move materials, typically in a warehouse or construction site setting. Forklifts are available in various sizes and styles to suit different needs. For example, some forklifts are designed for indoor use, while others are better suited for outdoor use. Additionally, forklifts can be equipped with various attachments, such as forks or cages, to accommodate different materials.
There are several types of forklifts, including electric, diesel, and gas-powered models. Electric forklifts are the most popular type of forklift, as they are more environmentally friendly than their gas-powered counterparts. However, electric forklifts typically have a shorter range than other types of forklifts and may not be well suited for businesses with large warehouses or construction sites.
Diesel forklifts are more powerful than electric models and can operate for longer periods of time without needing to be recharged. However, diesel forklifts are also more expensive than electric models. Gas-powered forklifts are the least popular type of forklift, as they are less environmentally friendly than electric or diesel models.
How Much Does a Forklift Cost?
The cost of a forklift varies depending on the type of forklift, the brand, the size, and the features you’re looking for. For example, a small electric forklift from a budget brand may cost as little as $15,000, while a large gas-powered forklift from a premium brand can cost upwards of $50,000.
Factors that can affect the cost of buying a brand new forklift include:
- The type of forklift you need
- The brand
- The size
- The features you’re looking for
- Whether you’re buying new or used
- Whether you’re financing the purchase
- The interest rate on your loan
- The term length of your loan
- The down payment
If you’re considering financing the purchase of a forklift, it’s important to compare interest rates and loan terms from multiple lenders to ensure you’re getting the best deal possible.
To give you an idea how much you might need to spend for a forklift, here’s the average pricing range for some of the most popular brands:
- Toyota: $20,000 – $40,000
- Kion: $25,000 – $45,000
- Komatsu: $30,000 – $50,000
- Hyster-Yale: $35,000 – $55,000
- Mitsubishi Logisnext: $40,000 – $60,000
- Jungheinrich: $45,000 – $65,000
- Anhui Heli: $50,000 – $70,000
These prices are only meant to serve as a rough guide. The best way to get an accurate estimate of how much you’ll need to spend on a forklift is to speak with a dealer or retailer about the specific model you’re interested in.
Buying New vs Used Forklifts
When it comes to purchasing a forklift, you have the option to buy new or buy used. There are a few things you’ll want to keep in mind before making your decision. Consider the list of pros and cons below:
Advantages of Buying New Forklifts
- You’re the first owner, and you know how the forklift has been used
- The forklift will likely come with a warranty
- Newer models are often more energy efficient than older models
Disadvantages of Buying New Forklifts
- New forklifts are typically more expensive than used models
- New forklifts may not have all the features you’re looking for
Advantages of Buying Used Forklifts
- Used equipment is often more affordable than new models
- You may be able to find a used forklift with the specific features you’re looking for
- Used forklifts often have a shorter lead time than new models
Disadvantages of Buying Used Forklifts
- You don’t know how the forklift has been used previously
- Used forklifts may not come with a warranty
- Older models may not be as energy efficient as newer models
Why Financing Forklifts Is the Better Choice
Financing is often the better choice for businesses when it comes to purchasing a forklift. Some of the benefits of financing include:
- You can get the forklift you need without having to pay the full price upfront
- You can spread the cost of the forklift over time
- You can deduct the interest you pay on your loan from your taxes
- You may be able to get a lower interest rate if you have good credit
When financing a forklift purchase, it’s important to compare interest rates and loan terms from multiple lenders to ensure you’re getting the best deal possible. The average interest rate for a business loan is between 5% and 10%. However, the interest rate you’ll qualify for will depend on several factors, including your credit score, the length of the loan, and the amount you’re borrowing.
If you’re looking for a flexible and affordable way to finance a forklift purchase, consider using the services of Charter Capital. We offer financing for all types of businesses, including startups and established businesses. A family-run business operating since 1977, we have been helping entrepreneurs grow their businesses for over 40 years. We offer heavy equipment financing assistance in amounts ranging from $10,000 to $1 million.
Contact us today to learn more about our services. We look forward to helping you start or grow your business.