How Much Does a Forklift Cost & Why?

Forklifts are an important asset in any warehouse. Not to mention they can be used in other industries, aside from warehousing and distribution. A forklift truck is a worthwhile investment if you work in an industry that requires the transportation and loading of heavy or bulky goods. 

From retail and hospitality to construction and shipping, there are many industries that look to forklifts as the machine that keeps operations moving, literally. But how much will a forklift set you back by and what determines that price? We’ll be talking you through the cost of a forklift and why they price those machines as such. 

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How much does a forklift cost?

In short, a forklift could cost anywhere between £3,500 and £30,000. There are several factors involved when it comes to valuing a forklift, however. This is why the price range is so extensive. Much like buying a car, whether new or used, there are multiple reasons as to why one car will cost you more or less than another. 

It’s the same when it comes to buying a forklift. Whether you choose electric or diesel, or buy a new or a used model, there will be an associated price. So what, exactly, determines the price of a forklift truck? Let’s take a closer look.

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What determines the cost of a forklift truck?

There are many things that determine the price of a forklift truck. From the manufacturer and features to the fuel type and forklift attachments it comes with, there are multiple things that can determine how much you pay for a forklift, whether it be brand new or second-hand. So what determines the cost of a forklift truck? Here are the factors involved:

Forklift manufacturer

Some forklift manufacturers are rated more highly than others. Household names, such as Mitsubishi, JCB, Aisle-Master, CombiLift and more, will, generally, cost more than lesser-known forklift manufacturers. 

Here at Multy Lift, we are proud to stock a wide range of high-quality forklifts, each made by exceptional forklift brands. The forklift manufacturers we are happy to have on offer are as follows:

• Aisle-Master
• Mitsubishi
• CombiLift
• JCB
• Caterpillar
• Doosan
• Komatsu
• Linde
• Toyota

Forklift features & capacities

Much like a car, the more features and the higher the capacity of the forklift, the more it’s going to cost you. If it comes with ergonomically-designed controls with touch screens and LED lights, for instance, it will cost you a premium. This is the same if your forklift has the capacity to lift and reach impressive loads and heights. 

The heavier the loads and the higher the reach, the heftier the price tag. This is why it’s important to accurately assess your needs. It means you’re not spending more than you have to or being short-changed when it comes to forklift features and capacity. If you’d like some advice on choosing the right forklift for you, then speak to one of our dedicated professionals here at Multy Lift.

Forklift age

The age of a forklift will greatly affect the price you pay for one. The newer it is, the more it will cost, generally. If it’s never been used, then expect to pay a premium. If, however, it’s a second-hand forklift, then you will pay a cut-price for it, much like when you buy a second-hand or used car. 

The older it is, the cheaper it will be. This is because it’s already done several hours of service, like accumulating mileage on a car. If you’re looking to pay a reduced price for your forklift, then look into its age and hours done. 

Forklift power type

Forklifts, no matter the model, will often be available in electric, LPG or diesel fuel types. This is something else that will affect the price of a forklift. However, that alone doesn’t determine the cost of a forklift truck. There will be some other elements to forklift costing that goes along with it, such as what we’ve just touched upon. 

There are some extremely powerful diesel forklifts that will cost more than an electric model. But there are also some LPG forklifts that will be more expensive than a diesel forklift. Look into everything else the forklift has to offer, whilst still keeping its fuel type in mind also.

Forklift attachments

Some forklifts will come with forklift attachments. This is especially the case if you’re buying a used forklift. It might be that the previous owners have bought some forklift-specific attachments that are no use to them without the forklift as well. 

Depending on the attachments it comes with, and how useful, rare or costly they are, it will affect the price of your forklift overall. Think about whether it will be cheaper to buy a forklift as a stand-alone vehicle rather than for it to come with attachments you may not even use.

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Is it cheaper to rent a forklift than to buy?

Of course, it will be cheaper to rent a forklift than it would be to buy a brand new one outright. Although this depends on the forklift you are renting and the duration of your forklift hire. You might find it more cost-effective to buy a forklift of your own for £3,500 than to rent one for a few years. At least then, it will be yours to do with what you will. 

However, there are some benefits to renting a forklift, as opposed to buying one. The first is that you don’t have to pay for maintenance. If the forklift, for whatever reason, fails to work, then the dealer you rented it from will rectify any problems. You won’t have the expense of forklift repairs if you rent a forklift. 

Renting a forklift is also a great idea if you’re lacking storage space for your forklift. You might require the help of a forklift but have nowhere to store it at the end of the day. If this is the case, then renting a forklift would be far more worth your while than buying a new one and having nowhere to put it. 

By housing it outside, it becomes exposed to the elements, therefore deteriorating the forklift quicker than usual. If you don’t have the space, but need the power of a forklift, then rent one instead of buying one outright, whether it be a new or a used forklift. 

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Multy Lift has over three decades of experience in the material handling industry. We have been providing customers throughout the UK with high-calibre warehouse equipment, no matter the industry they work in. If you would like further information about the forklifts, reach trucks, order pickers and stackers we have on offer, together with commercial cleaning equipment and so much more, then get in touch with a member of our friendly, professional team today – we’re always pleased to hear from you.