A forklift is more than a nice-to-have in the material-handling business — it's necessary. Industries such as warehousing, agriculture and construction benefit from these useful machines. Purchasing a forklift is an investment. The long-term benefits include increased productivity and lower operational costs. You're ready to buy, but the question is, do you buy a new or used machine?
When deciding between used vs. new forklifts, consider cost, maintenance and attachments. Let's explore the pros and cons of each option to help you make an informed decision.
What to Consider When Buying a Forklift?
Before settling on a new or used forklift, you must choose the right equipment for your needs. Asking these questions helps to narrow down the wide range of machines on the market:
- Duration: How many hours a day will it operate?
- Lift height: How high will the machine need to lift?
- Engine: Do you want an electric or internal combustion engine?
- Operational area: How wide are the doors and aisles?
- Accessories: Do you need specialized forklift attachments, such as appliance clamps?
- Environment: What kind of environment will the forklift operate in? Note characteristics like rugged or sensitive terrain.
- Tires: Which tires work best in your environment? Certain tires are better suited to indoor or outdoor operations.
Why Buy a New Forklift?
A new forklift makes sense if you're running a high throughput operation. Let's dive into the pros and cons to help you decide whether to buy a new forklift.
Pros of Buying a New Forklift
Investing in a brand-new piece of equipment has advantages to operations and efficiency. Here are six perks of buying new:
- Durability: New forklifts are in mint condition, which means no wear and tear. The latest forklifts last longer than their used counterparts. They are more reliable and require less maintenance. Like any machine, components such as engines and tires erode over time.
- Efficiency: Advanced technology built into newer forklifts increases efficiency. Modern engines, tires and components allow for the movement of more material in less time. Extended maintenance intervals boost productivity while lowering operational expenses.
- Safety: The latest forklift models have cutting-edge safety features. Many models have alarms or signals to notify operators of danger. Add an operator assistance system such as Yale® Reliant to increase protection. It detects obstacles and adjusts speed to prevent accidents.
- Attachment options: Accessories turn your forklift into a multifunctional machine. New forklifts offer more attachment choices. Accessories include fork extensions or rotators that rotate the machine 360 degrees.
- Warranty: New equipment comes with a warranty for peace of mind. Warranties cover maintenance and repairs so you can protect your investment.
- Tax deduction: Under Section 179 of the IRS tax code, businesses may be able to deduct the price of equipment purchased in the tax year. This clause covers forklifts and other material-handling equipment.
Cons of Buying a New Forklift
With so many advantages to buying new, it's hard to imagine there are any downsides! Here are a few factors to consider before making your investment:
- Higher cost: Budget can often be a deciding factor when purchasing a new or used forklift. New machines are more expensive, while extra attachments add to the cost. Material-handling machinery is an investment in your business. You get what you pay for in terms of quality, durability and efficiency.
- Longer delivery time: Depending on dealer stock, new forklift delivery may take weeks. Availability, order volume and any special features you request can impact lead time.
- Asset depreciation: Like any vehicle, forklifts depreciate once they leave the dealership. However, they have a higher trade-in or resale value than used.
- Infrequent use: A new forklift may not be the best option for occasional use. Use new machines for four hours a day or more to maximize your investment.
- Operator unfamiliarity: Operators may be unfamiliar with newer forklift technology. Training them on a new machine will take time and effort.
Why Buy a Used Forklift?
A used forklift offers many benefits for the savvy buyer. It helps to weigh the pros and cons to choose the best option for your needs.
Pros of Buying a Used Forklift
A used forklift can offer the following advantages:
- Cost savings: Buying used saves more upfront. A used forklift is ideal for businesses working with a limited budget or looking to cut costs. If well-maintained, it could last for years, giving you a healthy return on investment.
- Buying power: Purchasing used equipment increases your buying power. For example, you could purchase two used forklifts or attachments for the cost of one new machine. Alternatively, you could put the savings toward repairs. By spending less, you get more value for your money.
- Larger selection: Many dealers have a wider range of used vehicles than new ones. It may be easier to find a forklift that meets your material-handling requirements.
- Easier maintenance: Mechanic familiarity with older machines makes repair quicker. The cost of parts may be lower since they remain on the market for longer.
- Operator familiarity: Older standard forklift models are well-known in various industries. There is a higher chance of operator familiarity with used machines. You save money and time on training operators in newer forklift controls.
Cons of Buying a Used Forklift
Purchasing a pre-owned forklift has some disadvantages:
- Higher maintenance cost: Maintenance is easier on used forklifts but happens more often. Reputable dealers have rigorous testing standards, but old equipment will have some wear. Depending on the age of the forklift, it may be out of warranty.
- Older features: Purchasing used may limit your feature and customization options. New models come out with certain technologies not found on pre-owned machines unless you choose to have them restored.
- Servicing challenges: Finding parts for old or once-off forklift models can be difficult. Sourcing outdated parts can be both time-consuming and expensive.
- Harder to match fleet: Keeping your fleet uniform may be problematic with used models.
When Should You Buy a Used vs. New Forklift?
Now that you've weighed up the pros and cons of each option, you may have a clear winner. To add clarity, consider these scenarios that suit either a new or used forklift:
When You Should Buy New
Buy a new forklift when:
- You have the budget to purchase a new machine.
- Your operations will benefit from greater longevity, efficiency and productivity.
- You want the latest technology and safety features.
- The forklift will operate for many hours a day over multiple shifts.
- You plan on adding attachments to transform the forklift into a multipurpose machine.
When You Should Buy Used
Buy a used forklift if:
- Saving costs and keeping within a strict budget is a concern.
- It will operate for four hours or less a day or a couple of times weekly in single shifts.
- You prefer not to spend time retraining operators on new technology.
- Lower maintenance costs appeal to you.
Whatever option you choose, finding a trusted dealership is crucial. You're assured that used machines undergo strict quality and safety tests. A reputable dealer can recommend the best solution for your needs and budget.
Choose Medley Equipment Company for High-Quality Used or New Forklifts
Whether you buy new or used, a forklift is invaluable for any material handling fleet. At Medley Equipment Company, we've been providing top-quality forklifts for over 80 years. Our industry experts are ready to recommend the best material-handling equipment for you. We're proud to be a Hyster® Dealer of Distinction and Yale® Dealer of Excellence.
Browse our range of new forklifts, or consider our quality-tested used forklifts. We offer forklift rentals if you want to try before you buy or need short-term equipment. Whatever your material handling needs, Medley Equipment Company is your trusted partner. Call us at 866-734-6687, contact us online, or request a quote today!
