When making a large investment like a forklift, it is so easy to focus on cost. This could be one of the most important factors of your business, and the overall cost of ownership should be taken into consideration. Since sticker price can be distracting to the actual value and return, it is convenient and clever to understand why and how the forklift is priced. While forklifts prices vary greatly, the pricing factors give a customer details on how the seller determined the price.
Forklift Pricing Factors
- The Capacity Amount
The higher the capacity, the more expensive the forklift will be. With a capability for heavier loads, capacity increases cost because of the specialty and greater ability. Knowing and understand the capacity amount you will need will keep you from overspending on your forklift. Be sure to include the weight of pallets in the potential weight that you need.
- The Manufacturer
Additional investments into technologies, features, and higher quality parts make particular material handling manufacturers’ equipment more expensive. Because brands of this quality, you are more likely to pay more, but the higher cost is in conjunction with a better reputation and quality.
- Long Term Cost over Upfront Cost
When purchasing an inexpensive or used forklift, the upfront cost may be lower. Unfortunately, these purchases are more likely to come with more maintenance and service fees. You may end up spending more money long-term than purchasing a new forklift. Make sure to evaluate the history, age, and condition of the forklift first.
- Operating Costs
The upfront cost of your forklift is not the only cost you will have. Planned maintenance and fuel are a few of the operating costs that will forklift owners will have. Just like how cars depreciate and need to be serviced, your forklift will need to be serviced routinely to assure that forklift is not in need of any maintenance.
- Warranties
Having a warranty on your forklift can protect you from purchasing more parts than predicted and other unplanned costs. When the part begins to break down, the warranty will cover it. Warranties are not free, but they worth it when a breakdown occurs.
- Tires
There are two major category types of forklift tires: Pneumatic and Cushion. Pneumatic tires are generally able to handle rougher terrain and work environments. Because they are more durable, pneumatic tires can run more than cushion tires.
- History and Condition
When purchasing a used forklift, the history and condition of a forklift can greatly affect the pricing. If the forklift has a history of breakdowns and service issues, it may not be as expensive upfront. Also, the amount of use and hours put on the equipment will fluctuate the price. The current condition can also differentiate the pricing model. A need for new parts, paint, tires, and other services can drive the price up too.