When to Buy a New vs. Used Forklift

There are a lot of reasons to buy a new forklift. Who wouldn't want a shiny new truck with all the latest and greatest features? But, for some operations, a used forklift can do the same job as a new one — for half the price.

There are different factors to consider when deciding between a new or used forklift. This blog post will help you make an informed decision and choose the best forklift for your needs. 

When to Buy a New Forklift

Heavy Usage

If your forklift clocks four or more hours per day (working hours, not key time), that's considered "heavy use." Heavy usage isn't a good fit for used forklifts — they'll get used up pretty quick. 

Unusual Mast Requirements

A "standard" forklift mast is 189," if you need a quad or a swing mast, it might be faster to order a new forklift from the factory than wait for a decent used forklift to become available. That being said, The Lilly Company has a large inventory of used forklifts and will work hard to find what you need.

You Want the Latest Technology

New forklifts often have features that can reduce downtime, improve operator productivity and minimize injuries. When you buy a new forklift, you get the latest and greatest, 

Shipping Costs

There are often transportation costs for used forklifts (buying local can reduce those costs dramatically). New forklifts have delivery charges, but you can avoid this expense by picking up the truck from the dealer.

For the Extended Warranty 

Most new forklifts come with a 12-month warranty, but you can often extend that up to three years.

Some of our used forklifts are eligible for a 12-month warranty. Most come with a 30, 60 or 90-day warranty.

You Plan to Trade In the Forklift

If you're planning on trading-in your truck after a few years, consider buying new and investing in a maintenance plan. A well-maintained used forklift will have a higher trade-in value (all other things being equal).

Reasons Not to Buy a New Forklift

Cost

Buying a new forklift will cost you, on average, 25%-40% more than a used one. The equipment will also depreciate as soon as the forklift gets delivered to your facility. Leasing a forklift can lower monthly payments and you may have the option to pay seasonally and/or purchase the forklift at the end of the lease contract.

Production and Delivery Time

It can take up to 18 weeks for a new forklift to arrive. The lead time depends on the manufacturer, their order volume and the features you've requested. If you need a forklift immediately, you may need to rent a forklift until the one you ordered arrives.

Or...consider a used forklift. 

When to Buy a Used Forklift

There are advantages to buying a used forklift, including:

Lower Purchase Price

A used forklifts costs 25%-40% less than a comparable new forklift (depending on the condition). Used forklifts can last for years if they were maintained well and you continue with manufacturer-recommended service. 

You'll Use It 15 Hours Per Week or Less

If you only need a forklift occasionally (less than 15 hours a week), a used forklift can get the job done for less.

You Need a Forklift Yesterday

You can get a used forklift in a matter of days, compared to up to 18 weeks for a new one. When you buy vs. rent a forklift, you don't have to worry about dings and scrapes or extra charges for exceeding the number of hours on your rental contract.

Operators are Accustomed to Their Trucks

When you replace a forklift with a familiar model, your operators won't have to spend time adjusting to a new truck. This can keep productivity high and incident rates low.

Reasons Not to Buy a Used Forklift

Higher Maintenance Cost

Though a used forklift costs less upfront, you'll spend more on maintenance and repairs compared to new equipment. A brand-new forklift (typically) doesn't need service for the first 500 hours. 

Fewer Features and Model Options

If you need a high-capacity truck or a forklift with a very tall mast, your used forklift options will be limited. 

Harder Servicing

It can be challenging to find forklift parts for older forklifts. If you do find them, be prepared to spend a bit more. Sometimes rare forklift parts must be ordered from overseas.

Buy With Confidence

Now you know some of the pros and cons of both new and used forklifts, you can make an informed decision.

If you've decided on a used forklift, please consider The Lilly Company. We have a large selection of high-quality used forklifts, electric forklifts, telehandlers and other material handling equipment If we don’t have what you need, we’ll work hard to find it for you.

Every used forklift we offer:

• Receives a thorough inspection by a factory-certified technician
• Comes with either a 30, 60 or 90-day warranty*
  *we have a few "as-is" units, but that is not the norm
• Some units are eligible for a 12-month extended warranty 

We also have some free resources for buyers including:

• 7 Questions to Ask Before Buying a Used Forklift
• How to Buy a Like-New Used Forklift
• Used Forklift Buyer's Checklist and Inspection Tips