Much like automobiles, forklift pricing varies widely by brand, and pricing does correlate to overall quality and reliability. Top-tier brands are more expensive due to technology advantages, better tolerance of abuse and harsh environments, and greater long-term reliability.

These prices are highly variable and depend on geography, your specific needs, and the dealer you choose to work with, so consider them only rough guidelines. See what other BuyerZone users paid for their forklifts.

The 5,000 lb forklift is the industry standard. New electric 5,000 lb forklifts typically retail for $18,000 to $25,000, plus $2,000 to $5,000 for one battery and a charger. 5,000 lb internal combustion forklifts start at around $16,000 and can cost up $28,000 or more, depending on the options you choose. In most but not all cases, an electric forklift will be more expensive than an identically-rated IC lift.

A 10,000 lb capacity diesel lift can go for $28,000 to $45,000. High-end lifts, with capacities of 35,000 lbs or more, cost $100,000 and up.

TCO
Operating costs per hour are critical to determining the real cost of your forklift. This includes the cost of fuel, maintenance, supplies like oil, batteries, and filters, and the time required to take care of the truck. You can expect an hourly operating cost of anywhere from $1 for small electric trucks to $20 or more for the largest IC trucks.

Used equipment
Buying used equipment can save you quite a bit up front – but even a used forklift is still a significant expense. A reconditioned 3,000 lb electric forklift might go for around $8,000 to $10,000, less than half the cost of a new one. A 5,000 lb IC forklift that might cost $25,000 new could cost $10,000 or $11,000 reconditioned.

Remember, if you are using your forklift more than four hours a day, you may quickly find that the costs of downtime and repairs quickly cancel out the savings of buying a used forklift.

Forklift Leasing, financing, and long-term rentals
Because of the high initial cost, almost all forklifts are either leased or financed. Some manufacturers provide financing and forklift leasing through their dealers; in other cases the dealer may have an arrangement with a third-party bank or leasing company. When manufacturers subsidize the forklift loans or forklift lease, they often offer very favorable terms; if dealing with a third party, you may want to compare the financing terms to what you can get from your own business bank.

Another alternative is the long-term rental. Usually defined as a rental for over 12 months, a long-term rental differs from a lease in that it is based on a monthly fee and can be cancelled at any time after the minimum. With a lower monthly rate than short-term rentals and all regular maintenance included, long-term rentals can be an economical choice for temporary projects or contractors.

Service plans
With an expense of this magnitude, it only makes sense to purchase adequate protection for it. The majority of forklift buyers choose a preventative maintenance (PM) plan. These PM plans cover oil and filter changes, transmission servicing, and general check-ups at regularly scheduled intervals. Unless you have an in-house mechanic to perform these maintenance tasks after every couple of hundred hours of operation, it makes sense to lean on the dealer’s expertise.

For an additional cost, you can also purchase a full maintenance plan — one that covers any breakdowns or repairs that are needed. For a new forklift, you probably won’t need this type of coverage — you will likely have very few breakdowns in the first couple of years. On older equipment, it may be a useful insurance plan.

Training
The Occupational Safety and Health Administration (OSHA) has very specific rules about forklift operator training and licensing. Operators must pass classroom training and a driving test before being licensed, must be over 18 years of age, and must be re-certified every three years. Many dealers provide training at their location if you only have a couple of operators, or can organize a class at your location if you have enough trainees. Costs can be from $75 to $200 per person and vary with location and the number of participants.