New vs. Used Electric Forklifts
Whether leasing or buying, It is often difficult to choose between new and used electric Forklifts. Both have their own advantages and disadvantages, so the choice primarily comes down to your specific needs.
- New: If you plan to use your lift for multiple hours each day, then a new model is the better way to go. New electric Forklifts are able to operate for longer at a more efficient pace compared to used models. They also tend to come with a warranty between 12 and 36 months. However, new units come at a higher price.
- Used: While a used unit cannot handle the same hours as a new model, it definitely comes at a lower price. Used electric Forklifts sometimes cost as little as 50 percent of the price on a new unit, and are often easier to find parts for. It is important to learn everything there is to know about a used model, though, as the work it has been used for in the past and how it was maintained are critical in determining how well it will perform.
New or used, always ask your dealer about a warranty. Don’t be afraid to shop around and see what different dealers have to offer.
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Benefits of Leasing a Used Forklift
Leasing a used electric forklift offers a variety of benefits, including:
- Low cost: Not only does leasing a used lift come with lower upfront costs, it comes with lower long-term costs. Electric Forklifts have a longer lifespan than fuel-powered lifts and require less maintenance. There are also no fuel costs – all you have to do is recharge the battery.
- Low environmental impact: Since they don’t use fuel, electric Forklifts produce no emissions.
- Low noise: Being powered by a battery does more than cut down on emissions, it cuts down on noise. With no combustion engine, electric lifts are incredibly quiet.
- Maneuverability: Without an internal combustion engine, electric lifts are usually more compact and able to move through tighter spaces.
How Much Does Leasing a Used Electric Forklift Cost?
The exact cost of leasing a forklift is difficult to estimate as the age and condition of the vehicle, as well as the terms of your specific lease, play a direct role in determining the price. Typically, what you pay is based on the cost of the vehicle itself and the duration of your lease agreement.
- A used electric forklift costing $10,000 has an average monthly rate between $250 and $350 for a 36-month lease or between $200 and $250 per month for a 60-month lease.
- A used electric forklift costing $20,000 has an average monthly rate between $550 and $650 for a 36-month lease or between $300 and $400 per month for a 60-month lease.
- A used electric forklift costing $30,000 has an average monthly rate between $850 and $950 for a 36-month lease or between $550 and $650 per month for a 60-month lease.
For used Forklifts, it is a good idea to purchase a service plan that covers maintenance and repairs. This saves money in the event of any breakdowns or problems.
Leasing vs. Buying
When deciding whether to lease or buy a used electric forklift, there are some factors you must consider. First, think about your capital. Businesses with a tighter cash flow are typically better off leasing due to the lower upfront costs and manageable monthly payments.
You also need to consider the maintenance of the forklift. If you have an on-site forklift technician, then you might be okay to buy a lift outright. But if you don’t, then a lease with some type of service plan is a better bet. Lastly, and perhaps most importantly, figure out how often you are going to use the forklift. A lift used daily in an eight hour, single-shift operation runs for an average of 2,000 hours per year. Businesses that use their lift for 1,300 hours or less each year generally save money by purchasing instead of leasing. However, if you are going to use your forklift for around 2,000 hours per year, a lease with a service plan is usually the better option.