How Much Does a Forklift Cost?

Forklift Cost – A forklift is a machine designed to move heavy objects in an efficient and convenient way. Forklifts, first introduced in early 1900’s, are now an essential part of the modern industrial world. They are used in almost all types of industries today in different processes. They provide a cost-effective way of moving heavy objects from one place to another in a quick and strain-less manner.

The machine is given the name of ‘Forklift’ because of its fork-like prongs that are used to lift heavy objects. Forklifts can lift objects weighing more than 30,000 pounds. Although forklifts are considered to be a big investment, they still prove to be cost-effective in the long run because of their ability to do work efficiently and effectively.

Types of Forklifts

With more and more industries employing forklifts for different processes, several types of forklifts have been introduced. Forklifts can be categorized on the basis of their structure and the type of fuel they use.

On the basis of structure, forklifts can be divided into six basic types:

Straight Mast Forklift

They can lift objects weighing up to 12,000 lbs to a height of 30 feet. These forklifts are designed for both outdoor operation in snow, mud, or ice and indoor operation.

Reach Forklift

These forklifts have a narrow construction and mostly used indoors to stack goods in storage areas. Reach forklifts can lift objects weighing 2,500 to 5,000 lbs up to 40 feet height.

Standard Forklift

Standard forklifts come in two main fuel configurations, electric and internal combustion (IC). Both 4-wheel and 3-wheel versions are available in standard forklifts. These forklifts can carry objects weighing around 3000 to 120,000 lbs up to a height of 15 to 35 feet depending on the model selected.

Telescopic Forklift

A telescopic forklift is an extended version of the standard forklift. They can lift loads up to 30,000 lbs up to a height of 70 feet.

Motorized Pallet Trucks

These are very similar to handle or manual forklifts except that electric power is used to move things around. These forklifts are ideal for flat surfaces only.

Order Pickers

Order pickers are best suited for indoor use to stack goods on shelves. They have a capacity to lift objects weighing up to 3,500 lbs up to a height of 8 to 11 feet.

On the basis of type of fuel used, forklifts can be divided into three types:

Internal Combustion
This type of forklift can be easily refueled because of its utilization of different types of fuels such as diesel, gasoline, compressed natural gas (CNG), and liquid propane.

Electric forklifts are best for indoor use because of their zero-emission and low cost of operation. These forklifts utilize lead acid batteries that can be used up to 5 to 6 hours and recharged.

Fuel Cell
The most technologically advanced forklift utilizes hydrogen fuel cells, which provide zero emission and a quiet operation.

Comparison of Forklift Cost

Forklifts are an important investment for any business. A buyer must be aware of the relative prices of different types of forklifts, their specifications, and total ownership costs. With so many different types and brands of forklifts available today, it is hard to determine the exact price for a specific type of forklift. However, there are some general rules that govern the price of a forklift.

  • Forklift with a higher operating capacity and lift height will always cost you more.
  • If you want to buy forklift manufactured by a renowned brand, prepare yourself to pay some extra dollars. However, the extra cost gives you extra benefit in terms of efficiency, technology, and reliability.
  • An eco-friendly forklift such as electric forklifts and hydrogen fuel cell forklift costs more as compared to an internal combustion forklift.
  • A forklift with pneumatic tires, which is best suited for hardcore outdoor use, will be more expensive as compared to a forklift with cushion tires that is better suited for indoor lifting.
  • Purchasing cost for used forklifts is lower as compared to new forklifts. However, operating and maintenance may cost you more and increase your total ownership cost depending on the condition of the used forklift.

Straight Mast Forklift

New Forklifts for Indoor Use

Electronic Straight Forklift
Weighing capacity of 5,000 lbs – $20,000 to $30,000

Internal Combustion Forklift
Weighing capacity of 5,000 lbs – $15,000 to $30,000
Weighing capacity of 10,000 lbs – $25,000 to $50,000
Weighing capacity of 35,000 lbs or more – $100,000 or more

New Forklift for Rough Terrain
Weighing capacity of 6,000 lbs – $40,000 to $50,000
Weighing capacity of 6,000 to 10,000 lbs – $50,000 to $60,000
Weighing capacity of 10,000 lbs or more – $90,000 to $100,000

Renting a Straight Forklift
The weekly rent for a straight forklift may range from $500 to $1,500 depending on the type of forklift, its specifications, and model.

Reach Forklifts or Reach Trucks

New Reach Trucks
Depending on the specifications and model, a reach truck may cost somewhere around $15,000 to $35,000.
Walk-behind narrow aisle truck with a 4,000 lbs capacity – $15,000 to $18,000
Sit-down electric reach Forklift Cost with a 4,500 lbs capacity – $30,000 to $40,000
Narrow aisle electronic truck with operator platform – $25,000 to $30,000

Used Reach Trucks
Narrow aisle reach truck with 300 lbs capacity – $7,000 to $9,000
Narrow aisle sit-down truck with 4,000 to 5,000 lbs capacity – $7,500 to $17,500

Renting a Reach Truck
The rent for a reach truck may vary depending on its specifications and capacity.
Daily rent – $200 to $300
Weekly rent – $400 to $500
Monthly rent – $1,000 to $1,500

Telescopic Forklifts

New Telescopic Forklifts
Lifting capacity of 5,000 to 7,000 lbs – $70,000 to $80,000
Lifting capacity of 7,000 to 10,000 lbs – $90,000 to $10,000
Lifting capacity of 10,000 to 11,000 lbs – $120,000 to $130,000
Lifting capacity of 11,000 to 21,000 lbs – $125,000$135,000

Used Telescopic Forklift Cost
A used telescopic forklift may cost anywhere from $15,000 to $60,000 depending on its specifications and condition.

Renting a Telescopic Forklift Cost
The rent for a reach truck may vary depending on its specifications and capacity.
Daily rent – $250 to $500
Weekly rent – $750 to $1,500
Monthly rent – $2,000 to $4,000

Pallet Jacks

A manual pallet jack may cost around $250 to $750 depending on its lifting capability. Used manual pallet jacks may cost you around $80 to $250 depending on their general condition and specifications.

Several different models of electronic pallet jacks are available in the market. The weight lifting capacity majorly decides the cost of the pallet jack. An electronic pallet jack should cost around $2,800 to $11,000 depending on its model and weight lifting capacity.

A used electronic pallet jack may cost around $1,900 to $6,000 depending on its specifications and general condition.

Order Pickers

Load capacity and platform size determine the cost of an order picker. Order pickers generally have a loading capacity of 400 to 700 lbs with a 23 or 25-inch platform. They cost around $3,000 to $10,000. However, order pickers with a loading capacity of up to 3,500 lbs are also available and they cost somewhere around $10,000 to $25,000.

A used order picker may cost around $3,000 to $6,000 depending on its general condition, specifications, and model.

This is a general guide about purchasing costs of different types of forklifts. When buying a forklift, the buyer should also consider the cost of ownership, which depends on the fuel configuration of the forklift, intended use, and maintenance and repair Forklift Cost. It is important to compare several different models of forklifts in terms of their specifications and ownership Forklift Cost in order to make a well-informed decision.