When investing in a forklift, it’s easy to focus on the upfront price. However, to make a smart, long-term decision, you need to consider the total cost of ownership (TCO). TCO includes all the costs related to operating and maintaining your forklift throughout its lifespan, and it's crucial to understand how this impacts your budget. Whether you’re buying new or used, taking the time to evaluate the full cost is key to maximizing the value of your investment.

Factors That Contribute to Total Cost of Ownership

The total cost of ownership goes beyond just the sticker price of the forklift. It’s important to account for ongoing expenses, including maintenance, fuel, and depreciation. By understanding all these factors, you can avoid unexpected costs that might arise during the life of the equipment.

One major factor to consider is the forklift’s maintenance requirements. Newer models may come with lower maintenance costs due to updated technology, but the costs can rise with older, used equipment. Fuel type also affects long-term expenses—electric forklifts may have a higher initial price but cost less to operate over time compared to gas-powered models.

Key Considerations for Evaluating TCO

Evaluating the total cost of ownership for a forklift requires looking at several different aspects of the machine’s lifecycle. Each of these points can help you determine what the real cost will be beyond the initial purchase price:

• Initial Purchase Price: This includes the upfront cost for either a new or used forklift.
• Operating Costs: Factor in fuel, power consumption, and other operational needs.
• Maintenance and Repairs: Routine upkeep and repairs, especially as the equipment ages.
• Depreciation: How quickly the forklift loses value over time and what that means for resale value.
• Insurance: The cost of insuring the equipment.
• Lifespan: How long you expect the forklift to last with proper maintenance.

Forklift Select: Your Partner in Making Smart Investments

At Forklift Select, we understand the importance of evaluating the total cost of ownership before making a decision. We offer a large inventory of new and used forklifts from top brands, including reach trucks, order pickers, pallet jacks, and counterbalance trucks. With our wide variety of models, you’ll find a forklift that fits your needs and budget.

Ready to make a smart investment? Contact Forklift Select at (877) 733 - LIFT or visit us online at https://forkliftselect.com/ to explore your options today!