No matter your construction project, it is likely that you will need a forklift. In addition, if you operate a business that involves any kind of heavy transport, a forklift will likely make your job a whole lot easier. When putting together a budget for your next construction project, you will need to factor in the costs of everything.
It is no secret that the cost of a forklift can easily be one of your most significant expenditures. But how much is a forklift? The answer to the important question depends on a multitude of factors, as well as on yourself. Read on to find out everything you need to know about buying a forklift.
1. What is the Average Cost of a Forklift?
First, let’s break down the average forklift cost that you can expect to see. There is no one answer. As you will see on the websites of leading forklift vendors such as Fleetupmarketplace.com, forklift prices range from $10,000 to $100,000. This all depends on a multitude of factors, which we will explain in greater detail below.
If you are looking for a small, “standard” forklift of the kind you might see in a packing warehouse, expect to pay between $10,000 to $15,000. For larger forklifts that are needed on heavy-duty construction sites, $30,000 to $45,0000 is the minimum range for basic vehicles.
Forklifts are complex pieces of heavy machinery that are designed to perform complex tasks that are often too dangerous for a human to do on their own. This is why the price tag tends to be higher than some people might expect.
2. What Factors Affect Forklift Prices?
There is a multitude of factors affecting what you will pay for a forklift. Weight capacity is undoubtedly the most important. The more weight that a forklift is able to carry, the more you can expect to pay for it. This is a fairly universal rule that will apply to any forklift vendor that you come across. Another important factor is the manufacturer of the forklift.
For example, if you are choosing a well-known, quality manufacturer such as Mitsubishi or Toyota, you can expect to pay more. This is because these forklifts will generally work better and last longer, due to their higher quality.
The lift height is also important. Forklifts that can lift higher will cost more, as will forklifts with a greater number of lift settings. Fuel type will also affect how much you pay, as electric forklifts tend to cost more than gas ones.
3. How Can I Save Money on a Forklift?
There are numerous ways that you can save money on a forklift. For one, you can purchase a second-hand forklift, as opposed to a new one. If you do this, make sure it is in good condition and be aware that you will not be able to get a warranty in most cases.
You can also deduct the cost of a forklift from your taxes by filing a Section 179 return with the IRS, potentially saving you thousands of dollars in taxes.
You should also consider long-term costs. For example, an electric forklift may cost more upfront, but will nearly always cost much less to run than other types of forklifts. These simple considerations can and will save you some serious cash.
Essential Financing Tips for Your Business
Now that you know the cost of a forklift, we are here to help with any other finance questions you might have about your business. When it comes to your bottom line, every cent counts. That is why you should check out our Business section for expert guides on how to make the most of every dollar you spend on growing your business in 2021.
