n construction and industrial settings, every dollar counts, making the lowest-priced forklift seem like a smart move. But focusing solely on upfront price can cost you far more in the long run.
Here’s why you should look beyond the price tag when you’re buying a forklift.
The Hidden Costs of “Cheap” Forklifts
There’s a saying: “Things of good quality aren’t cheap, nor are cheap things of good quality.”
When you factor in forklift costs, there’s a chance you’ll overlook some of the hidden ones, including the following:
Maintenance and Repair Expenses
Lower-priced forklifts typically require more frequent repairs and maintenance. You’ll find yourself calling service technicians more often, ordering replacement parts regularly, and dealing with unexpected breakdowns that halt your operations. These costs add up quickly and can exceed your initial savings within the first year.
Budget forklifts often use lower-quality components that wear out faster. The hydraulic systems may fail prematurely, the engines may require more frequent tune-ups, and the tires may need replacement sooner than expected.
Downtime Impact on Your Operations
When your forklift breaks down, your entire operation can come to a standstill. Construction projects face delays, materials can’t be moved efficiently, and your crew may be left idle.
The cost of lost productivity often far exceeds any savings from choosing a cheaper machine.
Just consider a scenario where your low-cost forklift requires three days of repairs during a critical project phase. The labor costs, project delays, and potential penalties can quickly eliminate any initial cost savings.
Fuel Efficiency and Operating Costs
Cheaper forklifts frequently consume more fuel per hour of operation. Over months and years of use, this difference in fuel efficiency becomes a significant expense.
Let’s also not forget how older or lower-quality engines may require more frequent oil changes and maintenance, further increasing your operating costs.
Operator Safety and Insurance Considerations
Budget forklifts may lack modern safety features that protect your operators and reduce liability risks. This lack of safety features can lead to higher insurance premiums and potential worker compensation claims. The cost of even one workplace accident can dwarf any savings from purchasing a cheaper machine.
The True Value of Quality Equipment
Counterintuitive as it may seem, you actually stand to pay fewer forklift costs long-term if you prioritize quality over price.
Better Reliability and Uninterrupted Uptime
Quality forklifts from established manufacturers like Combilift, Linde, and AisleMaster deliver consistent performance. You can count on these machines to operate when you need them most. This reliability translates directly into productivity and profitability for your business.
Lower Total Cost of Ownership
When you calculate the total cost of ownership over five to seven years, quality equipment typically costs less than budget alternatives. Higher-quality forklifts retain their value better, require fewer repairs, and operate more efficiently throughout their lifespan.
Smart Forklift Cost Management Strategies
When you’re buying a forklift, here are some tips to avoid paying post-purchase costs:
Consider Reconditioned Equipment
Reconditioned forklifts offer a middle ground between new equipment costs and the risks of buying cheap. At Industrial Parts and Service, our reconditioned units undergo thorough inspections and repairs, giving you reliable performance at a reduced price point.
These machines have been restored to optimal working condition and often come with warranties that protect your investment. You get the reliability you need without paying the full price of new equipment.
Short-Term Needs? Rent!
For temporary projects or seasonal work, rental forklifts can be more cost-effective than purchasing. With our fleet of over 350 rental trucks available throughout the U.S. and Canada, you can access quality equipment when you need it without the long-term commitment.
Factor in Service and Parts Availability
Choose equipment from companies like Industrial Parts and Service with strong service departments and readily available parts. This ensures you can get your forklift repaired quickly when issues arise, minimizing downtime and keeping your projects on schedule.
Evaluate Your Specific Needs
Consider how many hours per day you’ll operate the forklift, what loads you’ll be handling, and the environment where it will work. These factors help determine which features and capabilities are essential for your operations.
Calculate Total Cost of Ownership
Add up the purchase price, estimated maintenance costs, fuel expenses, and potential downtime costs over the equipment’s expected lifespan. This gives you a realistic picture of what each option will actually cost your business.
Ready, Reliable, and Reconditioned Forklifts at Industrial Parts and Service
Forklift costs can skyrocket if you buy solely based on price, but when you factor in maintenance, the total costs of ownership, and your needs, you’ll be a step closer to finding a forklift that fits your project specs and, most importantly, budget.
Are you looking for reliable and reconditioned forklifts that won’t break the bank? Find them here at Industrial Parts and Service. Contact us today to discuss your needs!
