Turn Your Used Forklifts Into Cash to Invest in Your Business
Nothing is as constant as change, so the saying goes. The forklift you bought recently made perfect sense at the time but may now be idle because of changes in your business strategy, product handling mix, or power availability. Or, you may have decided to upgrade to a more technologically advanced forklift, like one with telematics or powered by a Li-ion battery. Whatever the reason, selling your used forklifts in the second-hand market requires some thought, effort, and research.
Determine the Market Value of Your Used Forklift
This step is much the same as trying to sell a used car. The best road to take is to research websites of sellers of pre-owned forklifts and find out how much vehicles like yours are selling for. Used forklift values depend on several factors:
- Brand. A well-known brand will yield a higher price than a generic or budget brand forklift. Major brands generally continue to have service and parts available, which will be important to the purchaser of your forklift.
- Condition of your forklift. Having a good record of maintenance and repairs increases buyer confidence and forklift value in the market. If your forklift has been gently used in a moderate-temperature warehouse, it will probably fetch more than a forklift that’s been used in a rugged outdoor environment and suffered dents and bruises.
- Size, capacity, and features. Size doesn’t always matter. When you’re selling your forklift, smaller, more nimble forklifts may be more in demand than large outdoor trucks. Bells and whistles, like an air-conditioned cab, digital display, side shifters, and telematics, increase the value of a forklift. Mast height can also add value; masts that reach 187 in. have value for high-ceilinged warehouses.
- Hours of service. Naturally, a forklift with low service hours will be more desirable to potential buyers than one that’s logged a lot of time. Once a forklift reaches about 10,000 hours, it’s not worth very much.
- Availability of new forklifts. The used market gets hot when there is a long delay in delivering new forklifts, just like what happened with the used car market during the pandemic and supply chain crisis.
Make it shine
Take some time to prep your forklift for sale. The forklift should be thoroughly cleaned, internally and externally. All mechanical parts should be checked to ensure they work properly, and any worn or damaged parts should be replaced. You should change the oil, make sure the hydraulic fluid is clean and fresh, and that battery electrolyte is topped up. Have your maintenance department give the cosmetic ‘once over’ to the forklift, banging out dents and touching up scrapes and scratches.
Promote Your Used Forklift
Some material handling websites and publications offer sections where sellers of used forklifts can list trucks they have for sale. Online marketplaces are another avenue for selling a used forklift. Forklift dealers will also sell your forklift and take a cut. Make sure you have good photos of the forklift you’re selling and provide a detailed description of the features and condition of the forklift. Be sure to indicate whether or not there is still time left on the manufacturer’s regular or extended warranty.
Consider a trade-in
With the current used forklift market being as hot as it is, some dealers will offer an attractive trade-in allowance on buying a new forklift. This eliminates all the effort in marketing and advertising the forklift and setting up meetings with real buyers and ‘tire kickers.’
Be realistic
Don’t price your forklift so high as to put it out of reach of potential buyers or so low that you’re giving it away. Be prepared to negotiate. If your forklift has been well-maintained and is in good cosmetic condition, you should be able to get a good price in today’s market.
Or, Just Move It Out
If you don’t want to deal with the bother of cleaning up, repairing and replacing parts and marketing your used forklift, your local forklift wholesaler will probably take it off your hands for a decent but not top dollar price. Sometimes, the easy way out is the best.
Recycle
If your forklift has outlived its useful life and has little residual market value, the second-hand parts market may be the way to go. You will still be able to receive some revenue by selling it to be stripped down for parts to forklift repair firms.
As mentioned above, the simplest and most cost-effective way to replace a used forklift with a shiny new one is just to trade it in. Your forklift specialist at Apex can provide options, including selling your used forklift on your behalf. Remember, Apex is your material handling headquarters in the Chicagoland area. Contact our team today for more information and prompt support.