Learn the Pros & Cons of Buying a “Pre-Owned” Used Forklift
Just like buying a car, you don’t have to automatically decide to buy a new forklift. In fact, like buying a used car, it often makes economic sense to buy a used forklift. Meanwhile, some of the same rules that apply to purchasing a new forklift apply to buying a used forklift. However, sourcing a forklift on the pre-owned marketplace introduces a whole new set of considerations. Let’s look at them.
5 Advantages of Buying a Used Forklift
- Cost — Let’s face it. That’s the number one reason anyone would go to the used marketplace. You can often land a machine for up to half the price of a new one. That can free up capital for other projects or lower your facility’s overall operating costs.
- Availability—You want to buy a new forklift, but depending on the brand or model, it may not be available for delivery for 90 days, 120 days, or longer. However, there are generally a large number of forklifts available in the second-hand marketplace, and you may be able to have one up and running in your facility in a week.
- Improving Overall Efficiency—You may have a trustworthy older forklift that still has some life in it, but it no longer meets your material handling needs. If a new vehicle isn’t in the budget, you can “trade up” your old forklift for one that’s newer and can offer you increased capabilities and longer useful life. Refurbished forklifts may also incorporate updated safety features.
- Reducing Carbon Footprint – Your current forklift may be an old, gas-guzzling dinosaur eating up dollars from your budget. Dealer-refurbished forklifts are often refitted with more energy-efficient components, such as new engines, LED lighting, regenerative braking, and Li-ion batteries.
- Balance Sheet Considerations – Buying a new forklift gives your balance sheet a big depreciation hit in the first few years. With a used forklift, that initial depreciation loss is gone, so your asset retains more relative value over its lifespan. Your insurance rates might also decrease since they are based on asset value.
Important Guidelines to Ensure You Get a Good Deal!
Buy The Forklift You Need, Not The One That’s Easy — Just as when buying a new forklift, assess your needs and buy the best-suited one. Armed with accurate knowledge of your material handling needs and doing some research, you can likely source a machine that closely matches your needs. Avoid buying a forklift that is mismatched with your needs simply because it’s available. Getting it right will enhance productivity and improve operator job satisfaction.
Go For Certified Pre-owned — Many forklift manufacturers and dealers have a certification program for used forklifts that require inspection and maintenance before being put on the market. These forklifts also generally come with a dealer’s or manufacturer’s warranty. Many certified forklifts have come off lease or were formerly part of the dealer’s rental fleet. Generally, they will have been properly maintained and come with a detailed maintenance record. A certified used forklift may cost you a few bucks more than one listed on eBay, Facebook, or Craigslist, but it is often worth it, especially if you want to avoid the headache and expense of repairing or maintaining a forklift in-house.
Make Smart Choices — Carefully determine whether an IC or electric forklift makes the most sense. If you have a choice, select a brand with a good reputation. Make sure spare parts are still available for your selection. Factor in the years and hours of service (HOS) your potential purchase has put in. If you’re buying an electric forklift, investigate the battery’s condition. A battery can cost almost half the cost of a forklift. A battery-powered forklift with much life left in the battery is a bargain. If you’re buying a forklift for a heavy-duty, rough-service operation calling for a forklift to operate near capacity for three shifts a day, a used forklift may not be the ideal choice. In that case opt for a new forklift.
Inspect and Road Test Your Prospective Purchase — Thoroughly examine the used forklift for signs of wear and tear indicative of heavy usage. Inquire about its previous application and request maintenance records. Check for worn tires, brakes, leaks, and structural damage. The overall appearance can offer insights into its past care. Test-drive the forklift in a setting resembling your operational needs, assessing key factors like drive speed, lift capacity, and maneuverability. Also, verify if the manufacturer’s warranty is still valid and transferable.
Don’t Be Afraid to Negotiate on Price — A forklift investment is substantial, and there are many choices in the used marketplace. Trading in your old forklift is a good way to reduce the purchase price of your “new-used” forklift. Your dealer may also offer financing.
Work With a Reputable Dealer — Your choice of dealer should boast an extensive inventory of pre-owned forklifts backed by a reputable maintenance department for servicing and an ample stock of spare parts, attachments, and upgrades. Look for a robust warranty, return policy, and optional maintenance plans. Cultivating a strong relationship with your material handling products dealer is paramount.
Don’t Rule Out Renting a Forklift – If one of your reasons for choosing a used forklift is cost, consider renting. There are many compelling reasons for renting a vehicle including the fact that you won’t be locked into a forklift that may not accommodate your changing material handling needs. Check out our blog on the advantages of long-term forklift rentals.
If you’re in the Chicagoland area, Apex is your local, reliable source that checks all the boxes! Our material handling experts can help you select a pre-owned forklift that meets your needs at the right price and with the right type of warranty and return policy. Our parts and services departments are part of the team that keeps your forklift fleet running at peak efficiency. Apex also provides certified operator training in groups at your facility, and individuals can join our classes in Chicago. Give us a call today to learn about our extensive inventory of carefully-used, pre-owned forklifts.