In the Market for New Forklifts? Things to Consider Before You Buy

DO THESE 3 THINGS FIRST BEFORE YOU PURCHASE NEW FORKLIFT EQUIPMENT

We know how important it is to carefully contemplate every dollar spent on your warehouse operations. As one of the larger-ticket items, new forklifts can be a source of efficiency or waste depending on how well you choose your vehicles. Industry data indicates that companies spent an average of $185,420 on new forklift equipment in 2019, up from around $149,000 the previous year. That level of spending emphasizes the need for a thorough analysis of vehicle types, features, and applications before purchasing or leasing. Asking targeted questions will help make sure you get the vehicle(s) just right for your facility. Here are some of the important considerations.

Do Your Research & Have Targeted Questions Ready… 

  1. Assess Current Operation and Workflow – Consider the current layout and throughput expectations of your facility and if any expansions are planned in the near future. Identify the scope and timeline of your expansion or movement plans and what types of material-handling solutions you will be using in your new operations.
  2. Do A Needs Analysis on Your Current Vehicle Inventory – Identify the effectiveness of your current fleet with regards to your inventory needs and operational plans. From there, determine what vehicles can stay and which need to be replaced and prioritize those purchases. Remember you don’t have to replace everything all at once.
     
  3. How Much Are You Willing to Pay…and For What? – As with any major purchase, it’s important to do market research for the most competitive pricing. Determine if there are more affordable models that, perhaps, don’t have as many extraneous features Compare vendors’ repair, service, and performance warranties, and all other important agreements to ensure you’re protected in case of an issue.

Additional Things to Consider

While the forklift acquisition process can be relatively straightforward, there are additional factors to think about if you’re planning a serious expansion or reorganization of your facility. In these cases, some of the things the more conscientious fleet manager might ask themselves might be:

  • Are we adapting efficiently and effectively to industry changes with our current inventory?
  • Do we have enough space and are we utilizing it to the best of our ability?
  • What does our warehouse safety record look like? Do we have areas of concern regarding vehicle and equipment strikes or personnel hazards? What do we spend per hour on vehicles and other equipment?
  • What are we spending on rental equipment? Is it more cost-effective to rent or buy?
  • Have we explored all wholesale equipment acquisition ideas?
  • Is it more cost-effective to buy pre-owned equipment?
  • Should I finance or pay outright?

Start Your Engines: Let Apex MHC Help Guide You in the Forklift Purchasing Journey

There are still a great many questions you may have prior to purchasing your forklift vehicles. Let the team at Apex help you explore all makes, models, and brands and make the call that’s best for your facility’s operations. Call our team today at 833-226-4573.

Apex offers private and tailored financial services and leasing options to fit every need. Choose the option that is best for your business:

Apex Financial Services & Financing –Flexibility, selection, and expert advice… the Apex team delivers for you.

Short-Term Equipment Rentals – Quickly ramp up for short-term or seasonal demands.

Apex has you covered!