Purchasing a forklift is a significant investment for any business. Depending on the model, options, and fuel type, the cost of a new forklift can range from $25,000 to $35,000. In today’s challenging economic climate, managing such an expense while striving to improve your company’s bottom line might feel daunting. However, there are four practical strategies to help keep your forklift acquisition within budget.

1. Lease and Finance Options

Many lending institutions offer customized lease products tailored to meet your business’s unique needs. Some flexible options include:

• Seasonal payment adjustments: Skip a lease payment during months when your business’s revenue is low.

• Two-term leases: These allow you to either walk away at the end of the first term or enjoy significantly reduced payments during the second term.

• Accelerated or decelerated payment plans: Choose fixed terms with payments that either increase or decrease over time. These options can help lower your interest expenses or reduce initial payments until your business gains momentum.

2. Buy Used Forklifts

If your forklift usage is less than four hours per day, purchasing a used forklift could be a cost-effective solution. Many used forklifts become available through trade-ins or lease returns. These units are often reconditioned by dealers, with updates such as new paint, tires, and safety features. Additionally, many dealers include warranties or offer upgraded warranty options, providing peace of mind while saving on upfront costs.

3. Consider an Electric Pallet Jack

For applications that involve horizontal movement of products, an electric pallet jack (EPT) is a budget-friendly alternative to a full-sized forklift. Electric pallet jacks can save you thousands of dollars while fulfilling your operational needs. For more complex applications, a wide range of electric forklifts is also available, offering both efficiency and cost savings.

4. Forklift Rental or Rental Purchase Option (RPO)

If your capital budget doesn’t allow for a forklift purchase, renting may be the answer. Rental companies often provide discounts for long-term commitments based on your specific application and usage requirements.

Another flexible option is the Rental Purchase Option (RPO). As the name suggests, you can rent a new or used forklift for a predetermined period and later purchase it, applying a portion of your rental payments toward the final price. RPOs are ideal if you’re unsure about long-term ownership but need a forklift immediately.

Ready to Expand Your Fleet?

By exploring these strategies, you can find the best option to meet your operational needs while staying within budget. Contact an equipment specialist today to discuss the solution that works best for your business!