There are many forklifts on the market to choose from, but which one is right for your company? There are electric forklifts and internal combustion forklifts. A standard IC forklift pricing can range anywhere from $25,000 – $50,000 depending on specifications. The cost of an electric forklift will depend on whether or not you want a battery and charger included in the price. A brand new electric forklift with standard capacity might cost anywhere from $40,000 - $60,000.

Consider taking a look at Hyundai's True Cost Calculator to have a better understanding as to why you might want to choose an electric forklift over LPG or diesel. This calculator goes into detail about pricing, operating costs, and the long-term value of the Hyundai brand.

New vs Used forklifts

There are pros and cons to both options, but the biggest deciding factor is usually the cost. A brand new forklift will typically be more expensive than a used forklift, but it also comes with a warranty and is guaranteed to be in good condition. For example, Hyundai's best-in-class 3 years or 4,000-hour standard warranty. A used forklift may not have a warranty and it may have some wear and tear, but you can get a good deal on it. For a standard capacity used forklift, the price range can be between $12,000 - $21,000. You should also factor in monthly upkeep costs on used equipment into your operating budget.

It's important to remember that not all forklifts are created equal. The cost of a forklift is not just based on the brand or the age of the forklift – it's also based on the specifications. The higher the capacity, the higher the cost.

Which Option Is Right For Me?

Now that you have an idea of the costs associated between a new machine or a used machine, which option do you choose?



1. Time. If your operation runs 24/7 and if a forklift down means money lost, we recommend new forklifts. When you buy used, sure you may get a good deal, but you're trading less cost for time and headaches. Do you only use your forklift 3-5 hours a day, or less? A used lift truck might be a great idea! If your operation isn't mission-critical and a forklift down for the day or two isn't costing you tens to hundreds of thousands of dollars. Chances are you could come out on top with your investment.
2. Application. If you need a special attachment or unique requirement for your forklift, finding a used machine for a decent price may be impossible. For example, if you need a used LPG forklift with a two-stage mast, 15,000lbs capacity, low hours, and a boom attachment that is located in your state or even your county, good luck! Especially in 2022.
3. Budget.  If you need a forklift and the cost of a new machine is too much for your budget, used forklifts may be an option. You could always choose to rent instead as well. Leasing has also become a popular option for business owners. A low monthly payment vs the full total upfront, possible tax benefits, and you can either own or trade-in the machine at the end of the lease.

Forklift prices can vary widely depending on what forklift is needed and the specifications that are desired. New forklifts will cost more, but they come with a warranty and have been inspected for quality assurance. A used forklift may not be as expensive, but it also may not have or have a limited warranty. Consider your needs before making any final decisions about forklift purchase options so you don't end up spending money on an option that doesn't fit your company's specific needs!