So you've got a forklift. Nice. You maybe want to get another one, replace the one you have, or maybe you don't need the one you've got and want to sell it. Whether you fall into any of the above categories, it's very important to get an idea as to what said forklift is worth. Being in the wholesale forklift industry myself, we deal buying trucks from all sorts of companies... forklift dealers, auctioneers, liquidators, mom and pop shops, and Fortune 500 companies - which makes putting values on them the toughest part of the job
Everyone has different expectations for what they've got, but the forklifts never lie. There's a fair market value for every forklift out there and I'm going to walk you through the steps as to what we take into consideration when we make offers.
First and Foremost - YEAR
The year of the forklift is determined by the serial number located on the data tag of the forklift. It's typically placed somewhere on the dash, in the driver compartment, or somewhere near the seat. The data tag gives almost ALL of the pertinent information on the forklift. Each forklift manufacturer has a different system for dictating the years, so if you ever need help with that, message me here and I can typically get something back to you within 24 hours!
While forklifts last a very long time, the year does play a big role in its value - and the magic number in forklift years is ten. Ten years old and newer will bring you the most bang for your buck. Much like a car, manufacturers are making upgrades every year that make older models less and less valuable in the secondary market.
Hours, Hours, Hours!
Cars and trucks measure the amount of use on them by the miles they've driven. Forklifts are similar, though the use is defined by the "hours" that the forklift has been running. Think the 10:1 ratio... Every hour on the forklift is equivalent to 10 miles on a car or truck. And what's the magic number of miles on a car or truck where you start to worry about the internals of it? 100,000. Same goes for a forklift. Once you reach the 10,000 mark, the inner workings of the truck itself come into question. The wearable parts start to become worn, the tires need replacing, and the truck requires more frequent servicing. This plays a role into what buyers like myself can offer!
Specifications
Maybe your forklift is pretty new with low hours and while reading this article you're thinking, "okay Steve, my forklift is five years old with 2,000 hours. Now give me more money!"
Easy does it, cowboy. There are still other factors that play a role in the value. From a resale standpoint, we (as in re-sellers) need a forklift that will appeal to a mass of users.
Mast
The mast is the channel in the front of the forklifts that the forks go up and down on. In the forklift business, and industry standard mast is three staged, or a "triple". This will allow the forks to go up a standard 180-200" which is around the height of most American warehouses. A one or two ("single" or "double") stage will limit the raised height, which makes the truck a little less valuable on the secondary market. Is that to say your forklift is worthless? Heck no! But it will play into the value when looking at the entire package as a whole.
Attachments
Attachments are features on a forklift that allow the forklift to add functions. They range from large clamps to forks that split into two and allow someone to carry double the pallets. But the most necessary attachment is called the side shift. This is a function the allows the forks to move from side to side. It sounds elementary and small, but it's become an industry standard and a forklift without side shift almost immediately becomes less valuable.
Application
This one is important. Forklifts are made to go into many different types of warehouses... which is why it's important to know where your forklift came from before buying one or getting a value on the one you already have. When you think of a warehouse forklift, you think of a cement floor, docks, and grumpy people working on them. While that's true some of the times, there are applications like paint, cement, salt, poultry, slaughterhouses, and freezer applications that directly correlate with the type of use and abuse a forklift gets. It's important to know these things!
Salt applications are very corrosive, and it's very common for the wiring and metal to start to corrode in those types of companies. Poultry and slaughterhouses will (as you can imagine) leave a pretty nasty stink to a forklift along with other issues. Cold applications where the trucks go inside and outside of a freezer can cause rusting, cement and paint applications leave thick residue, and so on and so on. All of these things play a key role in determining the value.
What Now?
So I may have scared you into thinking your forklift has no value, and I promise that's not the case! As you can see there are a lot of moving parts when it comes to forklifts so getting to know these initial key factors will allow you to go into a buying or selling situation with knowledge. And I read somewhere that knowledge is power, so go use it!
If you want to know the value of your forklift, email me at sorlando@coforklifts.com!
