The cost of a forklift ranges from £3,500 to upwards of £30,000 in the UK. However, when purchasing a forklift, it’s vital to consider its total cost of ownership and how this may affect your decision. If your budget only stretches so far, it’s essential to factor in the often forgotten aspects of forklift ownership, including maintenance, licensing, and training. These costs total roughly £1,500 to upwards of £7,000 annually, per forklift.
What Affects the Initial Cost of a Forklift?
The fuel type, capacity, special features, brand, age, and condition affect the initial cost of a forklift. The advanced technology involved in real-time data monitoring software integration and manufacturing processes all influence the price of a forklift. Furthermore, renowned manufacturers justify higher costs with their trusted reputations and product development standards. Lastly, a younger forklift with less usage and mileage appeals far better to the consumer than a model reaching the end of its life.
What is the Average Annual Forklift Maintenance Cost?
The average annual forklift maintenance cost is £500 to £5,000 per forklift, depending on fuel type, age, usage intensity, and complexity of components.
Electric forklifts usually have lower maintenance costs than diesel and gas models, because they include fewer moving parts. “Moving parts” refers to pistons, shafts, valves, belts, pumps, and internal systems that power the forklift. An electric forklift’s motor operates on the principles of electromagnetism with a far simpler, basic design, consisting of a stator and rotor.
As forklifts age, their maintenance requirements increase due to the natural wear and tear of continually-moving parts, including hydraulic systems, chains, brakes, and even the forks. Each component of a forklift experiences stress throughout its lifetime, resulting in material fatigue and demanding maintenance. Regular forklift maintenance is necessary to ensure the components continue to work and prevent complete degradation.
How Much Does Forklift Preventative Maintenance Cost?
Preventative forklift maintenance costs from £1,000 to £2,000 annually, per forklift. The cost encompasses servicing, inspections, and minor repairs. Routine servicing costs range from £135 to upwards of £180 per forklift, per visit, depending on the fuel type. Furthermore, LOLER and PUWER examinations cost £100 to £200 per forklift.
The annual cost of forklift preventative maintenance can vary significantly depending on your operating environment and the day-to-day usage. Dusty facilities and extreme temperatures can stress your forklift’s components, resulting in more routine preventative maintenance. Additionally, if you’re using your forklift continuously with breaks only for charging, it’ll require more regular servicing intervals.
Although it can feel like forklift preventative maintenance costs add up fast, neglecting to schedule it regularly will incur more long-term costs, as you allow your forklift to deteriorate.
How Much Does a Forklift License Cost?
A forklift license is mandatory documentation that costs a one-off fee of £100 to £750 per person, depending on the training provider and level of training required. This includes a practical and theory test.
- Beginner courses are usually more expensive, costing £400 to £700 for a multi-day course.
- Refresher courses are £100 to £200, due to the less intensive training required and the usual course duration of a single day.
- Conversion courses (eg, supporting the switch from primarily counterbalance forklifts to reach) cost between £200 and £350.
Although the recommendation is that your operators undergo a refresher course every three years, the license doesn’t legally expire, and this fee could stretch as long as you’d like. But, new employers may expect a more recent certification, to ensure safe operation.
Several factors could influence the cost of obtaining a forklift licence, including the forklift type, location of training, and group vs individual courses. Some types of forklifts may require more training to operate safely than others, and depending on your location, the courses could cost more. Group courses are generally more cost-effective than individual courses.
Is the Cost of Forklift Hire per Day Lower Than Purchasing a Forklift?
The average cost of hiring a forklift per day is £70; however, the cost-effectiveness of hiring vs buying depends on a few factors. Although this price might seem high when multiplied by the days in the year, hiring a forklift relinquishes your responsibility to cover the maintenance and servicing costs. Removing this onus is the primary reason facility managers hire long-term rather than purchase a new forklift outright.
By spreading out the monthly cost equally, you benefit from predictability and can manage your cash flow effectively.
Forklifts for Hire and Sale at Trucks Direct
Trucks Direct is one of the UK’s leading providers of new and refurbished forklifts, supplying to facilities nationwide. Once you’ve weighed the suitability of hiring vs purchasing a forklift for your specific needs, please get in touch. We’ll be happy to point you towards a forklift that meets your requirements at competitive costs.