The purchase price is just the beginning. A forklift's true cost includes fuel or energy, maintenance, tires, and more over its working life. Here's how to think about total cost of ownership before you buy.
Get Free Quotes 👑Two forklifts with the same sticker price can cost very different amounts to run over five to ten years. Fuel type, maintenance needs, tire wear, and reliability all add up. Smart buyers look past the purchase price to total cost of ownership — the full lifetime expense — because that's what actually hits your budget year after year.
How a forklift is powered drives a big share of operating cost. Electric forklifts cost more upfront but typically cost less to 'fuel' via charging, with fewer moving parts to maintain. Propane (LPG) and diesel lifts have lower upfront cost but higher ongoing fuel expense and more maintenance. Over years of heavy use, the energy-cost difference between electric and internal-combustion can be substantial.
Every forklift needs routine maintenance — fluids, filters, brakes, hydraulics, and inspections — plus occasional repairs. Internal-combustion lifts generally require more maintenance than electric models because they have engines. Planned-maintenance contracts help control cost and prevent breakdowns. Budgeting for maintenance from day one avoids surprises and extends the machine's life.
Tires are a recurring cost many buyers forget. Cushion tires (for smooth indoor floors) and pneumatic tires (for outdoor and rough surfaces) wear over time and need replacement. Tire cost depends on type, size, and how hard the machine works. Running the wrong tire for your surface accelerates wear and raises long-term cost.
The operator's wages are part of the equation, and so is downtime — every hour a forklift is out of service is lost productivity. Reliable equipment and good maintenance reduce costly downtime. A cheaper machine that breaks down frequently can end up costing far more than a pricier, dependable one once lost productivity is counted.
For electric forklifts, the battery is a major lifetime cost. A replacement lead-acid or lithium-ion battery can run several thousand dollars, though a quality battery lasts years. Lithium-ion costs more upfront but charges faster, lasts longer, and needs less maintenance than lead-acid. Factor battery lifespan and replacement into any electric forklift's total cost.
You control total cost through smart buying: choose the right fuel type for your usage, match tires to your surface, keep up with maintenance, and buy quality equipment that stays reliable. It starts with the purchase — comparing free quotes across dealers ensures you don't overpay on the front end, which is the foundation of a lower lifetime cost.
Consider a mid-range forklift bought for around $30,000. Over five years, fuel or energy, routine maintenance and repairs, tires, and (for electric) battery care can add many thousands more — sometimes approaching or exceeding the original purchase price for heavily used internal-combustion machines. This is why two identically priced forklifts can have very different five-year costs depending on fuel type, reliability, and how hard they work.
Beyond fuel and maintenance, buyers routinely underestimate tire replacement, battery replacement on electric lifts, operator wages, and the cost of downtime when a machine is out of service. Downtime is especially sneaky — lost productivity from an unreliable forklift can dwarf the repair bill itself. Accounting for these 'hidden' costs upfront gives you a realistic picture of what a forklift truly costs to run.
The purchase decision sets the trajectory for every cost that follows. Choosing the right fuel type for your usage, matching tires to your surface, and buying a reliable, well-maintained machine at a fair price all reduce lifetime cost. Overpaying upfront or buying the wrong configuration raises costs for years. That's why comparing quotes at purchase is the foundation of controlling total cost of ownership.
The new-versus-used decision shapes total cost too. New forklifts cost more upfront but include warranty coverage and zero hours, potentially lowering early repair costs. Quality used machines cost far less upfront and, if well-maintained and low-hour, can deliver excellent lifetime value. The key is verifying a used machine's history and condition. Either way, buying at a fair price — confirmed by comparing quotes — sets the foundation for a manageable total cost of ownership over the years ahead.
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Beyond the purchase price, total cost of ownership includes fuel or energy, maintenance and repairs, tires, operator wages, downtime, and (for electric models) eventual battery replacement. Over years of use, these operating costs can rival or exceed the original price.
Electric forklifts cost more upfront but often have lower operating costs — cheaper energy and less maintenance thanks to fewer moving parts. Over heavy long-term use, they can be cheaper to own overall, though battery replacement is a cost to plan for.
Annual maintenance varies with usage, fuel type, and machine age, but many operations budget from around a thousand dollars up, often through a planned-maintenance contract. Internal-combustion lifts generally cost more to maintain than electric ones.
Choose the right fuel type and tires for your use, keep up with preventive maintenance, minimize downtime with reliable equipment, and buy smart by comparing quotes. Matching the machine to your actual workload is the biggest lever.
It can, over the machine's life. For heavily used forklifts — especially internal-combustion models — cumulative fuel, maintenance, tires, and downtime over five to ten years can approach or exceed the original purchase price, which is why total cost of ownership matters more than the sticker.
Often yes, if it's a quality, well-maintained, low-hour machine. Used forklifts have a much lower purchase price, and while they may need slightly more maintenance, verified good condition can deliver excellent lifetime value. Confirming the machine's history is key to avoiding costly surprises.