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Cost of a Forklift in Canada - Complete 2024 Guide

by Ion Rotaru 01 May 2023 0 Comments

We understand that buying a forklift is a daunting task. There's many options to consider, and they can be quite expensive. But don't worry, we're here to act as your friend on the inside.

In this comprehensive 2024 forklift pricing guide, we will discuss all the factors that contribute to the cost of a forklift. Let's get started!

How much does a forklift cost

Introduction to Forklifts

Forklifts are essential pieces of equipment for warehouses, manufacturing plants, and construction sites. They are designed to lift, move, and stack heavy loads with ease, significantly improving efficiency and productivity in various industries.

There are several types of forklifts available, each designed for specific tasks and environments. These include:

Pneumatic Tire Forklifts

Pneumatic tire forklifts are designed for outdoor use and are best suited for rough terrain and uneven surfaces. These forklifts have large, air-filled tires that provide excellent stability and traction on challenging terrain. They are ideal for industries like construction, agriculture, and lumber yards, where heavy loads must be moved over varying terrain. Pneumatic tire forklifts are available in different sizes and load capacities to suit various applications.

Pneumatic tire forklift

Cushion Tire Forklifts

Cushion tire forklifts are designed for indoor use on smooth, flat surfaces, such as warehouses and manufacturing plants. These forklifts have solid rubber tires that provide stability and maneuverability in tight spaces. Cushion tire forklifts are available in both electric and gas-powered models, making them suitable for a wide range of applications. They are commonly used for material handling tasks such as loading and unloading trucks, moving pallets, and stacking goods on shelves.

Cushion tire forklift

Counterbalance forklifts

A counterbalance forklift is the most common type of forklift, designed for general material handling tasks. It has a heavy counterweight at the back to balance the load being lifted at the front. This type of forklift is suitable for indoor and outdoor use and can operate on smooth surfaces.

Counter balance forklift

Reach trucks

Reach trucks are designed for narrow-aisle operations in warehouses. They have an extending mast that allows the operator to reach into racking systems and lift loads with precision. Reach trucks are ideal for indoor use and provide excellent maneuverability in tight spaces.

Reach truck forklift for warehouse

Order pickers

Order pickers are specialized forklifts used for picking individual items from shelves in a warehouse. The operator platform rises with the load, allowing the operator to access items at various heights. Order pickers are designed for indoor use and offer increased efficiency in high-volume order-picking operations.

Order picker for warehouse

Pallet jacks

Pallet jacks, also known as pallet trucks, are a type of forklift designed for lifting and moving palletized goods. They are manually operated, with the operator using a handle to pump the forks up and down. Pallet jacks are suitable for indoor use, particularly in warehouses and retail environments.

electric pallet jack

Rough terrain forklifts

Rough terrain forklifts are designed to handle rough and uneven surfaces, such as construction sites and outdoor storage yards. They have large, rugged tires and enhanced suspension systems to ensure stability and traction on challenging terrain. Rough terrain forklifts are ideal for outdoor use in industries like construction and agriculture.

Rough terrain forklift

Factors Affecting Forklift Prices

The cost of a forklift can vary greatly depending on several factors.

  • Type: Different types of forklifts have different price ranges.
  • Capacity: The maximum weight a forklift can handle influences the price.
  • Power source: Forklifts can be powered by diesel, propane, gasoline, or electricity.
  • Brand: The reputation and reliability of a brand can affect the price.
  • New or used: Used forklifts are generally cheaper than new ones.
  • Additional features: Optional features and attachments can increase the cost.

Other factors may also play in depending on your specific use case.

Cost Breakdown of New and Used Forklifts

Here is a general cost breakdown of new and used forklifts:

  • Pallet jacks: $300 - $4,000 (used), $1000 - $10,000 (new)
  • Internal combustion forklifts: $5,000 - $25,000 (used), $20,000 - $45,000 (new)
  • Electric forklifts: $10,000 - $40,000 (used), $25,000 - $70,000 (new)
  • Reach trucks: $8,000 - $30,000 (used), $25,000 - $60,000 (new)
  • Rough terrain forklifts: $10,000 - $30,000 (used), $20,000 - $70,000 (new)

Please note that these prices are approximate and can vary depending on the factors mentioned earlier.

New vs used forklift prices

Additional Forklift Costs to Consider

When purchasing a forklift, there are additional costs to keep in mind:

  • Maintenance and repairs: Regular maintenance and occasional repairs or replacements parts are necessary to keep the forklift in good working condition. 
  • Fuel or electricity: Operating costs depend on the type of forklift and its power source. Electric forklifts are generally more expensive upfront, but cheaper afterwards.
  • Insurance: Forklift insurance is required in most provinces/states and can vary based on usage and coverage.
  • Training: Operators must be trained and certified to use a forklift safely and efficiently.
  • Attachments: Specialized attachments may be required for specific tasks, adding to the overall cost.

There may be other factors to consider as well, but the above are the most important. Be sure to read out full guide on forklifts if you're looking to learn more about them.

Warehouse pricing factors

Forklift Financing and Leasing Options

Purchasing a forklift can be a significant investment, so it's essential to consider financing and leasing options. These can help you spread the cost over time, making it more manageable for your budget. Some common financing options include:

  • Equipment loans: Borrow money to purchase a forklift, with the equipment itself serving as collateral.
  • Leasing: Lease a forklift for a specific period with the option to buy it at the end of the term.
  • Line of credit: Access funds as needed, up to a predetermined limit, to purchase a forklift or other equipment.

Each financing option has its pros and cons, so be sure to weigh them carefully before making a decision.

Forklift financing options Canada

Find your perfect Forklift with WarehouseWiz

Looking to purchase a forklift for your wrehouse? Here at WarehouseWiz we're a trusted source for finding both new and used forklifts in Quebec and all across Canada. We offer a wide range of forklifts from top manufacturers, ensuring you can find exactly what you need. Our team will help you compare options and make an informed decision.

Contact us today!

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