Do you have an old forklift and don’t know how to get rid of it? More and more people are choosing to trade in their forklifts. Trade-in not only helps you recycle and dispose of your old forklift, but also simplifies asset management, reduces the cost of purchasing a new forklift, upgrades your equipment, and improves both efficiency and safety.
What is Forklift Trade-In?
Forklift trade-in is when a seller uses their old forklift as a partial down payment towards the cost of a new one. Compared to simply selling your forklift, trade-in allows you to purchase a new forklift in one seamless process, saving you time and effort. When compared to buying a new forklift outright, it helps streamline your equipment management and conserve cash flow.
This is perfect for businesses, warehouses, factories, and logistics centers that already have forklifts.
At DJJ EQUIPMENT, we offer comprehensive forklift trade-in services. We accept all brands of forklifts, provide free forklift appraisals, offer the latest forklift models, and deliver competitive pricing.
Factors That Affect Forklift Trade-In Value
The first step in the forklift trade-in process is evaluating the value of your old forklift. Several factors typically affect the trade-in value:
Age
Age is one of the most important factors in determining the value of your forklift trade-in. Generally speaking, older forklifts lose value due to wear and tear, and the potential for increased maintenance costs. Forklifts usually depreciate the most in the first few years. After about 3-5 years, the rate of depreciation slows down.
Usage and Maintenance History
If your forklift has been well-maintained and used correctly (such as not exceeding the rated load capacity, being regularly serviced), its trade-in value will be higher. Maintenance records, repair histories, and service intervals can often be accessed through the dealer or equipment manufacturer. Some large forklift rental companies and dealers will recommend brand-specific maintenance plans to ensure your forklift stays in optimal condition.
Brand and Model
Well-known brands such as Toyota, Hyster, Crown, Caterpillar, EP, and Hangcha typically retain higher market value due to their durability and reliability. Forklifts with specialized designs or strong performance—such as scissor lifts, or models with rotators and side-shifters—also tend to have higher trade-in values.
Operating Hours (Usage Time)
The more hours your forklift has been in operation, the more wear it will experience on its mechanical parts, which usually impacts its trade-in value. Typically, forklifts operate about 1,500 hours per year, and once a forklift exceeds 5,000 hours, it is often considered to be “high mileage” and will need more maintenance.
Repair and Wear History
If your forklift has a history of frequent breakdowns or damage, the costs to repair or replace key components (like the engine, hydraulic system, or transmission) can lower its trade-in value. If you have clear repair records, including the parts that were replaced and the use of original equipment manufacturer (OEM) parts, it can help increase its trade-in value.
How Dealers Evaluate Forklift Trade-In Value
When evaluating your used forklift for trade-in, most dealers consider the market prices for similar models with comparable ages. You can also use this information to help gauge your forklift’s value.
According to the second-hand market, prices can vary significantly depending on the brand and lifting capacity.
For example, forklift depreciation is greatest during the first year of use, while older models depreciate at a slower rate. A forklift over 10 years old typically has little to no trade-in value.
Here are some examples:
| Brand | Model/Type | Year | Price (AUD, excluding GST) |
|---|---|---|---|
Toyota |
Counterbalance 2.5 T LPG |
2016 |
$15,500 |
Toyota |
LPG 2.5 T (Side Shift) |
2011 |
$12,000 |
Toyota |
6 T (Purple) |
$38,000 | |
Nissan |
LPG 3.5 T (Dual Fuel) |
2000 |
$7,000 |
Hyster |
Counterbalance 5 T |
New model |
$32,000 |
Hyster |
Counterbalance 5 T |
$32,000 | |
Komatsu |
2.5 T |
$12,000 |
Advantages of Forklift Trade-In
Cash Flow Savings
By trading in your old forklift, you can reduce the upfront cost of purchasing a new forklift, which helps ease cash flow. For businesses that need frequent equipment upgrades, forklift trade-in offers a more flexible approach without requiring a large lump sum payment. DJJ provides flexible payment options, helping customers manage their finances smoothly. We also work with local financial institutions to offer favorable loan plans, and we support leasing or rent-to-own options.
Stock Management
Selling my forklift or trading in your old forklift allows you to avoid excess inventory. The old forklift is either sold or exchanged, freeing up space and cutting down on the cost of maintaining outdated equipment. Trade-in also helps dealers refresh their stock of second-hand forklifts, creating a healthier market cycle by reselling these units.
Improved Equipment Safety and Efficiency
New forklifts typically come with advanced technology and safety features, such as more efficient power systems, smarter driving assistance, and automatic fault detection. These features can significantly improve operational safety and efficiency. Modern forklifts are also more energy-efficient, reducing fuel or electricity consumption and lowering long-term operating costs.
Environmental Impact (Recycling Old Forklifts)
Participating in forklift trade-in programs ensures that old forklifts are properly recycled, reducing their environmental impact. Many dealers and manufacturers dismantle and reuse the equipment in compliance with environmental regulations. With stricter environmental laws in place, businesses can show their commitment to sustainability by participating in trade-in.
Disadvantages of Forklift Trade-In
Old Forklift Evaluation May Be Lower Than Expected
In trade-in scenarios, the evaluation of your old forklift may often fall below your expectations, especially if it’s heavily damaged or older. Dealers assess your forklift’s price based on factors like operating hours, maintenance history, and environmental conditions. Evaluation standards vary between dealers, and some may be more conservative in their pricing, leading to lower offers than expected.
Limited Model Selection
The choice of new forklifts available for trade-in may be more limited, as not all models or configurations can be bought through this process. Dealers may restrict certain models or have limited inventory of specific types. Additionally, forklifts with special configurations or custom requirements may not be available through trade-in options.
New Equipment Selection Dependent on Trade-In Policy
Some dealers may require the trade-in forklift to meet specific conditions, such as age, operating hours, or maintenance history, limiting the range of new equipment choices. Some trade-in policies may also have restrictions (e.g., you must purchase a particular brand or model to get the discount), reducing your flexibility in making a purchase.
Unclear Contract Terms Can Lead to Responsibility
Trade-in transactions involve a series of contract terms, such as forklift recovery, appraisal, and settlement. If the contract terms are unclear, they may lead to disputes or additional costs. For example, if the contract doesn’t clearly outline responsibility for post-recovery issues (such as repairs or compensation), you may be left with unnecessary obligations. At DJJ, we offer clear, fair, and transparent forklift trade-in contracts, providing excellent customer service and peace of mind. We also provide after-sales maintenance for new equipment and warranty services for trade-in forklifts.
How to Maximize Your Forklift Trade-In Value
Regular Maintenance and Keep Repair Records
Clean Your Forklift and Maintain Its Appearance
Understand Market Conditions (Prices for Similar Models)
Negotiate with Multiple Suppliers
Consider Additional Services (Free On-Site Appraisals, Transportation)
This blog provides you with a comprehensive guide on forklift trade-in, including what it is, factors affecting your trade-in value, the pros and cons of trade-in, and how to get the best possible deal. If you have an old forklift, contact us today for a hassle-free trade-in or appraisal!
FAQ’s
How to sell an old forklift?
To sell your old forklift, you can list it on online marketplaces, contact local dealers, or consider trading it in for a new model. At DJJ Equipment, we offer a seamless trade-in process where you can exchange your old forklift for a new one, saving you time and money. We also provide free appraisals to help you determine its current value. Reach out to us for a hassle-free process!
What to do with an old forklift?
You have several options for your old forklift: you can sell it, trade it in for a new model, or recycle it. If you’re looking for a simple solution, consider trading it in at DJJ Equipment. We accept all forklift brands and offer competitive pricing for trade-ins. Get in touch with us to explore your options and make the most of your old forklift!
How to determine the value of a used forklift?
The value depends on several factors: age, usage hours, brand, maintenance history, and overall condition. Getting an appraisal from a dealer is the best way to determine the current market value.
Are used forklifts a good value?
Used forklifts can offer great value if they’re well-maintained, as they cost significantly less than new ones. However, make sure to check the condition, age, and maintenance history before purchasing.
What's the average lifespan of a forklift?
The average lifespan of a forklift is around 10-15 years, depending on the type, usage, and maintenance. Regular servicing can extend its useful life.
