Your forklifts put in work day-in and day-out moving product and lifting and moving your business forward. The day will come when you lose time and money because the truck isn’t running as efficiently anymore. It may be difficult to pinpoint this time, but below are a few indicators that you may need a replacement forklift.

1. WEAR AND TEAR OF A FORKLIFT

Has forklift maintenance become a case of continual troubleshooting and increasing costs to keep your forklift running? If prolonged heavy use of your forklift fleet needs regular repairs, it may be time to consider replacing the equipment. When paying for continual repairs, the effect on the bottom line goes far beyond the cost of replacing worn bushings or repairing the electrical components in a drive motor. You may need a replacement forklift if you have some of the following repair needs:

• Hydraulic leaks
• Clogged fluid lines
• Worn chains
• A mast that won’t lift
• Battery problems
• Unbalanced suspension
• Steering difficulties

2. LOSING TIME, LOSING MONEY

When you experience downtime for any unit in your forklift fleet, the cost is much more than parts and labor. You also need to factor in lost productivity and the costs of idle time for operators when their equipment is being repaired. When lost profits due to delays in product movement are taken into account, the total financial impact of an older forklift can easily extend into the thousands of dollars… per hour! Keeping spare lifts on hand is not an optimal solution due to the overall increase in operating costs. Neither are quick replacements. While lower in initial costs, they can create an endless cycle of unplanned repairs that negatively impacts your business. Retiring a forklift may be necessary if this is affecting your material handling operation.

3. AVOIDING UNEXPECTED EVENTS

Poorly maintained equipment can lead to an accident or injury, which may be avoided through regular inspections and up-to-date regular maintenance. If your forklift is starting to show signs of wear and tear, it may be time to retire or replace your forklift.

If you want more information on forklift’s useful life, download our forklift management guide, “Is it Time to Upgrade Your Forklift?”

Toyota Forklifts are built to be reliable, but the life of all material handling equipment will eventually come to an end. As an operations manager, you’re in control of when to get new machines into your operation. And as an operator, you know when your forklift is breaking down way too often. When bigger issues arise or when several small issues are keeping your forklift out of use, you may be asking yourself “Is it worth the time and money to put into this old machine?” This question means you’re considering the economic life of your forklift. Every forklift has two lives, its useful life, and its economic life. Useful life is pretty simple. If your forklift cannot be repaired, and is no longer used productively, then it has seen the end of its useful life. Economic life is more complicated, and requires more planning for both use and material procurement. This information can help you decide if your forklift’s economic life is coming to an end.

Economic life is the time span it makes financial sense to maintain your forklift, rather than replacing it. You know your forklift has reached the end of its economic life when the cost of the repairs are more expensive than the cost of purchasing a new one. The stress of having a forklift out of service on both an operation and the people who run it should lead you to have a good understanding of a forklift’s economic life. First, make sure you are planning for the replacement of your older forklifts. On average, most forklifts will need to be replaced around 10,000 hours, but can even be around 8,000 hours or less for those in unique applications. With the help of our economic life of a forklift calculator, you can get insight into when your forklift will need to be replaced. This allows you to easily determine a budget, and make it a more positive experience for you and your company. It can also influence your decision on whether you want to lease or buy your next forklift or forklift fleet. Leasing is sometimes an option that can help you reduce diminishing returns from a forklift with an expired economic life.

If you are putting off getting a new forklift and constantly maintaining your old one, you could be losing a lot of profits while the forklift is experiencing downtime. It’s never too late to start planning to improve the efficiency of your operation, whether you’re looking to acquire a forklift soon, have just done so, or are using an old forklift that might be past its prime. 

Original post:  Lucas Collom, Digital Projects Administrator, Toyota Material Handling, USA