How to Sell a Forklift
Planning to sell a forklift online? Several companies connect buyers with sellers or purchase used equipment. Depending on your forklift's capacity and features, you could make thousands of dollars. Set a fair price, take clear photos, and write a compelling description of the forklift.
Depending on its operating capacity, a forklift can cost anywhere between $15,000 and $100,000. The more weight it can handle, the higher the price. If you own one and no longer use it or need money to grow your business or pay off debt, consider selling the forklift online. You can get thousands in cash for a forklift and use the money to cover business expenses, start a new company or develop new products.
Before selling a forklift online, assess its value, take photos, and set a fair price. Once the transaction is completed, include it in your records and let your accountant know about it.
Factors That Affect Forklift Pricing
The first thing you need to do is to determine the value of your forklift. Consider its lift height, operating capacity, brand model, year of manufacture and overall condition. Its features, attachments and comfort level matter too.
If you're not sure where to start, check out vendors that sell forklifts online. In general, prices increase sharply for electric forklifts and those with a high operating capacity and lift height. Top-tier brands use the latest technology, so they tend to cost more. If your machine has pneumatic tires, you can get more money for it than for one with cushion tires.
Expect to get more cash for forklifts with advanced safety features, side shifters, layer pickers, single-doubles and other attachments. If you have a used 3,000-pound forklift for sale, you can set the price around $5,000 to $10,000. A new model, by comparison, is worth $15,000 to $25,000. A used 5,000-pound forklift is worth around $10,000 to $15,000.
How to Sell a Forklift Online
After you set a price for your forklift, take photos from different angles and draft a compelling description. Make sure the pictures are clear and capture every detail. Mention any defects, scratches and other issues. Your description should accurately illustrate what you sell. Include the brand name and model, overall condition, key features and technical specifications.
There are several platforms where business owners can buy and sell forklifts online. The National Forklift Exchange (NFE), for example, requires vendors to send detailed photos and relevant specifications of the forklifts they sell. Once your request is reviewed, the NFE either purchases your machine or remarkets it and helps you get a good deal. The organization also ships your forklift to its new owner — your only job is to list it for sale on the NFE's website.
Business owners can also get cash for forklifts from The Forklift Pro and Russell Equipment. Another option is to sell your equipment on eBay, the Buy and Sell a Forklift website or classified ad websites. The same rules apply — take professional photos, write an accurate description, and be ready to negotiate the price. If you have a business website, you can display your product there as well.
Comply With the Law
Forklifts are considered tangible business assets. Therefore, you need to include them in your business records and report them on the company's tax returns. Keep in mind that business assets depreciate over the years, which is something you consider for tax purposes.
Furthermore, you are legally required to maintain accurate records of the goods you sell. The money you get for a forklift or other business assets affects your capital gains and losses and your taxes. Let your accountant know about any sales you make so that he or she can record the transaction. Your business records should include a description of the forklift, its sales price and accumulated depreciation, selling fees and other relevant details.
Depending on your needs, you may exchange your old forklift for a different model of similar value. In accounting, this process is known as a nontaxable exchange. If you choose this option, you won't be taxed on any gain and cannot deduct any losses.
- CostOwl: How Much Does a Forklift Cost?
- Toyota Forklifts: Forklift Pricing 101 - What You Should Know
- National Forklift Exchange: How to Sell a Forklift
- Forklift Certification: How to Determine Used Forklift Value - A Buying and Selling Guide
- Intuit Quickbooks: How Depreciation Affects Your Profits
- Intuit Quickbooks: What You Need to Know When Selling Business Assets
- IRS.gov: Nontaxable Exchanges