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 forklift 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 replace it. You know your forklift has reached the end of its economic life when the cost of the repairs is 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.