Among the five brands of telescopic boom lifts, JLG has the highest overall brand premium based on the past three years of data, while Skyjack has the lowest overall brand premium.
Key Takeaways for Decision Makers
RENTER/SELLER: If looking to secure the highest premium on the resale market, consider going with JLG, Genie, or even Snorkel. Be aware, though, that Snorkel’s recent higher brand premiums are concentrated among their newer model years, where as JLG and Genie have more consistent brand premiums for assets of nearly every age.
FINANCE: The best telescopic boom lift brands to finance are the ones that have the longest useful life and garner the highest premiums, such as Snorkel or JLG.
EQUIPMENT MANAGER: Owners of Skyjack or Haulotte telescopic boom lifts might be better off holding onto them and seeing if they can rebound, while someone looking to purchase a telescopic boom lift should consider buying these brands due to their low premiums.
Why is Brand Premium Important for Telescopic Boom Lift Brands?
How important is a brand name in the telescopic boom lift market? Millions of dollars in advertising, marketing, and brand awareness are spent each year by major OEMs in this space, and they’re mostly geared towards the sale of new equipment. On the secondary market, the impact of the manufacturer on the fair market value can be harder to determine. At MagikMe Equipment, we turn to a metric known as brand premium to better understand this topic.
In this article, our brand premiums are based off quarterly average asking prices on the resale channel for telescopic boom lifts within each brand. Average asking prices across the full resale channel are used as our baseline. The graphs within this article were created by isolating the impact of brand name by holding remaining factors such as age and equipment size constant across more than 227,000 telescopic boom lift observations. The brand premium is the percentage difference between the brand’s average asking price and the average for all telescopic boom lifts in our market data. We chose these five brands because they make up 99% of the used market for telescopic boom lifts. Brand premiums are important to understand because they provide insight as to which brands have the highest perceived value.
Best Telescopic Boom Lift Brands by Brand Premium
As can be seen in the brand premium graph at the top of this page, JLG has the highest brand premium in Q3 2021, with Snorkel a close second. Snorkel and Haulotte both stand out for the volatility of their brand premiums from quarter to quarter. This volatility is due to the lower market share for these brands, making up less than 2% of the resale observations combined. Despite being middle-of-the-pack with a brand premium of -3.3%, Genie’s equipment is known to retain its value quite well and was the winner of the MagikMe Equipment 2021 Highest Retained Value Award in the Telescopic Boom Lifts category.
Average Ages for the Top 5 Telescopic Boom Lift Brands
The brand with the highest overall average age is Snorkel and the brand with the lowest overall average age is Skyjack.
Average age is important to understand because it details which brands are staying on the market the longest. From reviewing the chart above, we see that Snorkel has the highest average age by far, surging to 14.5 years as of Q3 2021. The remaining brands are closer in age to one another, ranging from Skyjack’s 7.9 years on the low end to JLG’s 8.6 years on the higher end.
Getting Started Now
MagikMe Equipment can help you with the data you need now to set accurate rates, value your fleet, make disposition decisions, and understand when to rent equipment. We would also be honoured to be your principal data provider for any AI-focused projects you take on in the future. For more information on the data solutions offered by MagikMe Equipment call us at (888) 307-1717 or click here to request a product demo.
