Out with the old, in with the new.
Full replacement lifts

A full replacement elevator is essentially aninstallation of a completely new elevator system in the existing shaft. Therefore costs similar to a new installation can be expected. That said, not included in this estimation are architectural challenges like very small shafts, unusual cabin proportions, addition of new stops etc.

On the other hand, with a right-sized shaft, suitable door openings and good conditions for wiring (usage of existing routes), time and costs on the installation can be saved. Always keep one factor in mind, though: Before any installation of the full replacement can commence, the old elevator first has to be de-commissioned.

There's really just one scenario where there's no way to keep a building in motion other than with the installation of a full replacement elevator: it's when modernisation measures on the existing lift are no longer technically and economically feasible.

If your trusted elevator expert asserts both factors, then you have done everything right in the past! Most likely your unit has remained in operation for decades and received upgrades of major components gradually throughout the usage period. Your investments extended the product life cycle significantly and probably have saved you enough (e.g. on energy, breakdown and repair bills) to even balance the costs for the full replacement.

The question to ask first is: What's the reason to "throw away" an elevator and install a new one in its place? If it's because the lift is 35+ years old and can't be upgraded any longer in a financially sensible manner to meet the desired standards, then it's probably time to restart the product life cycle with a full replacement.

However, with most elevators in low-traffic residential and commercial buildings, there's seldomly the need to take them out after just 20 years or even less. A finetuned step-by-step modernisation concept will extend the usage period for another two decades, and improve safety, ride comfort and the overall look-and-feel just as much as a new system. Plus: It requires less downtime for installation and you may be able to split the necessary investment into smaller upgrade packages.