Excavator Cost: Mini And Full-Size Prices (New vs. Used vs. Rent With Examples)
Every construction work needs excavators. It is crucial to have one of these for digging, demolition, and heavy lifting. If you’re looking to purchase an excavator, be wary that it can be expensive. This article will provide an overview of the costs of purchasing mini and full-size excavators.
The cost of an excavator varies depending on the size and condition. But generally, a new full-size excavator costs between $100,000 to $800,000.
A mini-size excavator (under 10t) costs from $20,000 to $90,000. Renting out is cheaper for short-term projects, and a full-sized excavator costs about $1,300 per day, while mini-excavators are about $600 per day.
The price of excavators depends on plenty of factors and if you’re looking to know more, keep reading. We will cover these factors and ensure you get the best insight into making a purchase decision.
How Much Does An Excavator Cost?
Excavators are no small investment, and they cost you hundreds of thousands. The prices are mainly affected by the model, size, condition, and year of manufacture.
Expect to pay at least $100,000 for a new mid-sized excavator and $800,000+ for large-sized models.
The model and brand are crucial to pricing excavators, as the top brands offer premium prices. Let’s look at some of these top brands and the price difference:
- John Deere: Small John Deere excavators cost around $50,000, while large ones can be up to $300,000.
- Komatsu: The Japan company offers excavators from $55,000 to $600,000, with blogger models going as much as $1.5 million.
- Caterpillar: This popular company has top-quality excavators from $100,000, while full-sized excavators go for $300,000. There are larger ones that could reach $800,000.
New excavators typically come with accessories, but if you want to add extra buckets, each should cost from $1,000 onwards.
Powered attachments like rakes, thumbs, and hydraulic hammers can cost you anywhere from $5,000 to $10,000.
If you have a tight budget, you could save significantly if you buy a refurbished or used excavator. It won’t be super cheap, but you’ll possibly save at least 20% to 40% of the initial price.
The price of used excavators varies and will range from $40,000 to $100,000. The more hours an excavator has worked, the lower the resale price.
Other influencers of used excavators include age and condition.
A 12-year Caterpillar 345CL with 4,000 hours of use can be as low as $149,000. The same hydraulic machine with about 10,000 hours can only be worth $89,000.
How Much Does A Mini Excavator Cost?
Mini-excavators, also known as compact excavators, weigh from 3,000 pounds to 10,000 pounds or more. They are cheaper than large excavators and are ideal if you’re looking to save some cash.
The average price of a new mini excavator is between $28,000 to $48,000. There aren’t many additional costs to mini excavators, and you can find cheaper models such as Hitachi or Kubota.
Major brands like Bobcat or John Deere can put a price tag of up to $90,000.
Here is a quick price guide to buying mini excavators.
- Mini excavators with a total weight between 8 tons and 10 tons go for about $80,000.
- Mini excavators with a total weight between 5 tons and 8 tons should cost you less than $65,000.
- Mini excavators with a total weight under 4 tons can cost you between $20,000 to $40,000.
How Much Does It Cost To Rent An Excavator?
Renting out an excavator is suitable for small construction projects. You can rent per hour, day, week, or month. It is cheaper to rent out for longer than, let’s say, renting per hour.
An average mid-sized excavator can cost between $900 to $1,400 per day, $200 per hour, or about $4,000 per week.
The actual cost you will pay relies on the brand and size. We can compare the prices, as per the sizes, and see how much it costs.
You may find larger excavators weighing up to 40 tons, and they are pretty expensive to rent.
Since they are used for large commercial projects, the rental price may depend on your credit score or your previous rental history. Expect to pay at least $10,000 a day for these hydraulic machines.
How Much Does It Cost To Rent a Mini Excavator?
Renting out mini excavators can cost you between $400 to $600 a day or $2,000 to $4,000 a month. Brands like John Dere are cheaper to rent, and a standard John Dere 75 could be around $470 per day/$2,900 per month.
Let’s follow a general pricing guide to renting out mini excavators:
- Heavy-duty models of mini excavators could cost as much as $3,000 per day.
- Mid-range models have an average daily rental price of $800 per day.
- If you’ll hire an operator, expect to pay around $40 an hour.
- Additional attachments may increase the price by around $400 per day.
How Much Do Excavator Accessories Cost?
Excavators come with additional accessories depending on the type and brand. These accessories include buckets, augers, thumbs, hammers, compactors, couplers, ripplers, and hammers.
Unless they come with the excavator, each of these accessories comes with a cost.
They are the attachments used to help in digging, usually fixed on the excavator’s arm. You might need a few types of buckets depending on the task. The buckets come in various sizes from 24” up to 36” wide, costing around $1,500 to $2,000 respectively.
Compactors have various forms like vibratory drums, vibratory plates, or compaction wheels. They go for around $3,500 to $6,000.
If your land requires lifting and moving materials, you will need grapples instead of using other specialized equipment. These grapples do plenty of tasks from rock handling, clearing, and demolition. The price tag is about $6,000 and above.
Augers are drilling tools used to make holes in the ground in projects like tree planting and digging post-holes. They typically cost between $1,000 and $3,000 depending on the brand and type of excavator.
Hamers are useful when breaking down concrete materials. The kind of hammer to buy will vary depending on the excavator’s size. Excavator hammers go from $4,500 to $8,000.
Apart from the cost of the excavator and its accessories, there are other costs to stay aware of:
Excavators need digger insurance to cover them from any accidents. It starts from as low as $83 a month or $900 per year for general liability coverage up to $1 million.
Mini excavators are a bit cheaper since they have less risk of severe accidents. If you’re renting an excavator, insurance costs will be at an average of 12 percent of the total amount you pay.
Fuel is a critical consideration, particularly, if you have a rental excavator. The machine needs to be properly fueled for efficient work. The price of fuel is nowadays on the rise and fluctuates depending on plenty of factors.
The current year’s fuel price is about $3.5 per gallon.
How To Save When Buying An Excavator
The costs of purchase and maintenance of excavators are high and you’d benefit from following a few money-saving tips. The easiest way to keep costs at a minimum is to consider buying a used excavator.
Data shows that used excavators are about 30% to 60% cheaper than new ones.
The used excavators you’re looking at should be well-maintained, have reasonable hours of work, and be in good shape. Anything lower than this will only increase your total costs.
Look for low-rate financing if possible. Most excavator brands have financing options and make it possible to have a reasonable payment plan.
Finance programs are considerate and offer rates as low as 0% up to 48 months. Check with the manufacturer to see which one you qualify for.
Another nice tip if you want to get a deal is to finance your purchase with cash. Dealers are always willing to bargain when you offer cash because it is easier to seal the deal and the salesmen get the commissions directly.
Consider buying online to enjoy the massive deals and discounts available throughout the year. You may get a first-time discount, holiday sale, and clearance sale, depending on the time of the year.
Attachments could cost you extra but adding them to your purchase attracts discounts. You might spend more for the addition, but it will be a huge money-saver in the future.
Conclusion: Excavator Cost With Examples
Buying or renting an excavator is a huge investment and one requiring huge research before digging into your wallet.
The costs are more than the equipment itself and include accessories, maintenance, and insurance.
Luckily, we hope this guide has provided enough information to help you understand the true cost of an excavator.