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Excavator Cost to Buy in 2024: New/Used + Buy/Rent/Hire Rates

We’re keeping tabs on excavator cost trends so you can remain up-to-date, whether you plan to buy, sell, or research. Here’s a table comparing the costs to buy new, buy used, rent, and hire a full-size excavator:

OptionExcavator Cost RangeNotes
Buy New$200,000 – $1,500,000+Varies by brand, size, and features
Buy Used$50,000 – $500,000+Depends on age, hours, condition, and model
Rent (Monthly)$5,700 – $18,000Varies based on size and class
Hire (with operator)$100 – $300 per hourRates vary by region and project requirements

Excavator costs can vary significantly based on several factors:

For new, full-size excavators in 2024, prices typically range from $200,000 to over $1,500,000. Some specific examples:

  • High-end models from Caterpillar (like the 390F L) can exceed $1,000,000
  • Komatsu’s large excavators (PC490LC-11 and up) generally range from $500,000 to $900,000
  • Hitachi and Volvo top models usually fall between $400,000 and $800,000

These prices reflect machines with the latest technology, including 3D, GPS guidance systems, advanced hydraulics, and fuel-efficient engines.

Used excavator prices vary widely based on age, hours of use, condition, and model. Here are some general guidelines based on hours of operation:

  • 5,000+ hours: 40-50% of the new price
  • 0-500 hours: 90-95% of the new price
  • 500-1,000 hours: 80-85% of the new price
  • 1,000-2,000 hours: 70-80% of the new price
  • 2,000-3,500 hours: 60-70% of the new price
  • 3,500-5,000 hours: 50-60% of the new price

Excavator rental rates vary depending on the machine’s size*:

  • Mid-Sized Excavators (13-20 tons): $5,700 – $8,500 per month
  • Large Excavators (21-30 tons): $7,500 – $14,000 per month
  • Extra-Large Excavators (30+ tons): $10,000 – $22,000 per month

*Excavator rental cost near you will vary based on your location, rental duration, and specific model features.

Instead of buying or renting, some companies opt to hire excavator services with an operator.

Hiring an excavator operator typically ranges from $100 to $300 hourly, but can vary based on region, project requirements, and current market conditions. Most operators charge a minimum of one day or eight hours.

Note

The heavy equipment market can be volatile, and excavator prices may fluctuate based on factors like global economic conditions, construction industry trends, and technological advancements. Consider getting a professional excavator appraisal to obtain the most accurate valuation for your specific machine or purchase decision.

Understanding Excavator Types and Sizes

excavator cost guide infographic

Excavators come in various types and sizes, each designed for specific tasks and environments. The right choice depends on your project requirements and site conditions. Below is a brief summary, but read this for a full breakdown of all types of excavators.

Standard Excavators

Also known as crawler excavators, these are the workhorses of construction sites. They feature a boom, stick, and bucket arm attachment, with a cab that rotates 360 degrees.

  • Weight Range: 10 to 45 metric tons
  • Price Range (New): $200,000 – $600,000
  • Best For: Heavy-duty construction, mining, farming, landscaping

Wheeled Excavators

Similar to standard excavators but with wheels instead of tracks, offering better maneuverability on paved surfaces.

  • Best For: Urban construction, roadwork
  • Advantage: Can be driven between job sites without a trailer

Mini and Compact Excavators

Smaller versions suitable for tight spaces and lighter work.

  • Weight Range: Less than 6 tons (mini), 6-10 tons (compact)
  • Price Range (New): Starting at $75,000
  • Price Range (Used): $10,000 – $50,000

👉 Check our Mini Excavator Cost Guide if you’re shopping for a compact excavator instead.

Large Excavators

Designed for the most demanding jobs and heaviest lifting.

  • Weight Range: Over 45 metric tons
  • Price Range (New): $800,000 – $1,500,000+
  • Best For: Commercial construction, large-scale demolition, mining

Specialized Types

  • Long-Reach Excavators: Extended arm and boom for hard-to-reach areas
  • Dragline Excavators: For large applications like harbor construction
  • Hydraulic Shovels: Used in mining and heavy-duty excavation

When choosing an excavator, consider factors such as the project scale, site conditions, and specific task requirements. The size and type of excavator significantly impact its price and capabilities, so it’s essential to match the machine to your needs for optimal efficiency and cost-effectiveness.

Factors Influencing Excavator Cost

excavator cost factors

Understanding what affects excavator prices is crucial for making informed decisions. Several key factors can significantly impact the cost of an excavator:

Size and Capacity

The size and capacity of the excavator are primary cost determinants. Larger machines with higher digging depth and lifting capacity generally come with higher price tags.

Brand and Model

Well-established brands like Caterpillar, Komatsu, and John Deere often command premium prices due to their reputation for quality, reliability, and after-sales support. Newer models with advanced features also tend to be more expensive.

Age and Condition

For used excavators, age and condition significantly influence price. Well-maintained older machines can offer good value, but may require more frequent maintenance. Newer models, while more expensive initially, often provide better fuel efficiency and lower maintenance costs.

Technology and Features

Advanced technologies such as GPS guidance systems, telematics, and intelligent control systems can add to the cost but may improve efficiency and productivity.

Attachments and Customization

Additional attachments and customizations can increase versatility but also raise the overall cost. Consider which attachments are essential for your projects when budgeting.

Regulatory Compliance

Excavators that meet stringent environmental and safety standards may come at a higher price due to the advanced technologies required to meet these regulations.

FactorImpact on CostConsiderations
Size and CapacityHighProject requirements, site conditions
Brand and ModelHighReputation, reliability, resale value
Age and ConditionMedium to HighMaintenance needs, technology updates
TechnologyMedium to HighProductivity gains, training requirements
AttachmentsVariableProject versatility, specific task needs
Regulatory ComplianceMediumLocal regulations, environmental concerns

While initial cost is important, it’s equally crucial to consider the total cost of ownership, including fuel efficiency, maintenance requirements, and potential productivity gains.

As we move into examining new excavator prices, keep in mind that these influencing factors play a significant role in determining the cost of brand-new machines across different size categories and brands.

New Excavator Prices

new excavator cost

The cost of a new full-size excavator depends on factors such as operating weight, engine power, bucket capacity, and advanced technologies. Here are approximate price ranges for different sizes:

Mid-Sized Excavators (13-30 tons): $200,000 – $500,000

  • Caterpillar 320: $230,000 – $270,000
  • Komatsu PC210LC-11: $220,000 – $260,000
  • John Deere 210G LC: $210,000 – $250,000

Features often include GPS guidance systems, telematics, and fuel-efficient engines.

Large Excavators (30-50 tons): $500,000 – $800,000

  • Hitachi ZX350LC-6: $520,000 – $580,000
  • Volvo EC380E: $550,000 – $620,000
  • Liebherr R 950: $580,000 – $650,000

These models typically offer advanced hydraulic systems, multiple work modes, and enhanced operator comfort features.

Extra-Large Excavators (50+ tons): $800,000 – $1,500,000+

  • Komatsu PC800LC-8: $900,000 – $1,100,000
  • Caterpillar 390F L: $1,000,000 – $1,200,000
  • Hitachi EX1200-7: $1,300,000 – $1,500,000

Extra-large excavators often include features like high-capacity buckets, reinforced undercarriages, and advanced cooling systems for extended operation.

When considering new excavator prices, it’s important to factor in additional costs for attachments and specialized features, which can add significantly to the base price. The final cost will depend on specific configurations, attachments, and any additional technologies requested by the buyer.

Next, we’ll explore the market for used excavators, which offers a range of options for buyers with different budget considerations.

Used Excavator Prices

Used Excavator

The used excavator market offers significant savings, with prices typically 20% to 40% lower than new machines. This makes used excavators an attractive option for those looking to balance cost and functionality.

Based on the most recent data, here’s a breakdown of average used excavator prices:

Size CategoryWeight RangePrice Range (Used)
Mid-Sized13-30 tons$50,000 – $150,000
Large30-50 tons$150,000 – $300,000
Extra-Large50+ tons$300,000 – $550,000+

Factors Affecting Used Excavator Value

Several key factors influence the value of a used excavator:

  1. Age and Usage Hours: Newer models with lower hours generally command higher prices.
  2. Condition: Well-maintained machines fetch better prices due to their expected longevity.
  3. Brand Reputation: Popular brands like Caterpillar, Komatsu, and Hitachi often hold their value better.
  4. Market Demand: Certain models may be more valuable based on current industry needs.

Where to Find Used Excavators

Used excavators are available through various channels, each offering different advantages:

  1. Dealerships: Often provide warranties and may offer financing options.
  2. Online marketplaces: Offer a wide selection and the ability to compare prices across regions.
  3. Auctions: Can provide opportunities for good deals, but require careful inspection and research.

When searching for used excavators, it’s important to consider machines with a range of usage hours to find one that fits your needs and budget. Generally, excavators with 5,000 to 7,000 hours are considered to be reaching a point where more significant maintenance may be required.

When considering a used excavator purchase, it’s crucial to factor in potential maintenance costs and the machine’s expected lifespan. While depreciation lowers the initial cost, ongoing expenses can impact the total cost of ownership. Always inspect the machine thoroughly or hire a professional to do so before making a purchase.

As we explore the decision between buying, renting, or hiring an excavator, it’s important to consider how these used excavator prices compare to the costs associated with other options. Let’s examine the factors that can help determine the most cost-effective choice for your specific needs.

Rental and Hire Rates for Excavators

Rental Rates for Excavators

Excavator rental and hire costs vary based on machine size and rental duration. Understanding the daily, weekly, and monthly rates, as well as hire rates with operators, helps you choose the most cost-effective option for your project.

Excavator Rental Rates

Excavator SizeDaily RateWeekly RateMonthly Rate
Mid-Sized (13-30 tons)$500 – $1,000$2,000 – $3,500$5,000 – $10,000
Large (30-50 tons)$800 – $1,600$3,000 – $5,000$8,000 – $15,000
Extra-Large (50+ tons)$1,500 – $3,000$4,500 – $10,000$12,000 – $30,000

Excavator Hire Rates (with Operator)

Excavator SizeHourly Rate
Mid-Sized (13-30 tons)$150 – $250
Large (30-50 tons)$200 – $350
Extra-Large (50+ tons)$300 – $500

Factors Affecting Excavator Rental and Hire Prices

Several factors can influence the cost of renting or hiring an excavator:

  1. Machine size and weight: Larger excavators generally cost more.
  2. Rental duration: Longer rentals often offer better daily rates.
  3. Location: Prices can vary by region due to demand and availability.
  4. Brand and model: Some brands or newer models may command higher rates.
  5. Included attachments: Additional tools or attachments can increase the price.
  6. Operator inclusion: Some rentals include an operator, while others require separate hiring.

When budgeting for your project, remember to factor in additional costs such as fuel, delivery, and potential maintenance fees.

Should You Rent or Hire an Excavator?

For short-term projects, daily rentals might be suitable despite higher rates. However, for longer projects, weekly or monthly rentals often provide better value. Hiring an excavator with an operator can be beneficial if you lack the expertise to operate the machine safely and efficiently.

To get the best deal, plan ahead and compare prices from different rental companies. Consider the total cost of ownership when deciding between renting, hiring, or buying an excavator for your project needs.

As we’ve explored the costs associated with buying, renting, and hiring excavators, it’s important to consider additional expenses that can impact your overall budget. In the next section, we’ll examine these additional costs to provide a more comprehensive understanding of excavator ownership and operation.

Additional Costs to Consider

Additional Costs to Consider Excavator

Buying an excavator? Don’t just focus on the sticker price. Other costs can really add up. Let’s break them down.

Maintenance and Repairs

A well-maintained excavator lasts longer and performs better.

Costs vary.

Bigger machines and those used more often cost more to maintain. Older ones too. Expect to spend between $6,000 and $18,000 a year. This covers inspections, parts, and surprise repairs.

Insurance

Protect your investment!

Insurance costs depend on the excavator’s value, where you use it, and how you use it. Basic liability insurance starts around $1,000 a year. This gets you $1 million in coverage.

Want more protection?

Comprehensive coverage is pricier but covers theft and damage.

Fuel and Operating Costs

Fuel is a major expense. Big excavators gulp 5-10 gallons of diesel per hour. Smaller ones use 2-4 gallons. Fuel prices change constantly, so this adds up fast.

Good news! Newer models are often more fuel-efficient.

Environmental Compliance

Environmental rules are getting stricter. Meeting these standards costs money. Think $2,000 to $5,000 a year. This varies by location and the age of your machine.

Cost Summary

Cost CategoryEstimated Annual Cost (2024)
Maintenance$6,000 – $18,000
Insurance$1,000 – $3,500
Fuel (based on 1000 hours/year)$12,000 – $35,000
Environmental Compliance$2,000 – $5,000
Other Operating Expenses$22,000 – $55,000

Knowing these extra costs gives you the full picture. This helps you make smarter choices. And avoid money surprises down the road.

Want to learn more about managing these costs? Let’s talk about financing options next. They can make owning an excavator easier.

Financing Options for Excavator Purchases

Financing Options for Excavator Purchases (1)

Need an excavator but not sure how to pay for it (or, the best way to pay for it)? You’ve got options! Let’s explore them.

Loans

Loans are common for excavators. They usually last 24 to 72 months. The loan length depends on the excavator’s age and condition. Your credit score matters too. Some lenders work with scores as low as 550. But a higher score gets you better terms.

Worried about credit checks?

Some lenders do “soft” checks. These don’t hurt your score. This is great if your credit history isn’t perfect.

Want an idea of monthly payments? Here’s a quick look, assuming you have good credit:

Loan TermMonthly Payment Range
24 months$1,250 – $1,350
36 months$850 – $975
48 months$650 – $775
60 months$525 – $625

Leasing

Leasing is another option. Lease payments are often lower than loan payments. Why? Because you don’t own the excavator at the end. Several things affect your monthly payment: lease length, excavator cost, your credit score, and your business history.

Considerations

So, loan or lease?

Think about your needs and finances. Loans and leases are good for long-term use. Renting makes more sense for short-term projects.

New excavators are expensive! They can cost $200,000 to over $1,500,000. Choosing the right financing is key. Compare offers from different lenders. Look at interest rates, terms, and fees.

Want to save even more? Let’s talk about ways to reduce your overall excavator costs. This helps you get the most out of your investment, no matter how you finance it.

Tips for Reducing Excavator Costs

Tips for Reducing Excavator Costs

Implementing smart strategies can lead to significant savings on excavator costs. Here are some key tips to consider:

1. Consider Used Equipment

Purchasing used excavators can reduce costs by 30-60% compared to new models. When buying used:

  • Look for machines with lower hours and good maintenance history
  • Consider certified pre-owned options for added peace of mind

2. Optimize Financing

  • Shop around for low-rate financing options
  • Consider cash deals for potential discounts
  • Bundle attachments with the excavator purchase for better overall value

3. Efficient Operation

Modern excavators offer multiple work modes to optimize power and fuel efficiency:

  • Familiarize operators with these settings to match power output to job requirements
  • Utilize auto-shutdown features to reduce idle time and save fuel

4. Smart Rental Strategies

If renting, opt for longer-term agreements to secure lower rates. This can be particularly cost-effective for extended projects.

5. Proactive Maintenance

Implement a robust maintenance plan to avoid costly repairs:

  • Utilize manufacturer-recommended fluid analysis programs
  • Adhere to regular service schedules

6. Leverage Technology

Employ telematics systems to:

  • Monitor machine usage and efficiency
  • Prevent theft (note that only about 15% of stolen equipment is recovered)
  • Optimize maintenance schedules

7. Operator Training

Invest in comprehensive operator training:

  • Improves equipment longevity
  • Enhances operational efficiency
  • Reduces wear and tear

8. Energy Efficiency

Consider fuel-efficient models or hybrid options for long-term cost savings, especially in areas with high fuel prices.

By implementing these strategies and leveraging technology for maintenance and operation, you can significantly reduce costs and maximize the value of your excavator investment over time.

As we conclude our exploration of excavator costs, it’s important to consider how these cost-saving strategies factor into the broader decision of whether to buy, rent, or hire an excavator.

It’s Excavator Cost Decision Time: Buy or Rent or Hire?

Excavator Rental

Choosing between buying, renting, or hiring an excavator depends on several factors, including project duration, frequency of use, and financial considerations. Let’s summarize the options to help you make an informed decision:

Buying an Excavator

Best for: Long-term, frequent use (typically more than 60-70% of the time)

Pros:

  • Lower long-term costs for frequent users
  • Complete control over equipment
  • Potential tax benefits

Cons:

  • High upfront costs
  • Ongoing maintenance and storage responsibilities
  • Depreciation over time

Cost example: A mid-sized excavator costing $200,000 – $500,000, financed over 60 months, might result in monthly payments of $3,500 – $9,000, depending on interest rates and down payment.

Renting an Excavator

Best for: Short-term projects or occasional use

Pros:

  • No long-term commitment
  • Access to latest models
  • Maintenance handled by rental company

Cons:

  • Higher costs for extended use
  • Potential availability issues
  • Transportation costs

Cost example:

  • Daily rates: $500 – $1,600 for standard excavators
  • Monthly rates: $5,000 – $15,000 for standard excavators

Hiring an Excavator (with Operator)

Best for: Projects requiring specialized skills or when lacking qualified operators

Pros:

  • Includes skilled operator
  • No maintenance or storage concerns
  • Ideal for complex, short-term projects

Cons:

  • Higher hourly costs
  • Less control over scheduling

Cost example: $150 – $300 per hour for standard excavators, including operator

Decision Factors

  1. Project duration and frequency
  2. Financial situation and cash flow
  3. Storage and maintenance capabilities
  4. Need for latest technology
  5. Operator availability and skill level

When making your decision, consider the total cost of ownership for buying, the cumulative costs of long-term rentals, and the efficiency gains of hiring skilled operators. For projects lasting several months or recurring needs, buying or long-term leasing might be more cost-effective. For shorter or infrequent projects, renting or hiring often proves more economical.

Remember to factor in additional costs such as insurance, maintenance, and transportation when comparing options.

FAQ

How much does a 10-ton excavator cost?

A 10-ton excavator typically costs between $75,000 and $150,000, depending on the brand, features, and attachments. Prices can vary based on factors like new or used condition and region.

Why is an excavator so expensive?

Excavators are expensive due to their complex engineering, high-quality materials, and the advanced hydraulics and technology needed for heavy-duty tasks. Additionally, their durability, power, and ability to handle large workloads contribute to the high cost.

Is 5000 hours a lot for an excavator?

Yes, 5,000 hours is significant but not excessive for an excavator. With proper maintenance, most excavators can last between 6,000 and 10,000 hours or more, though performance may decline after 5,000 hours.

How much does an excavator dig cost?

Excavation costs using an excavator range from $100 to $250 per hour, depending on the machine size, project complexity, and location. Total project costs depend on factors like soil type and depth of the dig.