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Excavators are a familiar site anywhere construction is taking place. Almost every project requires some sort of digging or earthmoving to prepare the site for building. Excavators are the best machine to accomplish that task.
Due to the high cost of buying an excavator, many companies choose to lease or rent one instead. Leasing allows for long-term use of the machine with little or no money down, while renting is ideal if your need for an excavator is very short term.
Excavator Rental Average Costs
Excavators can be rented by the day, week, or month. Not surprisingly, larger and more powerful excavators will cost more to rent than smaller models.
- Daily rates range from $350 to $1,600 or more. On the low end of that price range you’ll get a small model like the Bobcat 442. On the high end, you’ll be able to rent one of the largest excavators available, such as the Caterpillar 375.
- Weekly rates start at about $1,250 and run upwards of $5,000. On the low end of that price range you might get a 17,000 pound machine. While on the high end, you could rent a 76,000 pound machine. A 45,000 pound machine might run $2,000 to $2,500.
- Monthly rates start at about $3,000 and run as high as $15,000 or more. A mid-sized, 45,000 pound excavator would probably rent for $6,000 to $7,000 per month.
These rates may seem high at first glance. But, consider that new excavators range in price from $100,000 to $500,000. If your excavator needs are very short term, this option will save you a lot of money in the long run.
In general, weekly rates are a better deal than daily rates and monthly rates are a better deal than weekly rates. So, do the math and opt for the longest-term rental that seems reasonable. It’s usually cheaper to pay the monthly rate than three weeks’ worth of weekly rates.
Excavator Leasing Prices
If you need an excavator for long-term use but can’t afford to shell out a lot of cash up front, leasing is a great option. Many leasing companies require little or no money down and allow you to spread payments over one to five years. At the end of the lease term, you can opt to buy the excavator or trade it in for a newer model.
Lease rates vary based upon a number of factors, including the price of the excavator, the length of the lease and your credit history.
Many leasing companies offer online payment calculators to help you estimate the total cost of a lease. Tiger Leasing, for example, has a payment calculator that allows you to the cost of leasing for just one year to the cost of spreading the payments over several years.