You cannot imagine any major construction work without Excavators as they are essential pieces of equipment to carry out large scale digging and challenging excavation work. Excavators makes excavation work simpler, easier and quicker saving both time and money. They are highly efficient construction machinery that offer unmatched uptime and cost savings. Because almost every project requires some amount of digging, excavators are one of the most widely used equipment in the heavy construction industry worldwide. But do know the cost of a New Excavator? In this post you’ll find complete details new and used excavators and which one is better.
In the market you’ll find several companies that manufacture excavators and all are market leading companies namely Bobcat, Volvo, Caterpillar Inc., Hyundai, Komatsu, JCB, Terex and Doosan. Excavators and Backhoe Loaders come in different sizes and with different features that translate into prices. Let’s take a look at how much you have to spend for buying Excavators of different sizes, attachments and features.
A new full sized excavator cost anywhere between $100,000 and $500,000 or more. A small sized excavator weighing 10 to 15 tons cost anywhere between $75000 – $150,000. However, a used full sized excavator will cost 25% to 40% less than the original price and you can expect to pay $50,000 to $60,000 or more. Extra attachments cost anywhere between $5000 to $10,000 while extra buckets cost roughly $1,000 and $5,000 or more.
Common Uses of Excavators
Excavators are designed to carry out challenging digging and earthmoving tasks. These heavy pieces of construction equipment consist of four main parts: a boom, a bucket, a stick and a cab that sits atop a rotating platform. Excavators are powered by hydraulic fluid.
There are a variety of uses for excavators such as:
- Landscaping and grading
- Heavy lifting
- Digging foundations, holes and trenches
- Forestry work and brush clearing
How Much Does a New Excavator Cost?
A new full-sized excavator cost roughly $100,000 to $500,000 or more. Cost of a new Excavator depends on the attachments, features and Size that you opt for that adds upto the base price.
- Small excavators weighing 10 to 15 tons usually cost anywhere from $75,000 to $150,000 or more depending on the accessories that you opt for.
- A Mid-sized excavator weighing 15 to 20 tons cost anywhere between $100,000 to $200,000 or more. This is also the most common size.
- A full sized excavator weighing 30 to 40 tons cost between $150,000 to $500,000.
Keep in mind the additional cost of attachments and accessories that is not included in the base price and are sold separately. However, one bucket comes as standard with any model of excavator that you purchase, but if you need multiple buckets then cost could be $1000 – $5000 or more, depending on the size and type of bucket. Attachments such as rakes, blades and hydraulic hammers can cost $5,000 to $10,000 or more. These are sold separately.
Additional Accessories for Excavators and Costs
Accessories such as a bucket comes standard with every model of an excavator but that’s only one bucket. In case you require multiple buckets or additional sizes, you will have to spend an additional $1,000 to $5,000 for each one as these are sold separately.
Attachments such as thumbs, rakes, blades and hydraulic hammers will cost an additional $5,000 to $10,000 for each attachment you purchase. These are also sold separately and are not included in the base price of the Excavator.
How Much is the Cost of a Used Excavator?
Used excavators cost 25% to 40% less compared to the cost of a New Excavator. Even though you are looking to purchase a used machine, still keep in mind that you’ll end up spending a huge amount to acquire the machine. For example a Used 2016 LINK-BELT 210 X4 Excavator is listed for Sale $119,000 and it’s a Crawler type Excavator with a total usage of 1478 hours and is available in Gap, Pennsylvania 17527.
On the other hand a Used 2015 TAKEUCHI TB280FR Excavator is listed for Sale $69,000 and it is also a Crawler type machine with a total usage of 596 hours and available in O’Fallon, Missouri 63366.
Although, something that you can get for a cheaper prices is not always as good as you expect it to be and this is especially true in the case of Excavators. Used equipment such as Trucks, Loader, Tractor, wheel loader, Dump Truck, Shovel, Bulldozer, Articulated lifts, other construction machinery go through a lot when in use and face some of the most challenging working conditions and therefore, wear and tear of these machines is also huge. We recommend you to work with a reputable dealer when purchasing a used Excavator.
What to look for when buying a Used mini excavator?
Financing a New Excavator, Interest Rates and Monthly Payments
We recommend you to go for financing your New Excavator as that would help you save that cash that you have in your bank account and you can use that cash for other business needs. If you do not want to own the machine then the best option would be to lease it. Leasing the machine is a good option as it will enable you to trade-in your old excavator for a new equipment once the lease period is over. Most companies and dealers have financing options available that are subject to the approval from the lending partner such as a bank or a private equipment finance company.
Interest rates on Equipment loan typically range between 2% to 20%. Interest rate depends on your credit history and how long you’ve been in business. If you seek a loan of $100,000 for a term of 3 years then you can expect Estimated Monthly Payment of $$2,954.
All financing options such as a Bank loan or an equipment purchase loan come with a down payment. As mentioned above, financing is subject to the approval from a lender as they check your company’s financial standing and credit history. You may have hard time getting your Excavator financed if your credit history is bad but in some cases finance companies still offer a loan for higher interest rates. Find out with what finance options are available from a dealer near you if you are looking for financing your Excavator.
We hope you’ll be able to purchase a New Excavator with more confidence after going through the above post. You must be having a clear idea by now about the Cost of a Used and a New Excavator in the U.S.
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