For starting contractors, a major decision you need to make is whether to buy or rent equipment. Both have their respective advantages and disadvantages. Let's examine some of the financial incentives of construction equipment rental. Typically, you'll save more money in the long haul by renting.
The Cost Savings of Excavator Rental
The standard excavator costs between $100,000 and $200,000, though some customized models can be as much as $500,000. With buying and owning also comes additional recurring costs, such as insurance, licensing fees, maintenance, storage, etc.
Renting an excavator runs an average of $3,433 for a 30-day rental period.
Other Construction Vehicle Rental Fees
Here are the buying/renting comparisons of other construction equipment. All rental fees are for a 30-day period.
- Scissor lift--to buy: $22,000; to rent: $399
- Skidloader--to buy: $20,000-$30,000; to rent: $2,367
- Forklift--to buy: $11,000-$13,000; to rent: $1,640
Additional Cost Considerations
Buying equipment entails multiple overhead costs. Here are some of the fees compiled by the construction equipment site Equipment World. The figures are more or less a ballpark estimate.
- Construction vehicle use consumes 12.5 gallons of fuel per hour.
- Construction vehicles incur $4 in maintenance cost per operating hour. Excavators and similar equipment have an estimated 12,000 to 15,000-hour lifespan.
- Insurance costs about 2% of the equipment's purchasing price per year.
Furthermore, not maintaining your equipment can result in premature wear and lead to emergency repair, requiring labor and new OEM parts. This leads to a yearly 400 to 800 hours of idle time for every vehicle. This results in a $1,560 to $3,120 loss in downtime.
Reduce Costs with Construction Equipment Rental in Edmonds
Cut back on ownership costs by renting an excavator and accompanying breakers from Active Excavator Rentals. Learn about us and our ever-expanding inventory. With few exceptions, construction equipment rental is the more economical pathway for construction companies and contractors in and around Edmonds.
Construction Equipment Rental in Edmonds
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