For new contractors, one of the biggest decisions you need to make is whether to buy or rent equipment. Both have their respective pros and cons. Let's take a look at some of the financial advantages of construction equipment rental. More often than not, you'll save money with a rental.
The Cost Savings of Excavator Rental
The average excavator costs between $100,000 and $200,000, though some customized options can run the cost as high as $500,000. With buying also comes other costs, such as insurance, license fees, repairs, storage, etc.
Renting an excavator costs an average $3,433 for a four-week rental period.
Other Construction Equipment Rental Costs
Here are the buying/renting comparisons of other similar construction vehicles. All rental prices are for a four-week 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
Other Cost Considerations
Buying equipment involves a lot of overhead costs. Here are some of those costs as compiled by the construction equipment site Equipment World. The figures are very rough estimates.
- Heavy equipment use consumes 12.5 gallons of gasoline per hour.
- An average piece of equipment incurs $4 in maintenance cost per operating hour. Excavators and similar equipment have an average 12,000 to 15,000-hour lifespan.
- Insurance costs about 2% of the vehicle's purchasing price every year.
In addition, failure to maintain your equipment can result in the need for emergency maintenance or new parts orders. This leads to an annual 400 to 800 hours of idle time per unit. The end result is a $1,560 to $3,120 loss from downtime.
Save Money with Construction Equipment Rental
Save on ownership costs by renting an excavator and associated breakers from Active Excavator Rentals. Learn about us and what we carry in our inventory. Construction equipment rental is the more economical solution for many beginning and veteran contractors in Monroe.
Affordable Excavator Rental and Attachments
Serving Monroe, Anacortes, Arlington, Bellingham, Bothell, Burlington, Mt. Vernon, Stanwood, Sedro-Woolley, Marysville, Granite Falls, Everett, Mukilteo, Edmonds, Snohomish, Lynnwood, Woodinville, Mountlake Terrace, Mill Creek, Shoreline, Seattle, Redmond, Woodinville, Bellevue, Sammamish, Issaquah, Renton, Kent, Des Moines, Fife, Tacoma, Milton, Puyallup, Bonney Lake, Auburn, Covington, Maple Valley, Burien, Tukwila, Olympia, Lakewood, Lacey, Kenmore