How Much Does an Excavator Cost?

Excavators are a major workhorse at construction sites and in the landscaping industry. Just as an excavator can make a solid investment for any construction company, buying an excavator for your equipment rental business can provide a solid rate of return.

How much does an excavator cost, exactly? The answer depends on a number of factors. Here’s what you can expect when you’re in the market for an excavator.

How Much Does an Excavator Cost?

The cost of excavator equipment depends on several factors, such as:

• Age
• Condition (if used)
• Number of hours used
• Size
• Features and specifications
• Model/brand

As you might expect, some machines are pricier than others.

Different brands can also represent greater levels of value. If you’re purchasing an excavator for your equipment rental business, a brand name can give you greater credibility but may increase the cost of purchase and maintenance.

Typical Excavator Price Ranges

How much is an excavator when buying brand-new? The price range can be anywhere from $100,000 to $500,000, depending on the aforementioned factors.

Some of the most popular brands (such as John Deere, Komatsu, and Caterpillar) can run to the higher end of the price spectrum, though they offer superior quality and value compared to other manufacturers.

The Lowest Costs You’ll Find for Excavators

The least expensive excavators are mini-excavators. Brand-new, these machines start at around $75,000. Used models can cost around $50,000 or even less. Full-sized excavators tend to be much more expensive, though used models will always offer a more affordable option.

How Much Does a Brand-New Excavator Cost?

A new excavator from the factory can cost anywhere from $80,000 to $500,000. The final price is dictated by factors like the brand, model, size, and specific features of the machinery itself. For instance, extra buckets and attachments can easily add between $5,000 and $10,000 to the final cost.

New Excavator Prices by Size

When purchasing a new excavator, size is one of the most significant factors affecting price. Here’s a breakdown of what you can expect to pay based on the size category:

• Mini Excavators (1-6 tons): $80,000 – $110,000
• Compact Excavators (7-10 tons): $120,000 – $180,000
• Medium Excavators (11-25 tons): $190,000 – $300,000
• Large Excavators (26-45 tons): $300,000 – $500,000+

For rental fleet operators, mid-size excavators (15-20 tons) often represent the sweet spot for rental profitability due to their versatility and wide appeal to contractors.

Pricing Factors and Add-ons for New Excavators

Several factors can significantly impact the final price of a new excavator:

1. Brand Premium: Caterpillar, Komatsu, and John Deere typically command 15-25% higher prices than comparable models from brands like Bobcat or Kubota.
2. Attachments: Beyond the standard bucket, additional attachments can substantially increase costs:
   • Compactors: $5,000 – $10,000
   • Grapples: $4,000 – $12,000
   • Augers: $3,000 – $7,000
   • Hydraulic breakers/hammers: $10,000 – $25,000
3. Cab Features: Advanced climate control, premium seating, and enhanced operator displays can add $3,000 – $8,000.
4. Technology Upgrades: GPS grading systems, telematics, and advanced control systems can add $15,000 – $30,000.
5. Warranty Extensions: Extended warranty coverage beyond the standard term can add 5-10% to the purchase price.

For rental businesses, investing in versatile attachments can increase both rental rates and utilization rates, improving your return on investment.

How much are excavators when you buy used? Used excavators typically sell for about 25% of the original price, which naturally makes these an affordable option for certain types of operators and business owners.

With such a steep discount, what are the advantages of buying a new excavator? Generally, a brand-new machine will offer benefits like:

• The full manufacturer’s warranty
• Better overall condition
• Less chance of requiring maintenance
• Access to the latest features and specifications

However, there are also some disadvantages to buying a new model, such as:

• Higher upfront cost
• Delayed production schedules
• Unnecessary or redundant features
• Fewer product reviews to inform your buying decision

The main advantage of a used excavator is the money you’ll save, which can be a good option for users who only need an excavator for a short period. The flip side is that used excavators often require more frequent service, and depending on the age and condition of the machine itself, they may not perform at the same level as newer models.

Professional rental companies might consider investing in a new excavator, as this will ensure the longest lifespan of the equipment itself and guarantee a higher rate of return. The added cost might even be factored into the price of the rental agreement, allowing you to balance the performance of a new machine with the added costs of a brand-new model.

How Much Does a Used Excavator Cost?

Used excavators offer a significant cost advantage for both contractors and rental fleet operators. Generally, you can expect to pay anywhere from 40-70% of the original price depending on the age, condition, and usage hours of the machine.

Used Excavator Prices by Size

Here’s what you can expect to pay for used excavators in different size categories:

• Mini Excavators (1-6 tons): $20,000 – $60,000
• Compact Excavators (7-10 tons): $40,000 – $100,000
• Medium Excavators (11-25 tons): $80,000 – $180,000
• Large Excavators (26-45 tons): $150,000 – $350,000

When evaluating used excavators for your rental fleet, machines with 2,000-4,000 hours typically offer the best balance of value and remaining useful life.

Factors Affecting Used Excavator Pricing

Several key factors can significantly impact the price of a used excavator:

1. Hours of Operation: This is the most critical factor affecting resale value. Machines with higher hours will sell for substantially less, with pricing dropping approximately 5-10% for every additional 1,000 hours.
2. Age: Even with low hours, older models will sell for less due to outdated technology and increased maintenance concerns.
3. Maintenance History: Well-documented service records can add 10-15% to the resale value.
4. Undercarriage Condition: Since replacing an undercarriage can cost $15,000-$30,000 on medium-sized excavators, poor undercarriage condition can significantly reduce the machine’s value.
5. Hydraulic System Health: Leaks or sluggish performance can reduce value by 20% or more.
6. Cosmetic Condition: While primarily aesthetic, a well-maintained appearance suggests overall care and can increase value by 5-10%.

For rental businesses, machines with 3-5 years of age often present the optimal balance between acquisition cost and remaining rental life.

How Much Does a Medium Excavator Cost?

Medium excavators, ranging from 11 to 25 tons, represent an important category for both construction companies and rental businesses. These versatile machines handle a wide variety of applications, from foundation work to utility installation.

New Medium Excavator Pricing

New medium excavators typically range from $190,000 to $300,000 depending on the manufacturer, features, and exact size within the category. Premium brands like Caterpillar and Komatsu tend to command prices at the higher end of this range, while brands like Hyundai and Kubota may offer more competitive pricing.

Mid-tier models around 15-20 tons (such as the Cat 320 or Komatsu PC210) are particularly popular in rental fleets due to their versatility and broad appeal to contractors.

Used Medium Excavator Pricing

Used medium excavators typically sell for:

• 1-3 years old: $130,000 – $220,000
• 4-7 years old: $85,000 – $150,000
• 8+ years old: $50,000 – $90,000

For rental businesses, machines in the 4-7 year range often provide the best balance between acquisition cost and remaining rental life, particularly if they have been well-maintained and have under 5,000 hours.

Key Features for Rental Businesses

When selecting medium excavators for a rental fleet, pay special attention to:

• Fuel efficiency (can be a major selling point for renters)
• Ease of transportation (machines under 20 tons are often easier for customers to transport)
• Attachment compatibility (versatility increases utilization rates)
• Operator comfort (comfortable cabs result in happier rental customers)
• Durability of components (reduces maintenance costs and downtime)

Medium excavators typically generate rental returns of 2-3% of their purchase price per week, making them among the most profitable items in many rental fleets.

How Much Does a Large Excavator Cost?

Standard-sized and large excavators can weigh anywhere from ten to 45 tons. Brand-new, these machines cost between $200,000 and $600,000, on average, while used models can run as low as $50,000.

This is where the brand can make a dramatic difference. A new Caterpillar or Komatsu machine will likely be priced higher than competitors’ models, though they also offer advanced features to add value to their products.

New Large Excavator Pricing

For new large excavators in the 25-45 ton range, expect to pay:

• 25-30 tons: $300,000 – $400,000
• 31-40 tons: $400,000 – $500,000
• 41-45 tons: $500,000 – $600,000+

Features like advanced hydraulics, GPS grading systems, and specialized boom configurations can add $50,000 or more to these base prices.

Used Large Excavator Pricing

Used large excavators typically sell for:

• 1-3 years old: $200,000 – $450,000
• 4-7 years old: $150,000 – $300,000
• 8+ years old: $80,000 – $200,000

For rental businesses, large excavators represent significant investments but can command premium rental rates. Operators should carefully assess local market demand before adding these machines to their fleets.

How Much Does a Small Excavator Cost?

Compact or mini-excavators typically weigh less than six tons. A mini-excavator can be slightly larger but generally won’t exceed ten tons. Small excavators often start at around $75,000 for a new model. Used mini-excavators can be considerably cheaper — it’s not unusual to see used excavators for sale in the $10,000-$20,000 range, depending on brand and condition.

New Small Excavator Pricing

For new small excavators in the 6-10 ton range, expect to pay:

• 6-7 tons: $120,000 – $150,000
• 8-10 tons: $150,000 – $180,000

Popular models in this category include the Caterpillar 308, Komatsu PC88, and Kubota KX080, which typically range from $130,000 to $170,000 depending on options.

Used Small Excavator Pricing

Used small excavators typically sell for:

• 1-3 years old: $80,000 – $120,000
• 4-7 years old: $50,000 – $90,000
• 8+ years old: $25,000 – $60,000

For rental businesses, small excavators offer excellent versatility and are popular with residential contractors and utility companies. They typically provide rental returns of 1.5-2% of their purchase price per week.

How Much Does a Mini Excavator Cost?

Mini excavators, weighing between 1 and 6 tons, have become increasingly popular for both contractors and rental businesses due to their versatility, maneuverability, and lower transportation costs.

New Mini Excavator Pricing

New mini excavators typically range from $30,000 to $110,000 depending on the size, brand, and features:

• 1-2 tons: $30,000 – $60,000
• 3-4 tons: $60,000 – $85,000
• 5-6 tons: $85,000 – $110,000

Premium brands like Takeuchi and Caterpillar tend to command 10-15% higher prices than more budget-friendly options like Yanmar or Kubota.

Used Mini Excavator Pricing

Used mini excavators typically sell for:

• 1-3 years old: $20,000 – $75,000
• 4-7 years old: $15,000 – $50,000
• 8+ years old: $10,000 – $30,000

Mini excavators often retain their value better than larger machines due to their broad appeal and versatility.

Benefits for Rental Businesses

Mini excavators offer several advantages for rental businesses:

1. Higher Utilization Rates: Their versatility and broad market appeal typically result in utilization rates 10-15% higher than larger machines.
2. Lower Transportation Costs: Most mini excavators can be transported on trailers pulled by standard pickup trucks, reducing delivery costs.
3. Broader Customer Base: These machines appeal to both professional contractors and DIY/homeowner renters, expanding your potential customer base.
4. Lower Maintenance Costs: Simpler designs typically result in 20-30% lower maintenance costs compared to larger excavators.

Mini excavators typically generate rental returns of 1-2% of their purchase price per week, with higher-than-average utilization rates making them extremely profitable additions to rental fleets.

Common Excavator Operation Costs to Consider

When evaluating the total cost of ownership for excavators in your rental fleet, it’s essential to look beyond the initial purchase price. Operational costs can significantly impact your profitability over the machine’s lifetime.

Fuel Consumption

Fuel costs typically represent 30-40% of an excavator’s operating expenses:

• Mini excavators (1-6 tons): 1-2 gallons per hour
• Small excavators (7-10 tons): 2-3 gallons per hour
• Medium excavators (11-25 tons): 3-6 gallons per hour
• Large excavators (26-45 tons): 6-12 gallons per hour

At current diesel prices, this translates to approximately $6-$75 per hour in fuel costs depending on the machine size.

Maintenance Expenses

Regular maintenance is crucial for maximizing the lifespan and rental productivity of your excavators:

1. Routine Maintenance: Expect to spend 2-3% of the machine’s purchase price annually on regular service, including:
   • Oil and filter changes: $150-$600 every 250-500 hours
   • Hydraulic filter replacements: $200-$500 every 500-1,000 hours
   • Air filter changes: $100-$300 every 500 hours
2. Major Repairs: Budget for occasional significant repairs:
   • Undercarriage rebuilds: $15,000-$40,000 every 3,000-5,000 hours
   • Engine overhauls: $10,000-$30,000 every 8,000-10,000 hours
   • Hydraulic pump replacements: $5,000-$15,000 every 6,000-8,000 hours

For rental businesses, implementing a proactive maintenance program typically reduces downtime by 30-40% compared to reactive maintenance approaches.

Insurance Costs

Insurance for excavators in rental fleets typically costs 1-2% of the machine’s value annually. Coverage typically includes:

• Physical damage protection
• Liability coverage
• Theft protection

Many rental businesses also offer damage waiver options to customers, which can become an additional revenue stream while reducing insurance claims.

Transportation Expenses

Moving excavators between job sites represents a significant operational cost:

• Mini excavators: $150-$300 per move
• Small/medium excavators: $300-$600 per move
• Large excavators: $600-$1,200+ per move

For rental businesses, offering delivery services can be both a valuable revenue stream and a competitive advantage. Many rental companies charge 1-2% of the machine’s value for delivery and pickup.

Storage and Yard Costs

Storing excavators requires significant space:

• Mini excavators: 100-200 square feet per machine
• Small/medium excavators: 300-500 square feet per machine
• Large excavators: 600-1,000+ square feet per machine

For rental operations in urban areas with high real estate costs, compact machines offer significant advantages in terms of storage efficiency.

Depreciation

Excavators typically depreciate at the following rates:

• Year 1: 20-25% loss in value
• Years 2-5: 10-15% annual loss in value
• Years 6+: 5-10% annual loss in value

Understanding these depreciation curves is crucial for timing fleet rotations and maximizing the return on your investment.

Average Excavator Rental Rates

Rental rates for excavators vary based on size, features, region, and rental duration. Understanding market rates is crucial whether you’re renting out excavators or considering whether to rent or buy for your own projects.

Daily Rental Rates

Based on Quipli’s rental market data from over 500 rental companies nationwide, here are the average daily rental rates by excavator size:

• Mini Excavators (1-6 tons): $250 – $400 per day
• Small Excavators (7-10 tons): $350 – $600 per day
• Medium Excavators (11-25 tons): $550 – $900 per day
• Large Excavators (26-45 tons): $800 – $1,500+ per day

Weekly Rental Rates

Weekly rates typically offer a 20-30% discount compared to daily rates:

• Mini Excavators: $750 – $1,200 per week
• Small Excavators: $1,050 – $1,800 per week
• Medium Excavators: $1,650 – $2,700 per week
• Large Excavators: $2,400 – $4,500+ per week

Monthly Rental Rates

Monthly rates usually provide a 40-50% discount compared to daily rates:

• Mini Excavators: $2,000 – $3,200 per month
• Small Excavators: $2,800 – $4,800 per month
• Medium Excavators: $4,400 – $7,200 per month
• Large Excavators: $6,400 – $12,000+ per month

Factors Affecting Rental Rates

Several factors can influence excavator rental rates:

1. Regional Variations: Rates in urban areas and regions with high construction activity typically run 15-25% higher than in rural areas.
2. Seasonal Demand: Rates during peak construction seasons (typically spring and summer) may be 10-20% higher than off-season rates.
3. Attachments: Additional attachments such as hammers, augers, or grapples typically add $50-$300 per day to the base rental rate.
4. Operator Inclusion: Rates for excavators with operators typically run 50-100% higher than equipment-only rentals.

For rental business operators, monitoring utilization rates alongside pricing is crucial. The industry benchmark for healthy utilization is 60-70% for excavators, and pricing strategies should be adjusted seasonally to maintain this target.

Recommended Ways to Buy Excavators

The process of purchasing excavators differs significantly depending on whether you’re an individual buyer or an equipment rental operator. Understanding the best procurement approaches can save you time, money, and headaches.

For Individual Buyers

If you’re purchasing an excavator for your own use, consider these approaches:

1. Authorized Dealers: The traditional route offers several advantages:
   • Factory warranty coverage
   • Financing options
   • Relationship for future service needs
   • Trade-in opportunities
2. However, expect to pay 5-10% more than other channels.
3. Equipment Auctions: Both in-person and online auctions can offer significant savings:
   • Potential for 20-40% lower prices than retail
   • Opportunity to inspect machines before bidding (at in-person auctions)
   • Wide selection of inventory
4. The downsides include no warranties, limited inspection time, and potential for hidden issues.
5. Private Sales: Purchasing directly from another contractor can yield savings:
   • No dealer markup (typically 15-20% lower prices)
   • Opportunity to see the machine’s working environment
   • Potential to learn operational history firsthand
6. However, these sales offer limited recourse if problems arise after purchase.
7. Online Marketplaces: Platforms like Boom & Bucket, Machinery Trader, Equipment Trader, and Facebook Marketplace provide:
   • Wide selection across geographic areas
   • Ability to compare prices easily
   • Direct communication with sellers
8. The challenge is verifying machine condition without in-person inspection.

For Equipment Rental Operators

Rental businesses have additional considerations and opportunities when purchasing excavators:

1. Fleet Deals with Manufacturers: Establishing relationships with manufacturers can provide:
   • Volume discounts (typically 5-15% off MSRP)
   • Preferential financing terms
   • Custom specification options
   • Priority service scheduling
   • Marketing support
2. Many manufacturers offer specific rental fleet programs with flexible terms.
3. Rent-to-Own Programs: Some manufacturers and dealers offer rental purchase options (RPOs):
   • Portion of rental payments apply to purchase
   • Opportunity to test machines before committing
   • Lower initial capital requirements
   • Tax advantages in certain scenarios
4. Used Equipment from Larger Rental Chains: National rental companies regularly cycle their fleets:
   • Machines typically available at 40-60% of new price
   • Comprehensive maintenance records
   • Consistent operating environments
   • Often still under original warranty
5. Dealer Rental Fleet Conversions: Equipment dealers often maintain rental fleets:
   • Low-hour machines (typically under 1,000 hours)
   • Full dealer service history
   • Often sold with extended warranty options
   • 20-30% below new pricing
6. Financial Strategies:
   • Financing: Many manufacturers offer competitive rates, often 1-2% lower than bank financing
   • Leasing: Provides tax advantages and conserves capital
   • Equipment-backed lines of credit: Provides flexibility for opportunistic purchases

For rental businesses, strategic timing of purchases can yield significant savings, with the best deals typically available in Q4 when manufacturers and dealers are motivated to meet annual sales targets.

Which Excavator Is Right for You?

Choosing the right excavator is an important decision. Explore our guide on what to look for when buying an excavator to get more information.

If you’re an equipment operator, you’ll want to select a model that has the features you need for the type of work you do, whether it’s construction, landscaping, or other projects. Likewise, equipment rental companies should invest in tools that offer versatility and value, ensuring a high rate of return.

For rental businesses specifically, consider these additional factors:

1. Market Demand: Research the most commonly requested sizes and configurations in your area
2. Transport Requirements: Ensure you can efficiently deliver the machines to customers
3. Maintenance Support: Confirm local dealer service availability for your chosen brand
4. Attachment Compatibility: Select machines that work with a wide range of attachments to increase versatility
5. Durability: Focus on brands and models with proven durability in rental applications

By carefully evaluating these factors alongside the pricing information provided in this guide, you’ll be well-positioned to make informed excavator purchasing decisions that maximize your return on investment.