The year 2020 is tough and full of challenges and one of them is the COVID-19 pandemic that slowed down how we do business.
Past forward to 2021, if you have a big project to finish this year, then you need to check your equipment inventory. If the budget still doesn’t allow you to purchase an excavator, then renting or leasing could the best option for the moment.
But how much does it cost to rent an excavator for a month, week, or day? That’s what we’re going to talk about in this article and some of the ways you can do to save some cash.
The cost to rent mid-size excavators is in the range of $3,500 - $6,500 per month, but if you opt to rent it weekly, the rate varies from $1,200 - $2,500 and the daily rate is $400 - $600. While the rental price for the mini excavators is in the $2,200 - $3,000 range per month; If your application requires larger machines, do expect to spend $6,000 - $11,000 per month.
There are many factors that come into play affecting the rental cost such as size, capacity age, and model of the excavator, duration of the job, location of your site, and the attachment you want your machine to be equipped with.
Other than the amount mentioned, there are other costs related to operating the excavator such as the following:
Other Costs That You Have to Shoulder
- Operator hourly rate – if you or any of your worker doesn’t know how to operate the excavator, then talk to your rental company to supply you with a licensed operator. The hourly rate of the operator will depend on the experience and the job at hand, typically the hourly rate is $30-$50.
- Fuel to run the machine – If the rental excavator is mini or mid-size, then, the fuel doesn’t cost that much. However, if you rent a large machine and for the long-term, that’s when it hurts. Aside from that, upon return, you should also have to make sure that the fuel is at the same level when the excavator arrived at your site.
- You would be charged for the transportation of the equipment to and from your job site. You can pick up the equipment by yourself, however, I would not recommend that. Let the pros do it for you. The fee usually is calculated by a mile. With that, the more distant your job site is from the rental company, the more expensive the transportation will be.
- Additional attachments or accessories – the required attachment, for example, different sizes of jackhammers, doesn’t include the equipment when you rent it; you have to pay separately for the attachment you want your machine to be equipped with.
Ways You Can Do to Save Money
Just like everybody else, you would find the above rates to be costly. Glad, there are ways you can do to save some cash and protect yourself from unwanted expenses. Here are the things you can do:
- Let your plans and lot be reviewed by a technical person to determine the right type and model of an excavator to use. This will avoid committing the mistake of renting the wrong model as it will cost additional time and cost to change the equipment.
- Plan ahead to be able to survey different rental companies in your area to find out which one offers the best price and the right machine for your particular application – they’re just a phone call away.
- If you are able to contact a rental company, I would recommend visiting their store and personally check the equipment. Bring someone with you who has the technical knowledge in operating and checking the machine so that you can make sure that the rental excavator is in good working condition and it would not break down while in your possession to avoid downtime.
- Try to negotiate with the rental company if they can transport the equipment to your job site at no additional cost. If your chosen company is not that distant, they might agree, however, set your mind that the transportation fee will be at your expense.
- If you want an attachment to come with your rental excavator, try to deal with the rental company if they can shave off the rate of the attachment; if the rental term is for long period, you’re more likely to be granted with your request.
- Don't damage the machine while it is in your job site. Any damage to the excavator will be charged to you at the end of the contract. To protect you from costly expenses like this, have insurance. Don’t think getting insurance is an additional burden, don’t think it that way.
- Lastly, before you sign the contract, make sure you thoroughly read its content and understood the terms and conditions. In as much as possible, have someone to review it for you, a counsel or a superior perhaps so that if some things are missed or not in your favor, you can clarify that matter first with the rental company.
Advantages of Renting Excavator Instead of Buying
- In renting you, the renter, don’t have to worry about equipment repair and maintenance – the costs associated with all of these falls on the shoulder of the rental company. If something goes wrong with the rental equipment while it is in your possession, you don’t have to spend a big amount of cash for the repair and maintenance. This is one of the hallmarks of renting equipment.
- Rental is useful in the decision-making process - it allows you to use and try out a particular model of excavator and/or its attachment for your specific application for a short period of time before making a final decision of buying.
- You can easily exchange your machine if it doesn’t fit your job – there are many things that can go wrong along the way especially if this is your first time renting. In renting you can determine the specific size of your machine and if you need a larger one in the next week’s schedule, you can contact the rental company, exchange the machine for the job at hand.
- You don’t have to allocate space for storage – Unlike owning, where you have to allot space to protect the equipment from the elements to avoid degradation, rental can save you from spending on that.
- In renting, you can choose the latest and current model of equipment – Excavator that features the latest technology can bring efficiency slashing time to finish the job.
- You don’t have to worry about depreciation costs – just like your car, the value of the equipment depreciates year after year making it more difficult to recover from the initial investment of purchasing the equipment. In renting, you don’t have to worry about losses associated with depreciation.
To Make a Conclusion
Now that you made your mind that renting is the best solution for your business, the second thing that you might have is how much does excavator rental costs?
It is much more reasonable to rent on a long-term basis. For that reason, to save money, you have to calculate how long you want the equipment to be on your site for you to be able to determine the rental rates.
If you think monthly rates work for you, talk to the rental company about what offers they can provide you, that way you can figure out things that best suits your business.