Row of yellow and green excavators parked on a construction site.

How Much Does an Excavator Cost? How To Finance an Excavator

Excavators are one of the most versatile pieces of construction equipment, and they can be used for a wide range of projects. However, they can also be quite expensive, so it’s important to know how much they cost before you purchase one.

In addition, you’ll need to consider how you’ll acquire your equipment. There are a few different options for financing an excavator, and the right choice will depend on your unique needs. This article will provide an overview of the costs associated with an excavator and how to finance one.

How Much Does an Excavator Cost?

The cost of an excavator will vary depending on the size and model you choose. However, you can expect to pay anywhere from $100,000 to $850,000 for a new large-scale unit. If you’re looking for a used excavator, you may be able to find one for less than $100,000.

There are a few different factors that will affect the price of an excavator, such as:

  • Size: The size of the excavator is one of the biggest factors that will impact the price. Excavators come in various sizes, from mini excavators that weigh around 2 tons to large excavators that can weigh up to 100 tons.
  • Model: The specific model of excavator you choose will also affect the price. Some models are more expensive than others, and you’ll need to decide which features are most important to you.
  • Age: The age of the excavator will also play a role in how much it costs. A newer model will obviously be more expensive than an older one, but a used excavator can be a good option if you’re on a budget.
  • Condition: The condition of the excavator is another factor that will impact the price. If you’re buying a used excavator, make sure to have it inspected by a qualified technician before making your purchase.

In your search for the right excavators for your business, you might come across these top excavator brands. The average cost of excavators from these preferred brands is as follows:

  • Caterpillar: Small CAT excavators range from $100,000 to $200,000, while medium-sized machines range from $200,000 to $300,000. Pricing for larger CAT excavators could reach $850,000.
  • John Deere: Pricing for John Deere excavators ranges from $50,000 to $300,000, depending on the size.
  • Sany: Prices of China-manufactured Sany excavators range from $50,000 to $250,000.
  • Kobelco: Prices of Japan-made Kobelco excavators range from $30,000 to $200,000.
  • Komatsu: Pricing for Komatsu excavators goes between $55,000 and $500,000, but its biggest machines could sell for as much as $2 million.

Excavators and Mini Excavators: What are the Differences?

When considering an excavator for your next project, you may be wondering what the difference is between an excavator and a mini excavator. Here’s a quick overview:

An excavator is a large piece of construction equipment used for digging holes, trenches, and foundations, as well as moving earth and other materials. It can handle 100,000 to 188,000 pounds. Meanwhile, a mini excavator is a smaller version of the same machine that is typically used for lighter projects, such as digging trenches for drainage or landscaping. Compact excavators typically handle 3,000 to 14,000 pounds.

Mini excavators can be either tracked or wheeled, while most medium-sized to large excavators are tracked. This means that mini excavators can be more versatile in terms of the terrain they can handle, although obviously, the scope of the smaller machines is limited.

The average cost of a mini excavator is around $30,000, while the average cost of a large excavator is approximately $200,000.

Buying New vs. Used Excavators

One of the biggest decisions you’ll need to make when purchasing an excavator is whether to buy new or used. There are advantages and disadvantages to both options, and the right choice will depend on your needs and budget.

Advantages of Buying a New Excavator

  • You can choose from the latest models with all of the newest features.
  • A new excavator will likely have a longer warranty than a used one, so you’ll have peace of mind knowing that you’re covered in case something goes wrong.
  • You won’t have to worry about repairs or maintenance as much since everything should be new.
  • If you’re planning on using the excavator for a long time, buying new can be a good investment since it will last longer.

Disadvantages of Buying a New Excavator

  • A new excavator will obviously be more expensive than a used one.
  • You may have to wait longer to get the specific model and features that you want since production schedules can sometimes be delayed.

Advantages of Buying a Used Excavator

  • You’ll save money since used excavators are less expensive than new ones.
  • You may be able to find the exact model and features that you’re looking for since there’s a larger selection of used excavators on the market.
  • If you’re only going to use the excavator for a short time, buying used can be a good option since it will be less of an investment.

Disadvantages of Buying a Used Excavator

  • A used excavator may not last as long as a new one since it’s already been used and may not have been well-maintained.
  • You’ll likely have to do more repairs and maintenance on a used excavator than you would on a new one.
  • It can be more difficult to find a used excavator that’s in good condition since there’s no way to know how the previous owner treated it.

Why Excavator Financing Is The Way To Go

Whether you’re buying a new or used excavator, financing is the ideal option. When you finance an excavator, you can get the machine that you need without having to pay the full price upfront. This allows you to free up cash for other important expenses, such as hiring workers, buying materials, and renting office space.

Financing an excavator also makes it easier to budget since you’ll know how much your payments will be each month. And if you decide to sell the machine at some point, you can do so without having to worry about getting paid in full since the financing company will still be owed money.

If you’re looking for excavator financing, Charter Capital is here to help. We offer equipment financing and leasing services for businesses of all sizes. We’ll work with you to find a financing solution that meets your needs so you can get the excavator you need without breaking the bank.

For more information about heavy equipment financing and our other financing services, contact the Charter Capital team today. We look forward to helping you grow your business!