When it comes to construction and heavy machinery, the wheel excavator is an essential and versatile machine. Whether you are a contractor, builder, or involved in large-scale landscaping, understanding the cost and benefits of a wheel excavator is crucial. This guide will explore the cost of wheel excavators, compare them with track excavators, and provide tips on how to best rent or buy/finance this equipment.
What is a Wheel Excavator?
A wheel excavator, as the name suggests, is a type of excavator that runs on wheels rather than tracks. This design makes it more mobile and versatile on hard surfaces like pavement and concrete. Wheeled excavators are ideal for urban environments where they can move quickly between job sites without damaging the road surface.
The Cost of a Wheel Excavator
The cost of a wheel excavator can vary widely depending on several factors, including the brand, model, size, and features. On average, new mobile excavators can range from $100,000 to $300,000. Here is a breakdown of the cost based on different categories:
- Small Wheel Excavators (10-20 tons): $100,000 to $150,000
- Medium Wheel Excavators (20-30 tons): $150,000 to $250,000
- Large Wheel Excavators (30+ tons): $250,000 to $300,000
Wheel Excavator vs. Track Excavator Comparison
Track excavators, which run on tracks rather than wheels, are more common in rough terrains and heavy-duty construction projects. Here’s a cost comparison between wheel and track excavators:
- Initial Cost: Track excavators are generally more expensive, with prices ranging from $150,000 to $500,000 for new models.
- Maintenance: Wheel excavators usually have lower maintenance costs due to less wear and tear on the wheels compared to tracks, which can get damaged on hard surfaces.
- Mobility: Wheel excavators are more mobile and can travel on roads, while track excavators need to be transported using a trailer.
Renting a Wheel Excavator
Renting a wheeled excavator can be a cost-effective solution for short-term projects or when you need additional equipment temporarily. The rental cost can vary based on the duration of the rental and the size of the excavator. Here is a general idea of rental costs:
- Daily Rental: $500 to $1,500
- Weekly Rental: $1,500 to $4,500
- Monthly Rental: $4,000 to $15,000
Tips for Renting a Wheel Excavator
- Assess Your Project Needs: Determine the scope and duration of your project to decide if renting is more cost-effective than buying.
- Compare Rental Companies: Look for reputable rental companies and compare their rates, terms, and conditions.
- Check the Condition of the Equipment: Inspect the excavator before renting to ensure it’s in good working condition.
- Consider Additional Costs: Factor in the cost of delivery, fuel, and insurance when calculating the total rental cost.
Financing Options for Wheel Excavators
Financing a wheel excavator can make the purchase more manageable. Here are some common financing options:
- Loans: Traditional bank loans are a common way to finance heavy equipment. They offer fixed interest rates and monthly payments over a set term.
- Leasing: Equipment leasing allows you to use the excavator for a specified period with the option to buy at the end of the lease term. Leasing can be beneficial for keeping up with the latest technology.
- Manufacturer Financing: Some manufacturers offer financing programs with competitive rates and flexible terms. This can include deferred payment plans or lower interest rates from the dealer.
Tips for Buying/Financing a Wheel Excavator
- Evaluate Your Budget: Determine how much you can afford to spend on a wheel excavator. Consider both the initial cost and long-term maintenance expenses.
- Research Financing Options: Look for financing options that offer favorable terms. Some manufacturers and dealers provide in-house financing with competitive rates.
- Consider Used Equipment: Buying a used wheel excavator can significantly reduce costs. Ensure you inspect the used machines thoroughly and check their maintenance history.
- Plan for Maintenance: Budget for regular maintenance and repairs to keep the excavator in good working condition.
- Look for Warranties: Purchase equipment that comes with a machine warranty to protect your investment.
Secure Wheel Excavator Financing with Charter Capital
Deciding whether to rent or buy a wheel excavator depends on various factors, including your project requirements, budget, and long-term needs. Renting can be a cost-effective solution for short-term projects while buying or financing can be a better option for long-term use.
When considering a wheeled excavator, evaluate the costs, benefits, and financing options to make an informed decision. Whether you choose to rent or buy, having the right equipment can make a significant difference in the efficiency and success of your projects.
By understanding the costs and options available, you can make the best decision for your business and ensure that you have the right machines on-site to get the job done.
Charter Capital has been providing commercial equipment financing for over four decades. With our extensive experience and flexible financing solutions, we can help you secure the wheel excavator you need to grow your business. Contact us today to learn more about our financing options and how we can assist you in making the best investment for your company’s future.