A skid steer loader is an essential piece of equipment for many industries. The cost of a skid steer loader, however, can be prohibitive for some businesses. While a brand-new model can be significantly more expensive, there are financing options available to make it more affordable. In this blog post, we’ll explore the cost of a skid steer loader and some financing options to make it more affordable.
What Does a Skid Steer Loader Do?
Skid steer loaders are a type of construction equipment that is typically used for excavating or grading land. They are made of a large bucket that is attached to a frame by two hydraulic arms. The skid steer loader is operated using a set of foot controls in the enclosed cab.
Skid steer loaders can be used for a variety of tasks, including:
- Excavating land
- Leveling ground
- Loading and unloading materials from trucks
- Clearing debris and dirt
- Grading roads
- Removing snow
- Digging holes for landscaping
- Handling materials on construction sites
The compact design of the skid steer loader enhances its maneuverability, enabling it to turn in tight spaces and operate in areas that larger machinery cannot access. This makes it an indispensable tool in urban construction projects and small space operations.
Additionally, skid steer loaders are known for their versatility and ability to switch attachments, which can include quick-attach forks, hammers, and augers, further extending their utility across various tasks.
How Much Is a Skid Steer Loader?
The cost of a skid steer loader can vary significantly depending on several factors, whether you are purchasing a new skid steer or a used skid steer. New skid steers typically range in price from $15,000 to over $100,000, while used skid steers can offer cost savings but require careful inspection. Skid steer prices are influenced by the size and model of the loader, as well as additional features and the condition of the equipment.
Key factors that determine skid steer cost include:
- Size of the loader: Larger loaders generally cost more due to their increased capacity and power.
- Model of the loader: Different brands and models can have varying prices based on their reputation, reliability, and performance.
- Features of the loader: Additional features like advanced hydraulic systems, enclosed cabs with HVAC systems, and high-flow capabilities can increase the price.
- Condition of the loader: New loaders cost more, but they come with warranties and the latest technology. Used loaders are less expensive but require a thorough inspection to ensure they are in good working condition.
- Rated operating capacity: Loaders with a higher operating capacity, which indicates the maximum weight they can safely lift, typically cost more.
- Market demand and availability: Regional availability and current market demand can also affect prices.
When considering the purchase of a skid steer loader, it’s crucial to assess your specific needs and budget. If opting for a used loader, it is advisable to check for any signs of excessive wear or mechanical issues and confirm that all features function properly. Additionally, consider the cost of maintenance and potential repairs, especially for used models, as these can affect the overall affordability of the loader.
Pricing for Popular Skid Steer Loaders
To give you an idea of the expenses you’re facing when planning to buy a skid steer loader, here is a look at the cost of some popular performance models of new skid steers:
- ASV RT75: $40,000
- Bobcat S650: $30,000
- Caterpillar 242D: $32,000
- John Deere 317G: $25,000
- Kubota SSV75: $15,000
- New Holland Construction: $75,000
These prices are based on the base model of each loader and do not include any additional features or attachments. Prices for new skid steers can vary significantly depending on factors like lift capability, size, and attachment options. It is important to check prices with sellers when not listed.
Financing Options For a Skid Steer Loader
If you’re looking to finance a skid steer loader, there are a few options available to operators, including purchasing, leasing, and skid steer rentals, each with its own set of advantages.
Bank Financing
One option is to take out a loan from a bank or other financial institution. This will allow you to spread the cost of the loader over a period of time, making it more affordable. Financing your equipment can also help you preserve your working capital, which can be used for other purposes.
Leasing
Another option is to lease a skid steer loader. This can be a good option if you only need the loader for a short period of time or if you don’t have the funds available to purchase a loader outright for your fleet. Leasing also has the advantage of allowing you to upgrade to a newer model when your lease is up.
Renting
You can also rent a skid steer loader or a compact track loader from a rental company. This can be a good option if you only need the loader for a short-term project. Compact track loaders offer enhanced versatility in challenging ground conditions due to their tracks, though they typically come with a higher price tag. However, it’s important to note that you will not own the machine at the end of the rental period.
Ultimately, the decision of whether to buy, lease, or rent a skid steer loader or compact track loader depends on your needs and budget. If you have the funds available, purchasing a loader outright may be the best option. However, if you’re tight on cash or only need the loader for a short period of time on a job site, leasing or renting may be a better option.
Skid Steer Loader Maintenance and Insurance
Maintenance Costs and Tips
Regular maintenance is crucial to keep your skid steer loader in optimal working condition and to extend its lifespan. On average, maintenance costs for a skid steer loader can range from $1,000 to $3,000 per year, depending on the model and how frequently it is used. Here are some essential maintenance tips to help you get the most out of your skid steer:
- Hydraulic Fluid Levels: Regularly check and maintain the hydraulic fluid levels. Low levels can cause significant damage to the hydraulic system, leading to costly repairs.
- Tracks or Tires: Inspect the tracks or tires for signs of wear and tear. Replacing them as needed can prevent damage to the undercarriage and ensure smooth operation.
- Engine and Cooling System: Keep the engine and cooling system clean and well-maintained to prevent overheating, which can cause severe damage to the loader.
- Lubrication: Regularly lubricate all moving parts to reduce wear and tear. This simple step can significantly extend the life of your skid steer loader.
- Electrical System: Check the electrical system periodically to prevent issues that could lead to downtime or more severe mechanical problems.
By following these maintenance tips, you can ensure that your skid steer loader remains a reliable and efficient piece of equipment for your projects.
Insurance Costs and Options
Insurance is a vital aspect of owning a skid steer loader, as it protects your investment from damage, theft, and liability. The average insurance cost for a skid steer loader depends on factors such as the loader’s value, usage, and location. Here are some insurance options to consider:
- Liability Insurance: This covers damages or injuries caused by the loader to third parties, providing financial protection in case of accidents.
- Collision Insurance: This covers damages to the loader resulting from accidents, ensuring that repair costs are covered.
- Comprehensive Insurance: This provides coverage for damages caused by theft, vandalism, or natural disasters, offering peace of mind in various scenarios.
- Equipment Insurance: This covers damages to the loader’s attachments and accessories, ensuring that all components of your skid steer are protected.
Choosing the right insurance coverage can safeguard your investment and provide financial security in case of unforeseen events.
Importance of Regular Maintenance and Insurance
Prioritizing regular maintenance and insurance for your skid steer loader is essential for several reasons:
- Extended Lifespan: Regular maintenance helps prevent wear and tear, ensuring that your skid steer loader remains in good working condition for years to come.
- Cost Savings: Preventative maintenance can reduce the likelihood of costly repairs and downtime, saving you money in the long run.
- Safety: Proper maintenance ensures that the loader operates safely, protecting both operators and bystanders from potential accidents.
- Financial Protection: Insurance provides a safety net in case of accidents, theft, or damage, protecting your investment and ensuring that you are not left with significant out-of-pocket expenses.
By investing in regular maintenance and comprehensive insurance, you can maximize the value and longevity of your skid steer loader, ensuring it remains a valuable asset for your business.
Skid Steer Loader Attachments and Accessories
Types of Attachments and Accessories
One of the key advantages of skid steer loaders is their versatility, which can be significantly enhanced with the right attachments and accessories. Here are some common types of attachments and accessories that can expand the functionality of your skid steer loader:
- Buckets: Available in various types such as general-purpose buckets, heavy-duty buckets, and trenching buckets, these are essential for tasks like digging, loading, and transporting materials.
- Hydraulic Hammers: Ideal for breaking up concrete, rock, and other hard materials, hydraulic hammers can turn your skid steer into a powerful demolition tool.
- Augers: Perfect for drilling holes and driving posts, augers are commonly used in landscaping, farming, and construction projects.
- Pallet Forks: These are indispensable for lifting and moving pallets and heavy loads, making them a must-have for material handling tasks.
- Grapples: Useful for handling and manipulating heavy objects, grapples can be used in various applications, from construction to agriculture.
- Snow Blowers: Essential for clearing snow and ice, snow blowers can help keep your operations running smoothly during winter months.
- Mowers: Ideal for cutting grass and brush, mowers can be used for landscaping and maintenance tasks.
- Tillers: Perfect for tilling soil and preparing gardens, tillers are commonly used in agricultural and landscaping projects.
When selecting attachments and accessories for your skid steer loader, consider the following factors:
- Compatibility: Ensure that the attachment or accessory is compatible with your specific skid steer loader model to avoid any operational issues.
- Quality: Invest in high-quality attachments and accessories that meet your needs and budget. Quality products are more durable and reliable, providing better performance.
- Safety: Choose attachments and accessories that meet safety standards and are safe to use. This is crucial to prevent accidents and ensure the well-being of operators.
- Maintenance: Consider the maintenance requirements of the attachment or accessory. Regular maintenance is essential to keep them in good working condition and extend their lifespan.
By carefully selecting the right attachments and accessories, you can enhance the versatility and productivity of your skid steer loader, making it an even more valuable asset for your business.
FAQs About Skid Steer Loaders
1. Are skid steers worth the money?
Yes, skid steer loaders are generally considered a worthwhile investment for both small and large construction projects. They offer versatility with their multiple attachment options, efficiency in various tasks such as loading, digging, and grading, and maneuverability in tight spaces. The return on investment can be quickly realized through the time and labor savings they provide, especially if the equipment is used frequently.
2. What are the benefits of owning a skid steer loader over renting one?
Owning a skid steer loader has several advantages over renting:
- Cost-effectiveness in the long run: If you frequently use a skid steer, owning one eliminates recurring rental fees and can be less expensive over time.
- Availability: Owning ensures that you have access to the equipment whenever you need it, without being subject to rental availability.
- Customization: You can choose specific attachments and features tailored to your regular needs.
- Condition control: You can maintain and service your own equipment, ensuring it stays in optimal working condition.
3. How long does a skid steer loader typically last?
The lifespan of a skid steer loader depends on several factors, including the brand, model, maintenance schedule, and intensity of use. Generally, a well-maintained skid steer loader can last between 4,000 to 5,000 operating hours. Some users report their machines running efficiently for over 10,000 hours with diligent care and occasional part replacements.
To maximize the lifespan of a skid steer loader:
- Regular maintenance: Follow the manufacturer’s recommended maintenance schedule. Regular checks and timely replacements of filters, fluids, and other consumables are crucial.
- Proper operation: Train operators on the correct use of the machine to avoid undue stress on mechanical components.
- Immediate repairs: Address mechanical issues and wear-and-tear as soon as they arise to prevent further damage and ensure optimal performance.
- Storage: Store the loader in a covered, dry area to protect it from the elements and reduce the risk of rust and corrosion.
By adhering to these practices, businesses can enhance the durability and reliability of their skid steer loaders, ensuring they remain a valuable asset for the long term.
Finance Your Equipment With Charter Capital
Deciding how to finance your skid steer loader is an important decision. There are a number of factors that you’ll need to consider, including the length of time you need the loader, your budget, and your purchasing power.
If you’re looking for financing solutions for your skid steer loader, contact Charter Capital today. We offer a variety of financing options that can help you get any type of equipment you need, whether for construction, farming, IT, medical, food business, retail outlet needs, and more.
We also offer competitive rates and terms to fit your budget. We have built strong relationships with the lenders in our network, so you can rest assured that you will be in good hands.
Talk to our experienced finance brokers today to learn more about our skid steer loader financing options and to see how we can help you get the equipment you need.