An excavator is an important piece of that is required in almost any major construction project today. With this piece of equipment, you will have a choice if such attachments as dipper, boom, cab, and bucket.
As such, an excavator may be used for several other applications other than just digging. Despite being so important, the cost of a new excavator can be quite high, often between $100,000 and $400,000.
Just like many other contractors, you may find this amount to be too costly, especially if you are just starting out or need the machine for a short period. In both cases, an excavator rental will come in handy.
Depending on the excavator size and power, you should expect to spend between $900 and $1,750 a day to rent one. With monthly excavator rental plans, the cost will be between $2,250 and $4,640 a week.
As compared to daily rentals, you will find monthly rental plans to be more affordable, saving you up to 60 percent in rental costs.
Average Excavator Rental Prices – Industry Standard Rates
As you can see from the above-mentioned excavator rental rates, the cost of renting one varies from one case to another. Basically, excavators come in an array of makes, models, and sizes as well as accessory options.
As you will learn below, the cost of renting one will mainly depend on its power, bucket size, and overall size.
Additionally, your location and the rental period also affect the total cost. Most of the leading excavator rental companies will offer you daily, monthly and weekly rental plans to suit your needs.
Average Excavator Daily Rental Cost
On average, daily rentals for excavators are priced at $350 to $1,600 or even more depending on the size of the machine.
On the lower end of this range are the comparatively smaller excavator models, such as the Bobcat 442 excavator. Larger models like the Caterpillar 375 are often priced above $1,000 per day.
Weekly Excavator Rental Rates
Opting for a weekly rental plan will save you about 40 percent in rental costs, regardless of the rental co many you choose. On average, the leading excavator rental companies will charge you between $1,250 and more than $5,000 a week to rent an escalator.
The lower end of this range is the rate for the smaller excavators, ideally the best 17,000-pound excavator models.
As you can imagine, the cost increases with an increase in excavator size and power. As such the $5,000 a week rate will be for the larger models, ideally the 76,000-pound excavator models.
Most of the leading 45,000-pound excavator models are often priced between $2,000 and $2,500 per week.
Monthly Excavator Rental Cost
As compared to daily rental costs, monthly rental plans by the leading excavator rental companies with save you about 60 percent of the total cost.
Monthly rates in the industry range from $3,000 a month for the smaller excavators to more than $15,000 a month for the larger models.
Mid-sized excavators, such as the best 45,000-pound models, will cost you between $6,000 and $7,000 a month to rent. With the leading rental companies, this price is inclusive of the excavator, one, standard-sized buckets jackhammer and a full-fueled tank.
Mini-Excavator Rental Cost
Holding other factors constant, rental prices for the various mini excavator makes and models are relatively lower.
On average, a mini excavator will cost you between $206 and $625 a day to rent. Despite the model, type or size of the excavator you need, the actual rental cost will depend on several other factors.
Factors Affecting Excavator Rental Cost
As you may have noticed, excavator rental prices vary significantly. So, what exactly affects this pricing and how does each cost factor influence the pricing?
For enhanced versatility, various excavator models are compatible with an assortment of attachments. Should you require much more than the standard attachment offered by your rental company, you should expect to spend more.
With most of the leading excavator rental companies, excavator accessories are typically considered to be separate rentals. If you plan to add different sizes of jackhammer attachments along with your excavator, you should expect to spend an additional $120 to $800 per day.
The excavator attachment rental cost you incur will mainly depend on the type and size of the attachment you are renting. It will also, to some extent, depend on the rental period.
Delivery and Pickup Costs
The leading providers normally charge an additional fee for delivering and picking the excavator from your site. If you cannot pick it up on your own, you should budget for an additional $175 to $2,000 in delivery and pickup fees. The amount often depends on the distance between the rental company's premises and your site.
Some rental companies are known to provide operators for their excavators at an additional fee. Alternatively, you may hire one on your own. Either way, you will be required to compensate the excavator operator for his or her time. This will definitely impact the total rental costs.
On average, you should expect to pay an extra $20 to $50 an hour in operator fees. Be aware that some companies simply include the operator in the rental price, however. While the excavator is often delivered t the site by the rental company, moving it usually costs an average of $3 a mile.
Ready to Rent an Excavator?
Owing to the high cost of buying an excavator, many contractors and construction firms choose to lease or rent. Leasing allows for long-term use of the machine with little or no money down while renting is ideal if your need for an excavator is very short term.
If you need the equipment for a few weeks to two years, you should consider renting. In this case, the rental cost will mainly depend on the make and model as well as on the size and power of the machine.
Additionally, you also need to factor in delivery and pickup costs as well as operator fees into the total. Depending on the excavator type and size you need, leading excavator rental companies will give you an affordable quote that is specific to your requirements.
However, if you don't wish to rent and looking to buy an excavator on a budget, read our guide on the cheapest mini excavators.