With construction leading the way in our current economy, it’s no surprise that small and mid-sized companies are taking advantage of the boom and investing in heavy equipment like excavators. These machines help them take on projects previously out of their reach. Also, financing new or gently used excavators beefs up a company’s fleet. However, excavators are a serious investment and purchasing outright is a large capital outlay. This makes buying outright out of reach for many business owners who don’t have that kind of capital or prefer to keep it on hand for other purposes.
Comparing New and Used Excavator Costs
If you’re financing a new, a full-sized excavator, the cost can range generally between $100,000 to $500,000. In general:
- Small excavators (10 to 15 tons) cost between $80,000 to $150,000
- Mid-sized excavators (15 to 20 tons) range between $100,000 to $200,000
- Large excavators (30 to 40 tons) run from $200,000 to $400,000
Accessories, if needed, will be an additional cost. Most excavators come with one bucket, however, your typical jobs may require multiple or different-sized buckets for which you’ll need to budget an additional $1,000 to $5,000 each. Attachments such as rakes, blades and hydraulic hammers can add $5,000 to $10,000 each to the cost.
The high cost of new equipment and a good economy have created an excellent market for used excavators, putting them in reach of many small and mid-sized companies. Used excavators can be had at a significant discount. A gently used excavator with less than 2,000 hours of use might sell for 25 percent less than the original price – a great deal considering these machines have lifespans of up to 10,000 hours or more.
READ: Why Put Profit Above an Equipment Lease Payment?
Financing Your New or Used Excavator
Whether this is your first excavator, your fifth or you’re taking advantage of the great used inventory to upgrade, excavator financing from Global Financial & Leasing Services (GFLS) can help. If there is anything more important than getting the right excavator for your company, it’s working with the right lease financing company with experience in heavy construction equipment financing.
That’s where excavator lease financing from GFLS comes in. Our team can help you acquire essential equipment when you want to retain your capital for other things or bad credit makes you risky on paper to other lenders.
READ: What to Expect if Your Credit Score is Under 750
Get Excavator Financing Through GFLS
Since 2009, GFLS has been providing excavator lease financing for small and mid-sized businesses across the U.S. Our customers count on us to help them obtain the heavy construction equipment they need to compete in their area and take their companies to the next level through:
- A fast, easy excavator financing process
- Dealing directly with financing decision makers
- Our willingness to look beyond a credit score to your “story”
- Reliable, ongoing communication
- Equipment financing decision made in <2 to 24 hours
- A financing culture based on respect
We know what a difference a day can make for companies that need to get excavators on the job. Start the application today and the GFLS team will move heaven and earth to approve your excavator financing in as few as 24 hours. Have a question about heavy construction equipment financing? Contact our team for answers.