When operating in construction, you may require an excavator more frequently than you feel. When your excavating conditions become more regular, you may want to believe in owning an excavator rather than renting one. But how much does an excavator cost per day to own? And are there adequate chances to run a thriving mini excavator business?
EXCAVATOR USE AND PRICES
The major reason Owning an Excavator might be more beneficial than hiring one is to dodge the costs each time your business requires this type of machinery. Of course, it all depends on how much you spend hiring an excavator, which varies from one state to the next. Renting an Excavator, on average, can cost between $220-$520 per day, depending on the brand, age, and size. This quickly adds up if you require to use an excavator every day.
It’s also necessary to note that a well-maintained excavator should have a lifespan of around 10,000 hours, so you need to assume how long you require to rent an excavator for each job to calculate how long it will last.
You will have to do your calculations using your own data, such as how much your existing rental company bills, how often you rent an excavator, and the cost of continued service and maintenance should you purchase one. If you use an excavator repeatedly, the costs will likely pile up to own one. In the long period, owning an excavator can prevent having to pay for continued hiring costs over time, which in turn can dismiss any undeserved hassle with scheduling hires.
HOW TO START AN EXCAVATION BUSINESS
Owning an excavator instead of renting one offers another significant advantage: it provides additional opportunities to generate income. When the excavator is not in use, you can treat it like a mini excavator business. By contracting out your excavator and operators to other businesses that need this equipment, you can take on one-off jobs, which can lead to extra work and increased revenue beyond your core business.
Here are a few examples of how to earn money by Owning an Excavator from agreement work:
- Organizing land for construction job
- Unloading and loading building material
- Clean-up sites
- Digging holes for garden ponds & utility poles
- Mining site work
You have a chance to rent out your excavator when not in service, giving you the ability to earn money again without even doing anything! This comes with its own advantages and hazards, so have a thorough look at this option if it’s something you want to believe in doing.
BUYING AN EXCAVATOR: THINGS TO CONSIDER ABOUT
It’s essential to evaluate all the possible expenses involved with Owning an Excavator to save your asset and ensure it stays as trustworthy as it was the day you purchased it.
For one, routine and planned excavator maintenance is something that must be done by a competent mechanic to check the inside for any issues – and this comes at an extra cost. Of course, maintenance allows you to avoid any unforeseen repairs – saving on important costs when you least need them. You’ll also need to complete routine inspections yourself each time you operate your excavator, which involves knowing your machine inside and out, and understanding how each component looks and works.
Size is another aspect you will want to consider. What size excavator best fits your requirements now and in the long term? At Typhon Machinery, we have mini excavators in stock, so there are plenty of types to pick from – but do your assignment first before making an investment.
One last characteristic of Owning an Excavator to consider is whether you have the required skills to run the machine. Likely, you won’t need training yourself since you’re thinking of buying a machine, but some of your workers might require training, and again, this costs you time and money while they come up to momentum.
To summarize, Owning an Excavator can be an advantageous investment provided you have adequate work coming in to maximize its use, or you are ready to rent it out. You must also be organized to pay the maintenance costs needed to keep it in a good working state.
Excavators are a great investment for any company, contractor, or construction crew. Consider your requirements and get in touch with us to take a look at our excavators in particular. We have brand new Typhon excavators for sale in mini, and small sizes.
