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There are many types of vehicles that are necessary for construction jobs. Each one serves its function, making construction a highly specialized and capital-intensive industry. When construction spending increases, your business will be presented with more revenue opportunities, and you will need to have the right equipment for the job at hand. The cost of construction equipment varies depending on the type, size, and accessories. Continue reading this Balboa Capital blog post to learn the price of three widely used types of construction vehicles: excavators, skid steer loaders, and wheel loaders.
Excavators.
Most projects begin with digging, making an excavator an essential piece of equipment for any job site. Excavators are composed of two important parts: a driving base and an attached arm for digging and lifting objects. As a result, a new excavator can be the most expensive piece of construction equipment you can buy, ranging from $100,000 to $500,000 for a full-size rig and $80,000 to $150,000 for a mini excavator.
Used excavators usually sell for 25% of the original price. Additional attachments, such as buckets, rakes, and hammers, can cost up to $10,000.
Skid steer loaders.
Skid Steer loaders can serve many functions depending on what attachment is used, making them the workhorse of any construction site. Skid steers can cost between $17,000 and $30,000, depending on desired capacity. Attachments increase the versatility of the vehicle while also escalating the purchase price.
Basic buckets cost about $1,000, while hydraulic hammers can run as much as $20,000. Purchasing a used skid steer can help you save a significant amount of money, and attachments can be included. Expect to pay between $15,000 and $20,000, depending on capacity and hours logged.
Wheel loader.
Wheel loaders are a tractor with oversized tires ideal for many jobs. Wheel loaders feature a square bucket attached to either the front or back of the vehicle for scooping, digging and dumping. The cost of a wheel loader depends on the size.
A compact version can run between $40,000 and $130,000, while a larger rig can cost close to $500,000. If you want to add one of these vehicles to your fleet, consider construction equipment financing, which does not deplete your cash flow or use up your business line of credit.
Heavy equipment auctions.
You might be able to find low-priced excavators, skid steer loaders, and wheel loaders at heavy equipment auctions. These operate similarly to the standard auction process that we are all familiar with. A contractor or a construction company offers a public sale of heavy equipment to the highest bidder. An online or brick-and-mortar auction house facilitates the transaction and takes a percentage of the final sale. To find out when heavy equipment auctions take place, check online.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.