Insight on buying a mini excavator vs renting

[gtbensley]

Advantage of buying it is you get to use it on your schedule, the days you pick, aren’t forced to operate 16 hour days so rent charges don’t multiply, aren’t effected by rain delays, surprises, life, etc..
That alone is worth a big portion of any depreciation/maintenance that exceeds the $2k - $5k you’d spend anyways.
Downside is you assume risk of major maintenance/repair costs or can’t get money back out of it.
Spending $20,000 isn’t spending if you still have the money in the form of an excavator versus computer bits in a bank’s computer server. But renting?: $ poof!

One of the biggest reasons I want to buy is because of this. I will spend a weekend installing the tank....A weekend installing the line to the leach field....Another few days doing the field itself (the system will remain usable with the old one for most of this time). I have no doubt I can rush it and rent. And maybe that is smarter. But I am feeling like buying for the right price might be a worthwhile trade.

 

[gtbensley]

Yep.
First its the excavator, then its the truck and the trailer, then its the garage for all of it, then its the insurance for all of it.
I already have 2 trucks and 2 trailers to haul it.....
I just dont want it sitting outside in our lousy mid Atlantic weather.
I would be using it for myself and customers, thats not even an issue. With minimal website advertising and word of mouth, I can easily cover expenses.
Its the storage issue for me.

Storage sounds like the easiest one to overcome to me! Sounds like you should buy one :laughing:

 

[workinonit]

Heck, what are you waiting for. We want to see the pics. I'm confident you've made up your mind. Go get that machine before someone else does.

 

[gtbensley]

Heck, what are you waiting for. We want to see the pics. I'm confident you've made up your mind. Go get that machine before someone else does.

Haha I feel like I have made up my mind, but I am here on TBN wondering if I will get talked out of it for a more reasonable solution. Problem is I dont know what reasonable is!

 

[workinonit]

Reasonable is whatever you are comfortable with. If your range of travel is not too far a mini x is a good choice. For me, I just had too many places I wanted to do work and track hoes are not conducive to traveling a lot, even on a single farm. And I have some other sites I need to periodically do work so a rubber tire machine is best. There's a lot to be said for being able to come home from work and go get on your own machine and work until or past dark. I personally am not a fan of renting something like that unless it's for a few days work. I would buy it. Smoke it over good and just remember that there are very few items on a hoe that cost $100 or even $500. The shortest of hose is in that range. Not trying to deter you but just be eyes wide open.

 

[Diggin It]

Do you have a way to move a rental yourself, or will you need them to deliver and pick up (at more cost)?

Are they available on your schedule? Or would you have to schedule a week or more out?


Can you rent the Ex to do the septic and bigger stuff and buy a smaller tractor with a BH to do the smaller stuff?


Hiring yourself out can get extremely expensive and complicated. Permits, fees, insurance, inspections, and if you mess up.

 

[gtbensley]

Reasonable is whatever you are comfortable with. If your range of travel is not too far a mini x is a good choice. For me, I just had too many places I wanted to do work and track hoes are not conducive to traveling a lot, even on a single farm. And I have some other sites I need to periodically do work so a rubber tire machine is best. There's a lot to be said for being able to come home from work and go get on your own machine and work until or past dark. I personally am not a fan of renting something like that unless it's for a few days work. I would buy it. Smoke it over good and just remember that there are very few items on a hoe that cost $100 or even $500. The shortest of hose is in that range. Not trying to deter you but just be eyes wide open.

All the travel is in a very small area and then to different locations that would require traveling (we have a camp two hours away I need to bring it to and a friends woodlot 20 minutes away I would likely spend time in it with). Repair costs are part of my concern, I am well away how quickly items like that can add up and make it not worth buying. I wont be using it every day thats for sure. I figure I probably have 5-7k worth of renting to cover my projects that I WANT to get done....not stuff that NEEDS to get done.

 

[gtbensley]

Do you have a way to move a rental yourself, or will you need them to deliver and pick up (at more cost)? Yes I have a 12k GVW trailer and truck I can move a purchased one or rented one on.

Are they available on your schedule? Or would you have to schedule a week or more out? Within a couple of days available....but I could plan out no problem and probably would need to.


Can you rent the Ex to do the septic and bigger stuff and buy a smaller tractor with a BH to do the smaller stuff? Yes, but again not sure its worth buying a smaller BH as the cost will go way up.


Hiring yourself out can get extremely expensive and complicated. Permits, fees, insurance, inspections, and if you mess up.

Agreed, not something I would get into big time.

 

[Wakey]

My problem is I have so much equipment and I want it all sheltered. I’m out of equipment shelter. I refuse to leave equipment outside long-term.
So I continue to rent.

Im wired the same way but someone said to me once “Are you going to spend $100,000 to protect $75,000 of equipment?”

“Um, yes?” Lol

 

[fried1765]

One of the biggest reasons I want to buy is because of this. I will spend a weekend installing the tank....A weekend installing the line to the leach field....Another few days doing the field itself (the system will remain usable with the old one for most of this time). I have no doubt I can rush it and rent. And maybe that is smarter. But I am feeling like buying for the right price might be a worthwhile trade.

In MY opinion YOU have the proper mindset on this issue.
By a GOOD piece of equipment that you KNOW will hold it's resale value, and use it at your convenience.
20 months ago, I bought an original owner 251 hour Kubota L48TLB in Maine for 32K, and I am quite certain it is worth a bit more than that today.
It is just a (very nice) toy for me!
At 80 now, I will keep it until I croak.