Insight on buying a mini excavator vs renting

[gtbensley]

Hoping the forum can help me make a decision on possibly purchasing a mini excavator vs. renting a machine for my projects.

I will be installing a new septic system this summer at my house (yes its permitted, yes I am able to install my own, lets please not discuss this aspect) as well as doing some stumping work, drainage work, and digging footing for a pole barn. If I buy a machine I intend to use it for a few years max and resell it. The machine I am looking at it a 8k lb Case with multiple buckets and decent shape. Cost would be around $20k for it. It is an open station and I am okay with that.

Renting a machine would run me about $2k for the week and I would likely ONLY do the sceptic and put the other projects on hold.

Do I sink $20k into a machine and do all the projects and HOPEFULLY be able to resell for close to what I paid (I understand maintance and such). Or do I just rent for a week or two and be guaranteed to spend $2k but its a pretty safe bet?

I have the cash to buy it and it wont make me broke to do so....But its also not something I intend to leave the money invested in for too long as thats a significant portion of cash.

Septic quotes are $15-20K installed for and I have a hard time spending that money on something I can do myself.

 

[gtbensley]

Realizing I may have posted this in the wrong section, not sure if Mods want to move it somewhere?

 

[deezler]

Dang. My septic system was only $7k, but it was in native sand so that helped immensely with the cost. If you have to import sand and do an engineered field, it's still gonna cost you plenty.

But I feel you on this dilemma. I'm facing my third excavator rental this year for another slew of projects around my place. The first two times, I did weekend rentals (friday afternoon to monday morning) for ~$700 apiece. Bobcat E35 w/ hydraulic thumb got a TON of work done each weekend. But after 15-20 hours of run time, I had some vertigo afterwards from all the rotation. Pondering a full week rental this year to relax my pace on the project list. An extra few hundreds bucks, but perhaps worth it.

Gosh I would love to own one, and use it whenever I like. But I don't have 30 grand to spray around like that. A 20k machine might require maintenance and parts. But I would guess you could resell it for close to what you pay, if you keep hours down and no damage. Perhaps you'll find that you never want to sell it, though!

 

[tibadoe]

I was going through the same thing a year or so ago. I revisited it again this past fall. For my specific situation, the best thing was to just rent a bigger excavator for bigger projects. Rental would equal out to once every year or so rental cost (whether for a weekend, week, or whatever). I save on bigger machine upkeep, maintenance, and storage space. Excavator loan payments would have been more when I break down occasional rental cost vs purchase (whether financed or straight cash)

Since I was in the market for a small tractor I went ahead and added BH option. 0% interest was a no brainer. This gave me the option to do smaller projects on my time & weather permitting. My payments are cheap and this little BH is surprising me with what it can do.

Good luck in what you decide.

 

[gtbensley]

I was going through the same thing a year or so ago. I revisited it again this past fall. For my specific situation, the best thing was to just rent a bigger excavator for bigger projects. Rental would equal out to once every year or so rental cost (whether for a weekend, week, or whatever). I save on bigger machine upkeep, maintenance, and storage space. Excavator loan payments would have been more when I break down occasional rental cost vs purchase (whether financed or straight cash)

Since I was in the market for a small tractor I went ahead and added BH option. 0% interest was a no brainer. This gave me the option to do smaller projects on my time & weather permitting. My payments are cheap and this little BH is surprising me with what it can do.

Good luck in what you decide.

I have thought about selling my tractor and buying a new one with BH but to get something large enough to do a septic would probably cost me 45k and that's just not going to happen.

Renting might be smart........

 

[gtbensley]

Dang. My septic system was only $7k, but it was in native sand so that helped immensely with the cost. If you have to import sand and do an engineered field, it's still gonna cost you plenty.

But I feel you on this dilemma. I'm facing my third excavator rental this year for another slew of projects around my place. The first two times, I did weekend rentals (friday afternoon to monday morning) for ~$700 apiece. Bobcat E35 w/ hydraulic thumb got a TON of work done each weekend. But after 15-20 hours of run time, I had some vertigo afterwards from all the rotation. Pondering a full week rental this year to relax my pace on the project list. An extra few hundreds bucks, but perhaps worth it.

Gosh I would love to own one, and use it whenever I like. But I don't have 30 grand to spray around like that. A 20k machine might require maintenance and parts. But I would guess you could resell it for close to what you pay, if you keep hours down and no damage. Perhaps you'll find that you never want to sell it, though!

Yes it's an engineered system in a pretty tight area because I have a lot of ledge and limited due to a stream and we'll on the other side of my property. Also just seems to be a higher cost area for doing things.

I priced renting for the week and with insurance it's going to run me about 2k. I will also have to take the week off to install it which I guess will cost me something.

The $20k machine appears to be in good shape, decent tracks, tight boom and buckets, fired up cold at 20 degrees with no issues. I am hoping it would be okay for a few years.

I'm just so torn on what to do here....I do want a mini which is playing into my decision thinking but that's not the smart way to make choices.

 

[Hay Dude]

Same situation here.I rent one about 3-4 times a year for a week at a time, so Im spending about $8000-$10,000 a year on a rental. That would go a long way towards paying one off rather quickly. 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.

 

[Birdhunter1]

An 8000 lbs trackhoe can do alot of work, slower than a bigger machine but it will still get it done. $20 K for a what sounds like basic machine in good shape with some years and hours on it doesn't sound bad.

 

[Hay Dude]

An 8000 lbs trackhoe can do alot of work, slower than a bigger machine but it will still get it done. $20 K for a what sounds like basic machine in good shape with some years and hours on it doesn't sound bad.

I wanted a HVAC cab unit about 10-12,000lb range. Cant touch a clean used one for under $30,000.

 

[fried1765]

Same situation here.I rent one about 3-4 times a year for a week at a time, so Im spending about $8000-$10,000 a year on a rental. That would go a long way towards paying one off rather quickly. My problem is I have so much equipment and I want it all sheltered. I知 out of equipment shelter. I refuse to leave equipment outside long-term.
So I continue to rent.

Good boy you are,.... keeping your toys out of the weather.
You mother must be proud of you!
My mother taught me that,....and here I am at 80, still doing the same!