Insight on buying a mini excavator vs renting

[gtbensley]

This OLD guy says, if you have use for it, and savor the thought of having it readily available, ..... buy it, use it, and sell it, when you no longer THINK you want it.
My perception: It will be a Loo..oo..oo..ng time before you sell it!
I had my previous TLB (Ford 3400) for 33 years, and only sold it to upgrade to my current Kubota L48TLB.
I bought the Ford TLB (used) in 1986 for $10,000, and I sold it 33 years later (2019) for $9,000.

Also my fear, buy it with the intent of selling and then end up keeping it! This does not play into my long term finances....I am in my young 30's.

 

[MossRoad]

This OLD guy says, if you have use for it, and savor the thought of having it readily available, ..... buy it, use it, and sell it, when you no longer THINK you want it.
My perception: It will be a Loo..oo..oo..ng time before you sell it!
I had my previous TLB (Ford 3400) for 33 years, and only sold it to upgrade to my current Kubota L48TLB.
I only put 550 hours on the Ford in 33 years, but it paid for itself in the first (personal) project I used it for,and it was mighty handy to have around for MANY smaller projects thereafter.
I bought the Ford TLB (used) in 1986 (I was 46) for $10,000, and I sold it 33 years later (2019) for $9,000.

if you'd have invested $10,000 in the S&P 500 in 1985, 33 years later it was worth $150,834.

 

[fried1765]

if you'd have invested $10,000 in the S&P 500 in 1985, 33 years later it was worth $150,834.

View attachment 685936

And..... would they have put that $150,834 in my coffin with me, or would my ex wife have taken all of it available at the time, when she ran off with her boyfriend?
As she so eloquently spoke those parting words: "There are no guarantees in life".
Money is nice, but I am OK, and that $150,834 today would really not make one iota of difference in my lifestyle.

 

[MossRoad]

And..... would they have put that $150,834 in my coffin with me, or would my ex wife have taken all of it available at the time, when she ran off with her boyfriend?
As she so eloquently spoke those parting words: "There are no guarantees in life".
Money is nice, but I am OK, and that $150,834 today would really not make one iota of difference in my lifestyle.

Yep. Me neither. But the Op is 30.

 

[gtbensley]

Yep. Me neither. But the Op is 30.

A very valid point and one I am struggling with. I am not likely to put that money into the market as I already dedicate other funds there. This money has been saved for installing a septic although I guess if I rented a machine and saved this money I would likely invest it back into my house or camp.

 

[MossRoad]

Yep. It's all up to you. Just showing you several views of your dilemma. :laughing:

Good luck in your decision (you're buying it, aren't you?)

 

[gtbensley]

Yep. It's all up to you. Just showing you several views of your dilemma. :laughing:

Good luck in your decision (you're buying it, aren't you?)

I want all the views and insight I can get! Honestly not sure yet, one day I am dead set that buying it is the correct path forwards, the next day I am convinced its a vain idea and just something that I want and this is my justification. No clue telling how this will end.

 

[MossRoad]

I want all the views and insight I can get! Honestly not sure yet, one day I am dead set that buying it is the correct path forwards, the next day I am convinced its a vain idea and just something that I want and this is my justification. No clue telling how this will end.

If it becomes a burden, sell it and cut any losses, if any.

 

[TnAndy]

I've got about that same sized machine.....IHI 35J, (7700lbs) but for the 4k I paid for it, I 'think' it was worth buying. I've spent 1k or so on it replacing some of the undercarriage, pins/bushings, etc, but my guess is I could chalk that up to use and still get the 4k back out of it.

Dropped the bucket, strapped an 8x8 on the boom, and we used it as a mini crane to set the floor trusses on neighbor's new house.

 

[gtbensley]

I've got about that same sized machine.....IHI 35J, (7700lbs) but for the 4k I paid for it, I 'think' it was worth buying. I've spent 1k or so on it replacing some of the undercarriage, pins/bushings, etc, but my guess is I could chalk that up to use and still get the 4k back out of it.

Dropped the bucket, strapped an 8x8 on the boom, and we used it as a mini crane to set the floor trusses on neighbor's new house.

I'll give you 10k for it