Quick Answer
For most contractors, hiring is more cost-effective than buying. A new 1.7T mini excavator costs $40,000–$60,000. Hiring costs $200–$280/day with no maintenance, storage, or depreciation costs.
Whether to hire or buy an excavator depends on how frequently you use one and your capital position. A new 1.7T mini excavator costs $40,000–$60,000. A used machine in good condition costs $20,000–$35,000. Ownership costs include purchase price, finance costs, insurance ($2,000–$4,000/year), registration and compliance, maintenance and servicing ($3,000–$6,000/year), storage, and depreciation. For a contractor using an excavator 3–4 days per week, ownership may be cost-effective over 3–5 years. For contractors using an excavator less frequently — say 1–2 days per week — hiring is typically more cost-effective. BuildHire's hire rates start from $200/day for the 0.8T and $280/day for the 1.7T. At these rates, you would need to use a hired machine for more than 100–150 days per year before ownership becomes cost-competitive. Hiring also eliminates the risk of machine downtime — if a hired machine breaks down, BuildHire replaces it. If you own a machine that breaks down, you're paying for repairs and losing productivity.
A new 1.7T mini excavator costs $40,000–$60,000 from major brands. Used machines in good condition cost $20,000–$35,000.
Ownership costs include insurance ($2,000–$4,000/year), maintenance and servicing ($3,000–$6,000/year), storage, and depreciation.
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