How Much Does It Cost to Rent Heavy Equipment?

In today’s competitive market, keeping operational costs low while trying to stay flexible and efficient is essential.

As the industry’s latest trends drive the operational landscape, heavy equipment rentals are becoming more popular due to renting's versatility and reduced operational costs. Costs of renting heavy equipment not only significantly reduce overhead expenses, but it’s also more management in the short-term, as well.

Costs of Renting Popular Heavy Equipment

By renting heavy equipment, you can easily achieve more flexible operations and greatly reduce your operating expenses. You’ll have the opportunity to easily complete short-term projects that require specialized tools while being available for specialized revenue sources. You will also have continuous access to the latest equipment upgrades and technology advancements while reducing your equipment maintenance, repair and storage costs. The most popular heavy equipment rentals are aerial equipment and earthmoving machinery, and you can easily manage your expenses by understanding how much this type of equipment typically costs to rent.

• Excavators: For large-scale excavator equipment ranging between 15 and 20 tons, business owners can expect to spend anywhere between $450-$3,500 per day, depending on the machine's capacity. If you decide purchasing a new excavator is more appropriate for your business, you can expect to pay between $200,000-500,000.

• Forklifts: Forklifts can greatly improve your work processes, and for approximately $100-600 per day, you can have full access to this equipment versus spending anywhere between $10,000-25,000 or more upfront for a new model.

• Skid loaders: Easily relocate materials with a skid loader — spend between on average $200-400 per day to use this essential piece of machinery.

• Scissor lifts: Every type of business needs access to a scissor lift for easily and safely accessing hard-to-reach areas. While many companies can purchase a new scissor lift, it may be easier for you to rent a scissor lift when you need it for anywhere between $100-250 per day.

Other Considerations and Budgeting for Long-Term Rentals

When researching your heavy equipment rental options, you’ll find that the initial investment is quite low, but you’ll need to properly and accurately calculate your overall heavy equipment rental costs by considering all the factors, including:

• Upfront daily or monthly equipment rental costs
• Residual equipment value upon its return
• Long-term interest expenses and other equipment rental costs, like repairs or maintenance