How Much Does Construction Equipment Cost Nowadays?

Are you curious about the costs of some commonly used construction equipment? Eager to find the best possible options for your business?

Navigating the construction equipment costs and finding the right offer can get tricky, especially when the prices keep changing.

One surefire way of staying on top of the equipment costs is to do some research, and we’ve decided to lend you a helping hand in that regard!

We did the research for you, and are bringing you the latest data about the current costs of most often used construction equipment, along with some insights into their cost structure and tips for purchasing.

It’s time to dive in!

Average Cost of Commonly Used Construction Equipment

In this guide, you’ll find an overview of the average cost of 10 types of construction equipment.

For each equipment type, we’ve looked into the prices of new and used equipment, as well as rental rates.

To give you the most accurate breakdown of prices we:

• compared prices from several dealerships,
• compared the price of used equipment with similar usage hours and condition ratings,
• included the most relevant rental rates based on typical equipment use period, where possible.

Here’s what we found.  

Excavators 

We focused on newer models of standard excavators, manufactured either in the 2010s or the 2020s.

For rental excavators, most of the options include reputable brands, such as CAT or John Deere.

On the other end of the size scale, the prices of mini excavators vary quite a lot, with last year’s Reddit thread indicating options between $8,000 and $18,000.

One thing’s for sure: you must check all options, from the initial price to the availability of parts, before making the final decision.

Bulldozers  

The listings we focused on feature lighter models of crawler dozers manufactured in recent years.

Almost all the models listed as new have logged at least 1,000 hours of usage, suggesting extended testing or use as rental equipment.

When it comes to daily rental fees for 200-250 HP crawler dozers, we noticed they are subject to change based on job specifics and location.

We checked the listings on Sunbelt Rentals, DOZR, and Rent1.

Canada-based Rent1 guarantees lower rates for businesses and lists weekly and monthly fees, but has less powerful equipment.

Backhoe Loaders  

For new backhoe loaders, you can expect to give around $100,666.

While Alibaba has the cheapest option, keep in mind this offer carries additional costs of import.

And when it comes to used backhoe loaders,  the prices drop significantly, averaging less than $50K.

For rentals, all options fall within the 90+ HP range, but the DOZR fees were calculated based on a sample location (Chicago, IL).

Location makes a big difference in calculating rental fees, as well as whether you also need delivery and pick-up service.

Loaders  

The new wheel loaders we compared exhibit mid to lower horsepower and bucket capacity, which is reflected in the average price of $85,170.

It should be mentioned that the cheapest options in both new and used categories would need to be imported from Europe.

Two rental options feature wheel loaders with bucket capacities in the 3 to 3.5 cubic yard range, but the most affordable one is significantly smaller, with a 1 cubic yard bucket.

Rental options for loaders were calculated using Houston (TX) as the benchmark.

Cranes  

Crane prices were a bit more difficult to obtain, as websites usually require users to request a quote on most cranes.  

Among the cranes we included here, there is a difference in capacity. For example, the most expensive one can lift 200 tons, which is twice as much as the presented alternatives.

Rental fees for cranes of similar specifications need to be requested directly, but monthly quotes for telescopic boom crawler cranes are available on Rental Yard.

Keep in mind that the lift capacity for these rental cranes ranges from 30 to 60 tons, which is a big difference compared to 100-200 tons of previously listed options.

Dump Trucks  

For dump trucks, we focused on machinery with smaller or standard hauling capacity.

As usual, second-hand dump trucks are half the price of the new ones. The options below were all manufactured in the same year, but vary in mileage.  

Interestingly, the most affordable dump truck we found also has the best hauling capacity (21 cubic Yds).

And when it comes to rental fees, this is how much you’d pay for a week’s use of various dump trucks.

Keep in mind that some companies like DOZR have listings for dump trucks of larger capacities only.

Pavers  

When it comes to asphalt pavers, we’ll be taking a look at newer standard models within the US.

Here, the difference between new and used equipment is even more evident. The used models we compared are quite older, though.

Paver rental fees were hard to compare due to a wide range of specifications and limited options available on rental sites.

We listed three different options, a CAT paver, a Bomag one, and a Mauldin.

Both daily and monthly rates are also available on the links.

Compactors  

Different projects require specific types of compactors, so we focused on new and used smooth drum compactors.

For rentals, we compared vibratory plate compactors, with the first option belonging to the highest compaction force class (7,000–8,600 lbs.).

The second option doesn’t list power specifications, while the last one belongs to the 1000 lb class.

Forklifts  

New and used forklifts we analyzed have slight variations in maximum lift and load capacity, as well as general indoor/outdoor applications.

But these numbers are enough to give you a general overview of the market.

For rentals, the most affordable option has a 6,000 lbs load capacity compared to the other two models with 10,000 lbs capacity.

Keep in mind that the rates are subject to change based on availability and location.

Graders  

Finally, here is a breakdown of new and used large motor graders.

Road grader rentals from the Rental Yard listed here are both from CAT and close in price, but the first option was manufactured in 2021 and the other in 2004.

Factors Affecting Construction Equipment Costs

Wondering why these machines cost this much and what affects their prices?

Well, know that construction equipment costs are impacted by a range of factors.

Let’s first take a look at the bigger picture of market demand and equipment availability.

According to the 2024 Equipment Watch report, despite the relatively stable manufacturers’ retail prices (MSRP), the overall value of several common equipment types declined over the past two years.

And this was reflected in the gradual drop in construction equipment auction values (FLV), as well as resale values (FMV).

However, the same report tells a different story when it comes to used excavators and wheel loaders.

In this case, the high demand for these machines caused their retail price and resale values to increase by the end of 2023.

Higher prices prompt people to look for cheaper alternatives, usually in foreign markets and market sites like Alibaba, which are known for more budget-friendly offers.

However, while many succeed in landing cheaper deals by importing equipment from abroad, this can create additional complications, as chronicled by one Reddit user.

The user explains that they ended up paying 65% less for a used mini excavator than they would otherwise, but it caused more problems than solutions, so it was used only for a few short years.

The machine was simply unreliable.

Reliability is one of the reasons why some people prefer paying more for new equipment or investing in the latest models.

Naturally, these new models typically come with a higher price, especially if they’re equipped with advanced autonomous technology or features like AI integration and telematics.

Technology easily drives up the cost of both new and used equipment, as seen by the price of CAT’s semi-autonomous 299D3 model unveiled in 2022.

A used 299D3 is listed at $132,185, which is high above the typical range of new compact track loaders.

But beyond the model itself, there’s one more thing that impacts the price of the machine—the brand.

The brand’s reputation plays a big part in the pricing.

Premium brands are typically more expensive as they are industry leaders who promise to deliver reliable, quality machinery.

This is why a Reddit thread on first-time equipment purchases features recommendations for top manufacturers such as CAT, John Deere, Hitachi, etc.

Finally, the number and type of attachments included with the equipment you purchase increases the overall cost further.

Since attachments boost the functionality and versatility of your equipment, the price goes up based on the following:

• Number of attachments
• Specialization
• Compatibility with different models
• Attachment brand

Ultimately, all these factors can influence the initial cost of purchase to a lesser or greater extent, making your decision more complex.

Moreover, acquiring new construction equipment comes with costs beyond the purchase price. Here’s what you need to know about that.

Other Costs to Account For When Acquiring New Equipment

Acquiring new equipment means taking into account the other costs related to equipment ownership.

These additional costs ensure the safety and good working condition of your equipment, thereby boosting operational efficiency and protecting your finances.

After purchase, the cost of ownership continues by insuring and adequately storing your equipment.

Once you’ve done that, you also need to invest in regular maintenance efforts and preventive strategies to make the most of its useful life.

The costs add up because tracking and improving equipment utilization is nearly impossible without reliable asset-tracking software.

Finally, you need to account for costs related to depreciation and taxes.  

This is why many companies opt for renting which can prove a more cost-effective option than equipment ownership.

Through renting, your business acquires only the equipment needed for specific projects and is not saddled with additional costs, allowing you a degree of flexibility.

You can explore the pros and cons of both options in more detail here to help you make the best decision based on your current needs and circumstances.

Conclusion

Having a good grasp of the current prices of the most in-demand construction equipment creates foundations for better decision-making.

After all, making the right investment today ensures smoother, more efficient operations tomorrow.

Although the industry and its prices are ever-changing, we trust that this guide can be your window into the current markets and that it has helped you better understand the key factors you need to consider before narrowing down your options.

Now that you’re equipped with the latest information, you can close equipment deals with confidence and watch your business prosper!