How Much Does it Cost to Rent or Lease a Backhoe Loader?
Last Updated: September 27, 2022
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Due to their versatility, backhoe loaders are in constant demand for the construction, farming, and landscaping industries. But, they're costly pieces of equipment. If your equipment needs are short term or you're short on cash, buying a backhoe loader outright may not be a feasible option.
For short-term needs, consider renting a backhoe loader. This is an ideal option if your need for the machine spans just a few days or weeks at a time. Spending hundreds of thousands of dollars for a backhoe loader when you need it, only, infrequently doesn't make financial sense.
For longer-term needs, leasing is more appropriate. For a monthly fee, you'll be able to lease the machine for a period of years. This option is generally more expensive in the long term than buying outright. But, it's ideal if you can't afford a large down payment, have credit issues, or need to conserve working capital for other expenses.
Backhoe Loader Rental Average Costs #
Backhoe loaders can be rented by the day, week, or month. Rental prices vary based on the model you select, its size and features.
- Daily rental rates range from $250 to $500.
- Weekly rates range from about $800 to $1,500.
- Monthly rates fall in the range of $2,400 to $3,500.
Some dealers will rent for less than a day (usually in four hour increments) but the price is usually comparable to the daily rate. Just in case the job takes longer than expected, it's usually better to go with the daily rate.
Geography has a major influence on price, too. Rental rates in the Northeast and on the West Coast, for example, are much higher than those in the Midwest.
- A two-wheel-drive backhoe loader with a canopy might rent for $250 per day in the Midwest and $350 per day in the Northeast or on the West Coast.
- A four-wheel-drive machine with a cab might cost $300 to $350 in the Midwest and $400 to $450 on the coasts.
Keep in mind that longer-term rentals tend to come at a discounted price. Monthly rates are generally a better deal than weekly rates and weekly rates are a better deal than daily rates. Often, if you need a backhoe loader for three weeks, it's cheaper to go with the monthly rates than to pay for three separate weeks.
Backhoe Loader Lease Average Costs #
Lease prices are dependent on the type of size and type of machine you select and your credit rating. Interest rates tend to be higher with a lease than if you financed a backhoe loader through your bank. But, the advantage is that you can acquire the machine with little or no money down.
Equipment leases generally span one to five years. At the end of the lease term you can opt to return the machine, purchase, or trade it in for a newer model. The longer the lease term, the lower your monthly payments will be.
Backhoe Loader Lease Sample Costs #
- A $50,000 machine can be leased for $4,000 to $5,000 per month for 12 months; $1,500 to $2,500 per month for 36 months; and $1,000 to $1,500 per month for 60 months.
- A $100,000 machine might cost $9,000 to $10,000 per month for a 12-month term; $3,000 to $4,000 per month for 36 months; and $2,000 to $3,000 per month for 60 months.
Watch: Should You Lease Equipment? #
Watch this video to find out the pros and cons of leasing construction equipment.