New vs. Used Excavators in 2025: What the Real Financing Numbers Say About Where the Market's Headed

New vs. Used Excavators in 2025: What the Real Financing Numbers Say About Where the Market's Headed

Every contractor shopping for an excavator this year has run into the same question from their own gut: buy new, or buy a solid used machine and put the difference toward the next job? The 2025 financing data actually answers that question with real numbers, not gut feel — and the trend is more interesting than a simple "used is cheaper" story.

The Headline Numbers

Across the industry in 2025, new excavator financing came in at roughly 15,672 units, down about 4.1% year over year, while used excavator financing climbed to roughly 12,548 units, up about 5.3% year over year, according to Equipment World's market data. That's a real divergence — new demand is softening while used demand is picking up meaningfully, and it's showing up consistently across all three of the largest excavator manufacturers.

• Caterpillar: roughly 4,287 new units financed versus roughly 3,504 used units — CAT holds the largest share of both markets by a wide margin, at about 27.4% of new and 27.9% of used excavator financing.

• John Deere: roughly 2,789 new units versus roughly 2,274 used units — Deere holds the second-largest share in both categories, at about 17.8% new and 18.1% used.

• Komatsu: roughly 2,574 new units versus roughly 1,984 used units — Komatsu rounds out the top three, at about 16.4% new and 15.8% used.

The used-to-new ratio matters more than the raw numbers here: Komatsu's used units run at about 77% of its new-unit volume, the lowest ratio of the three, while CAT and John Deere both sit closer to 80-82%. That gap likely reflects Komatsu's slightly newer average fleet age in the U.S. market and a smaller installed base of older units cycling back onto the used market compared to CAT's much larger historical footprint.

Why Used Demand Is Climbing While New Softens

A few real, non-speculative factors are driving this. New equipment pricing has stayed elevated after several years of manufacturer price increases tied to emissions-tier engineering and input costs, which pushes more price-sensitive contractors toward a well-maintained used machine instead. At the same time, the used market itself has matured — telematics data, standardized inspection reports, and dealer-certified used programs from CAT, Deere, and Komatsu all make buying used a far less risky proposition than it was a decade ago, when a used excavator purchase was mostly a gamble on the seller's honesty.

Average used excavator pricing also gives a window into the broader picture: industry data shows the average used excavator price peaked around $159,000 in mid-2025 before settling to roughly $155,000 by winter, with the average used unit sold running 7.1 to 7.7 years old. That's a machine with plenty of working life left, at a meaningful discount to new — a real, mathematically defensible case for a contractor who doesn't need the absolute latest emissions tier or warranty coverage.

What This Means If You're Shopping Right Now

• If you're a growing contractor bidding bigger jobs and need the reliability of a full manufacturer warranty and the newest emissions and telematics package: the new-unit market still makes sense, and CAT, Deere, and Komatsu all remain strong choices with deep dealer networks.

• If you're managing cash flow carefully or adding a second or third machine to an existing fleet: the maturing used market — especially dealer-certified used programs — gives you a real, lower-risk path to ownership at a meaningful discount.

• Either way, the used-market growth doesn't mean quality dropped — it means more good machines with real working life left are cycling through the market as fleets upgrade, which is exactly the kind of environment where financing the right used machine can be a smart move.

Which Specific Models Are Actually Moving

Beyond the brand-level numbers, the model-specific data is worth a look too. On the new-unit side, the Kubota KX080-5 led all new excavator sales at roughly 780 units, followed by the CAT 340 at roughly 598 units and the John Deere 85 P-Tier at roughly 591 units — a mix skewed toward compact and mid-size machines, consistent with how much general and utility contracting work happens in that class. On the used side, the John Deere 210G LC led at roughly 352 units, followed by the CAT 320 at roughly 275 units and the Komatsu PC490LC-11 at roughly 232 units — larger, more established models that have simply had more years in the field to build up used-market supply.

That split makes intuitive sense: new buyers are often adding a first or second machine and lean toward compact/mid-size units with lower entry cost, while used buyers are frequently replacing or adding capacity in the larger classes where a well-maintained older unit still has real years of work left in it.

The Real Point: Rent-vs-Own Still Wins Either Way

Whether you land on new or used, the math against renting doesn't change. A rental invoice builds zero equity no matter how many months you pay it, while financing either a new or a well-inspected used excavator turns that same monthly cash outlay into an asset on your balance sheet — one that's available the moment your next job starts, without waiting on rental yard inventory during a busy season.

This is exactly the gap BFC Equipment Loans is built to close. We finance new AND used excavators from all our approved manufacturers, and we structure the deal around your actual project pipeline rather than a one-size-fits-all term. For model-specific detail on two of the machines discussed here, see our deep dives on the Komatsu PC210LC-11 and the CAT 320 GC.

A Note on Financing New vs. Used

Financing terms and down payment structure can differ between new and used equipment, largely because of how lenders assess remaining useful life and resale value. Strong, well-established credit can mean little to nothing down on either new or used equipment, while a newer business or thinner credit file might see a more meaningful deposit requested — particularly on a used machine with higher hours. That's a conversation worth having directly with a lender who actually understands equipment valuations, not a generic bank loan officer pricing a used excavator like a used car.

If you're financing before year-end, it's also worth reading our guide to Section 179 and bonus depreciation — both new and used equipment can qualify (confirm the specifics with your tax professional).

Bottom Line

The 2025 data tells a clear story: used excavator financing is growing while new financing softens, and Caterpillar, John Deere, and Komatsu all hold their relative market position across both categories. That's not a signal to avoid new equipment — it's a signal that the used market has matured into a genuinely credible option alongside it. Whichever path fits your business, financing it the right way is what actually determines whether that excavator makes you money or just adds another bill to track.

Ready to Put This Machine to Work?

Every excavator in this piece is exactly the kind of equipment BFC Equipment Loans finances every day for contractors who are done bleeding margin to a rental yard. Whether you're buying your first machine or adding a second unit to the fleet, we structure financing around real jobsite cash flow, not a one-size-fits-all approval.

Head back to our BFC Equipment Loans home page to see how we work with contractors like you.

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