When Should You Rent Tools vs Buying Them?
Renting a Tool Is Better Than Buying One!
The choice between buying and renting is not easy. There are many factors involved. So before making your decision, it’s best to understand all the pros and cons of each option.
Let’s take a look at some of them:
1) Rental Power Tools Are More Affordable!
Buying a new power tool will cost you money. But if you don’t have enough cash to spend, then buying a used one might be better for you. However, when it comes to renting tools, there are no hidden costs.
You’ll just pay what the price tag says.
So why would anyone want to rent a power tool instead of buying one?
Well, there are several reasons.
2) Rental Power Tools Are Less Expensive To Operate!
If you’re like most people, you need to operate your tools every now and then. And while it may seem that renting power tools is cheaper than buying them, the truth is they aren’t really less expensive because you won’t have to do any maintenance on them. But if you’re going to maintain your tools, then you should also consider that buying power tools will allow you to save money in the long run.
3) You Don’t Have To Worry About Storage!
If you’re living in an apartment, then storage might become a problem. The last thing you want is to have a bunch of heavy tools taking up space in your home or garage. And for people that live in tight quarters, storing tools can be a real hassle.
That’s why it might be best to rent power tools when you need them.
4) Rental Companies Are More Accessible!
When you buy a power tool, you may find it difficult to get it fixed or repaired when something goes wrong with it. Also, many of these companies require you to mail the tool back before they can send it in for maintenance. But when you rent from a tool rental company, you can take your broken equipment directly to the store.
This is a more convenient option that could save you time.
Those are just some of the many pros to renting your power tools. It can be very beneficial to rent instead of buy. Not to mention it’s much more convenient than buying all the time.
So if you don’t think you’ll use the tool on a regular basis, then you should consider renting instead of buying.
Why You Should Buy Instead of Renting!
The good thing about buying a power tool is that you’ll own it forever. Buying also allows you to take advantage of all the maintenance and repairs that need to be done over time. And if you decide you want to sell your equipment in the future, then you’ll get all of your money back.
So if you’re looking to save money and get the most out of your tools, then you should consider buying instead of renting.
1) Ownership Is The Best Option!
If you plan on using a tool on a regular basis, then it might be worth your while to buy it. That’s because owning your power tools is the best option in the long run.
Why is that?
Well, for one thing, if you ever need maintenance or repairs done, then you can have them done for free by the manufacturer. Also, if you ever want to sell your tools in the future, then you’ll get back every last penny you originally paid for it.
2) You Can Get The Best Maintenance Done!
When you buy your own power tools, you can take them to the manufacturer for maintenance and repairs. That means if something breaks or goes wrong, then you won’t have to look anywhere else. And because the manufacturer created the tool, they should know how to fix it best.
So if you want the best repairs possible, then buying your own power tools is the way to go.
3) You Can Get More Money For It In The Future!
Most power tools retain their value very well. That means in the future, you should be able to sell your power tools for much more than you originally bought it for. Also, if you ever need to buy a different one later on, you can always sell the old one to offset the cost.
4) Buying Is The Only Option If You Need It Quickly!
There is one major advantage to buying your power tools as opposed to renting. If you need a tool right away, then you’re going to have to buy it. Most tool rental companies don’t have all of the most popular equipment in their inventory.
So if you need a tool for a certain job, then you’re going to have to own it instead of renting.
Using a tool for the first time can be very intimidating. But if you take your time and learn all of the ins and outs of it, then you can become an expert in no time. Just remember to always wear all of the necessary safety gear when operating a power tool.
And if you’re unsure about anything, then make sure to call a professional to help you.
Sources & references used in this article:
- E-learning Tools and Technologies: A consumer’s guide for trainers, teachers, educators, and instructional designers (W Horton, K Horton – 2003 – books.google.com)
- Should you invest in the long tail? (A Elberse – Harvard business review, 2008 – oheg.org)
- Investment valuation: Tools and techniques for determining the value of any asset (A Damodaran – 2012 – books.google.com)