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Rent or Own

I have a friend who leases a new car every four years and SWEARS by it! I say to him, are you Nuts? Then after four years you have nothing to SHOW for all those payments! His answer is he is always able to get good monthly payments with leases and says he is getting to drive a newer car for a few bucks every day. He says after four years, it’s then a “used” car and he wouldn’t want it anyway. So he trades it in for another new car!

I still have a really hard time understanding that concept. I was raised with a dad who firmly believed you don’t get rid of ANYTHING (including his 70′s polyester suit) until it died! Period!

But as I talk to more and more people, I’m finding that lots of folks like getting their things on “loan” so to speak. So which IS more cost effective? To Own things or Rent things? Here are some interesting numbers I discovered while researching this. All in all, I think it depends on the item/s and how long you intend to use it for, how often and if it really is worth it to “trade it in” for a new model? Btw, we’re NOT talking your spouse, thank you very much! :) Read on with some comparisons I found thanks to Realsimple.com:

Electronics

What’s available to rent: Digital cameras, cam-corders, computers, projectors, GPS devices, PDAs, cell phones, speakers, video-game equipment, and more.

Where to find it:

Keep in mind: Before renting a communication device (anything that requires connection to a service provider), always inquire about additional usage fees.

Cost Comparison:
Canon Camcorder
To rent:
$60 for a weekend.
To buy: $900.

Macbook Pro (15 inch)
To rent:
$250 a week.
To buy: $2,500.

Sporting Goods:

What’s available: Golf clubs, tennis rackets, camping gear, basketball hoops, fitness equipment, surf-boards, ice skates―you name it.

Where to find it:

Keep in mind: Local mom-and-pop sporting-goods stores are more likely to let you rent equipment (and then purchase that same equipment at a discounted price) than national retailers.

Cost Comparison:
Kelty Tent
To rent:
$40 for three days.
To buy: $170.

Callaway Big Bertha Golf Clubs
To rent:
$65 a day.
To buy: $800.

Tools and Appliances

What’s available: Power washers, generators, lawn aerators, carpet steam cleaners, electric saws and drills, washing machines and dryers, refrigerators, etc.

Where to find it:

Keep in mind: For information on how to use rental tools in various projects, go to the Know-How Center at homedepot.com. These instructional pages feature buying guides, how- to videos, and safety tips.

Cost Comparison:
Makita Chain Saw
To rent:
$60 a day.
To buy: $980.

Kenmore Washer-Dryer
To rent:
$35 a month.
To buy: $400 for each appliance.

Cars: (This is to RENT, not lease):

What’s available: You can take a joy ride (before taking the plunge) in pretty much any make or model your heart desires, whether that’s the latest hybrid, a Corvette, or a Beetle.

Where to find it:

Keep in mind: A car-sharing program, like Zipcar, can be a cheap option. Many rent by the hour, so you can avoid long-term parking costs, and they don’t charge for insurance or gas.

Cost Comparison:
Mini Cooper
To rent:
$80 a day.
To buy: $18,500.

Volkswagen Beetle
To rent:
$90 a day.
To buy: $18,500.

Stuff for BABY:

What’s available: High chairs, booster seats, strollers, car seats, cribs, changing tables, safety gates, baby monitors, toys, nursing equipment.

Where to find it:

Keep in mind: Renting makes the most sense for cribs, playpens, and high chairs when traveling; less sense for light strollers, which can be checked at the gate for no additional fee.

Cost Comparison:
Bob Jogging Stroller
To rent:
$60 a week.
To buy: $150.

Papasan Swing
To rent: $40 a week.
To buy: $150.

There were even more ideas that were mentioned! For example, renting designer purses, which I actually looked into once. But then I thought to myself, what IF I forget and leave something personal in the purse when I returned it. HOW EMBARRASSING! Also, that’s just kinda gross as far as I’m concerned.

Also don’t forget about vacation rentals!

Have you ever regretted renting rather than owning? Or have you had a good experience with renting? Comment and let’s talk!