Lots of purchases seem like a great idea at some point, only to do the math later and curse at the costs. After all, how many times do you think you will get to use a snowblower or a power washer, for it to be cost-efficient in the long run? Not that often, that’s for sure.
When it comes to some of the things we want to have in life, whether it’s an RV, a boat or a musical instrument, we’d better stick to renting instead of buying, and save ourselves the money and the hassle that comes with owning such items. Renting means less personal debt, less waste, and less costly clutter.
That being said, read on to discover 8 things it’s smarter to rent than to purchase.
Recreational vehicle
Unless you’re completely smitten with camping and traveling the country in a recreational vehicle, actually buying an RV is not the best long-term investment. At least that’s what some financial experts claim. For one, an RV is far from being a cheap purchase. For low-end, basic vehicles, you might have to pay as little as $6,000, while the price of larger vehicles can reach half a million dollars.
Don’t think that’s the only money you’re going to pay for an RV. Long-term, you’ll have to cover for gas, insurance, maintenance and other unplanned costs. If you’re thinking of towing a trailer, add the wear and tear on the family vehicle into the equation. Secondly, storing an RV is not that simple. You might not be allowed to park it on a public street or in your own driveway. This means you might have to rent a parking space, somewhere to keep throughout the year. Monthly rent for such a place ranged from $40 to as much as $500.
Renting from a rentals dealer or from an individual owner through peer-to-peer services is much cheaper and much more convenient. Still not convinced that renting beats purchasing? Then take a look at these 21 Important Aspects to Consider Before Buying an RV.
Boat
Did you know that in slang terms, some people say “boat” stands for “Break Out Another Thousand”? It’s quite fitting, actually, considering that boats require constant hull maintenance, engine repair, insurance against damage (think hurricane season) and theft (boats under 26 feet in length – mostly bought by beginner boaters – are frequently stolen). It all adds up …and it’s not peanuts money, that’s for sure.
If you really love the sea and spending time on a boat, instead of buying one and dealing with all the hassle that comes with it, rent your time on the water. There are plenty of ways to find a nice boat and enjoy your free time: peer-to-peer boat sharing, timeshares, boat clubs and charters. But before you seal the deal, make sure you’ve settled important aspects like:
- Who pays for the gas?
- Who fixes malfunctions?
- What kind of licensing/training do you need?
- Is insurance included in the rental cost?
See also 16 Expensive Hobbies Only the Rich and Famous Can Afford.
Pickup truck
Owning a truck is quite popular, even among people with no need whatsoever for such a hauling capability. But trucks don’t come cheap. According to insurance website TheZebra.com, on average, it’s almost $9,000 cheaper when it comes to owning and insuring sedans.
If you are a contractor or a farmer, and you constantly have to transport stuff, owning a pickup truck might work in your favor. But if you’re only planning on renovating, moving or transporting some of your bigger items, you don’t have to buy a pickup truck for that. You can simply rent a truck to transport whatever you want to the new place, for a daily cost. Also, think of it this way: do you really want all your relatives or friends to call you whenever they need their new furniture picked up from IKEA?
Specialized tools
Specialized tools are somewhat in the same category as pickup trucks. If you’re not working in a field that requires you to own such tools, buying some types of specialized equipment just doesn’t make sense, no matter how much you love DIY jobs.
What activities could you possibly do around the house to need to buy concrete saws, floor strippers, carpet-drying fans, texture sprayers, stump grinders or hydraulic torque wrenches? They’re certainly not on the cheap side and you don’t use them as often to make their purchase worthwhile. Instead of paying money you could use for something else for such equipment, stick to renting or even borrowing construction, demolition, and remediation tools from your local library. $100 a day beats $1000 for something you are not going to use more than once or twice.
Sports equipment
Paddleboarding is a fun sport, but can you really afford to pay $400 for a stand-up paddleboard that you’ve going to use a couple of days in the summer (if you’re lucky and live in a place with warm weather)? And if you do afford it, is it worth the cost? What if you discover you don’t like it?
Instead of paying for something you’re not sure you’re going to enjoy, try renting the equipment first and see if it is your kind of sport. Use the try before you buy approach when it comes to all sorts of sporting equipment such as skis, snowboards, water skis, kayaks, canoes, mountain bikes etc. Your wallet and your knees will thank you.
See also 14 Things You’re Paying Way Too Much For.
Musical instruments
You might like it when someone is playing the piano but this doesn’t mean you should just go out and buy one for yourself, no matter how talented you think you are. You might have signed your kids for private music lessons but is it really the right time to buy the best-quality cello on the market when they’ve barely learned how to touch the strings?
According to the Washington Post, instruments should not be purchased unless you or your children or whoever you are buying the instrument for is committed to playing it in the long run. If you want to discover which instrument is your favor, and go from a flute to a sousaphone and then to a viola, the best thing to do in the beginning is to rent. Not to mention that if you’re buying a musical instrument for your kid, you’d have to replace them every few years as kids grow and junior musical instruments will no longer be fitted for them.
Caskets
It might sound creepy, but end-of-life expenses, such as caskets, can be expensive. Why buy a new casket for $2,000 when you can rent one at a starting price of about $750, according to Kiplinger. According to Everplans, an online death-related resource, the body of the deceased is placed inside the casket, in a removable wooden box. After the funeral, the box is taken out for burial or cremation.
Families can save considerable amounts of money, not to mention stress, throughout the grieving period. The price of rental caskets varies between $700 – $1000, about 1/3 of the cost of buying a traditional casket. Many people see it as an environmentally friendly option, as well.
Speaking of funerals, being a professional mourner is among the 7 Weird But Genius Ways Anyone Can Make More Money. Check the rest of them out!
Power washer
It’s true a power washer can come in handy if you want to clean your deck or driveway, repaint your house or restore all sorts of outdoor home surfaces and items. But just how often do you think you’ll be doing such activities? Not that often, we can tell you that much.
According to Consumer Reports, people don’t usually use a power washer more than three to five times a year. If you’re only buying it to wash your deck or home every few years, the purchase is just not cost-effective. Not to mention that all your friends and neighbors will want to borrow it, wearing it down and causing it to break down when you’re planning to repaint your own house.
Make sure you also take a look at these 13 Things You Shouldn’t Purchase During a Recession.
