Renting Can Be Better Than Buying — Top 15 Things Not to Buy
One factor some people don't consider when trimming their budgets is whether they're buying things when they should be renting instead. There are plenty of items we tend to buy when we could save money, space, and energy by renting. Here are 15 items you should rent instead of buying.
Before we get into this list, think of anything that you might use only once or twice, things that could take up valuable space in your home or garage, and things that cost money to maintain. These are items that make sense to rent.
1. Power tools
Tools are a great item to consider renting instead of buying. Since plenty of people only use tools on rare occasions, it can make financial sense to rent from a store like Lowe's or Home Depot when you need specific tools.
2. Formal wear
It has long been tradition for men to rent their tuxedos for proms and weddings. Since you're usually only wearing the item once, why buy it and take up space in the closet?
A recreational vehicle (RV) is an expensive and large item that you're usually better off renting. Most people don't use RVs enough or for long enough time to warrant buying one for perhaps $100,000 or more. Renting an RV lets you see the country for lower cost, and you don't need to find a place to park it when you're done.
According to Scripps, you can actually rent a casket instead of buying one. Some funeral homes let families rent the casket for the memorial service and then bury their loved one's remains in a plain box or have them cremated.
5. Baby gear
New and expectant parents may save money by renting some types of baby gear. This is especially useful when traveling — renting strollers and car seats saves time and the hassle of bring them items from home.
6. Musical instruments
Does your child want to learn how to play the saxophone or flute this year? You can usually rent musical instruments through schools or local stores. Your child can try out different instruments before committing to one.
7. Pickup trucks
Chances are you don't need a big pickup truck for day-to-day activities. If you only need a truck occasionally to haul big things, why not rent a truck?
8. Outdoor equipment
Much like an RV, some types of large outdoor equipment like kayaks and bicycles may be rented from local sporting goods stores. For those who don't use them regularly, renting is preferable.
9. At-home entertainment
You might not need to buy entertainment items like movies or video games. Often renting is better, especially on items you'll only use or watch once.
10. Your house
Buying a house isn't the best move for everyone. Some people who plan to travel or move frequently should rent their home instead of buying.
11. A boat
Are you a water lover? Renting a boat instead of buying can save you money and hassle. Plus, reselling a boat isn't always easy!
12. Wedding tents, tables, and chairs
It makes sense that for a large event like a wedding, you'd rent a tent and required seats instead of buying them.
Did you know you can rent toys for your kids? Tiny Earth Toys is one place to rent fun items so you only keep them as long as you need them.
14. Designer handbags
You may love luxury handbags, but if you like to switch them out frequently, try renting instead of buying. Several companies let you rent designer purses.
15. Formal dresses
Just like men rent their tuxes for special occasions, women can also rent lovely dresses for proms, weddings, and other events. This is cheaper than buying and ensures you aren't stuck with dresses that are out of style or no longer fit.