There is no substitute for the feeling you get from purchasing something you really want to buy, but in some cases renting the item can be much more financially savvy. Take a look at a few of the ideas listed below.
Designer dresses and accessories
You can look and feel like a celebrity in the latest designer clothes and accessories for just a fraction of the cost if you rent rather than buy these items. This makes complete financial sense because wearing these statement pieces are usually not an every week occurrence so spending a small percentage of the cost to buy the item means you get to wear a designer look without breaking the bank to do it.
This is less common than renting clothing but there are a few companies that have started renting toys to parents for predetermined intervals. BabyPlays.com charges a monthly fee for a set number of toys which you keep for a three month period. The toys are then returned and you can get different ones. This way your child has a flow of new toys for stimulation, you don’t spend the full amount to get them and you also don’t amass the clutter because the old toys are returned after their expiration date has past.
College is expensive so anything that can help to reduce the cost is usually welcome. Textbook renting helps cut the cost of university for lots of students and it simply makes sense when you don’t think you’ll need them after the end of the semester. Of course there are some reference texts that students may still want to own but generally renting is a viable option to spending on new books every three months.
Heavy duty tools
You can rent a chain saw or carpet cleaner from your local Home Depot for a fraction of the cost of purchasing one and if you’re only going to use it once and then not again for the foreseeable future why not rent?
A house or car
This is a sticky subject; some people are inclined to buy their own home and similarly they may prefer to own their own vehicle. However this doesn’t mean that owning is always the better financial option. Renting a vehicle can be smarter than buying one because it cuts out the cost of maintenance and similarly renting a home is better if you are not in one place for very long or if you don’t want the hassle of upkeep. Take a look at this article for a deeper insight on the issue of renting versus buying a home.
Generally when you only plan to use the item for a short space of time or if it simply costs too much to buy out right renting can be a very viable option and in some cases becoming a renter instead of an owner can be the financially smart thing to do.