There are many instances in life where you would need new appliances. You could be moving into a new apartment, a new house, or your old ones could simply up and quit on you.
In such a case, you may be wondering whether to rent appliances or to buy them.
Here are some things to consider to help you decide: do you rent or buy?
Renting: the pros and cons
The most obvious pro to renting is the lower upfront cost. If you rent appliances, paying for the total cost all at once is alleviated by distributing that price over a payment term or period such as 12, 18, or 24 months.
You could arrange for these payments as direct debits or deduct even from your government benefits. Application is also easy, which is another vote for renting.
The credit check needed is kinder, and the application can be as quick as a few minutes of browsing and uploading some documents. And before you know it, you are staring at a new TV or couch right at your doorstep.
People who are still developing a personal taste in furniture and appliances could also benefit from renting.
It is a way for them to circumvent the more permanent option of buying something which they may end up not liking after all in a few weeks or months.
Also, those in a temporary living situation and unsure if another move is possible would appreciate the short term commitment renting offers.
All these make rentals sound really tempting, but wait. Depending on which rental place you go to, you could be charged additional fees for delivery, interest, insurance, or a deposit.
Other less charitable shops may even ask for a service charge, online payment fees, and some other smaller charges. In the end, the total amount you would be paying for rental versus a store-bought appliance would be a bit higher.
Buying: the pros and cons
The best thing about buying is that, once the receipt is handed to you, it becomes yours. It is for you to use and for you to enjoy.
More importantly, it is also yours to spill drinks on, for the dog to scratch, or whatever you end up accidentally doing.
You could not afford to be as careless if you rent appliances. The one-time upfront cost may also work better for some who do not want to be tied down by monthly payments.
Now for the cons. What works in favour of buying may also be seen as a disadvantage.
For example, if you buy something, then had a change of heart, either you find ways to deal with a piece of unwanted furniture or lose money by selling it at a lower price. Buyer’s remorse is more common than you would think. It happens at an unsettling eight out of ten times.
With a trustworthy and reliable rental company, renting could be a great option. At the end of the day, though, whether you buy or rent would depend on your situation.
But, hopefully, now you have a better idea of which direction to go that will help you enjoy that rented or store-bought couch with peace of mind.