There are money-saving hacks for all aspects of our lives today. And renting appliances is one such hack if you’re looking to free up some cash flow. But not all appliances when rented will save you money in the long run. Here are some tips to help decide if you should rent or buy appliances.
Not all appliances are worth renting
You should consider renting an appliance when you can’t afford to buy it. For example, if you know the make and model of a fridge you want in your home, but it costs over Rs.50,000 but you know it’s worth the money, you can consider renting it until you can afford to buy it. Renting the same model might cost you below Rs.1,000 a month.
But on the other hand, let’s say you want a microwave. The average cost of a microwave is around Rs.2,000. And renting it will be around Rs.250 a month. But why rent it when Rs.2,500 is not a large sum? This will be a one-time investment and you get to keep the appliance for years. In this case, buying a microwave makes better sense.
Renting is a better option if the requirement is short-term
Let’s say you’re temporarily relocating to another city for training, internship, or an employment requirement. In most cases when we know our stay is temporary, we just learn to adjust with the situation. However, this is not always the solution.
Let’s take an example here – let’s say you’re required to move to Gurgaon during the summer for a specific reason and you don’t have an AC in the house. Summer in Gurgaon sees temperatures above 40o Celsius. Living without an AC can become very difficult. In this case, getting an AC on rent in Gurgaon makes more sense than buying it because you spend around Rs.800-Rs.1,000 per month on rent and you don’t have to face the hassle of shifting it once you leave.
Making a transition
There are certain appliances that we absolutely love but are too expensive, and even though we might have the money to afford it, we want to know first-hand if they’re worth the investment. This is because household appliances only depreciate in value. They don’t have good resale value like in the case of gold. And we tend to use them for a long period of time.
For example, there are washing machines that cost over Rs.1 lakh. They are fully automatic and carry over 20kgs of load and come with around 20 wash programs for every kind of fabric. But you don’t know if the machine is really worth the Rs.1 lakh. Also, there are many options in this range that offer similar features and you can’t decide which one to get. In such situations, you could consider getting a washing machine on rent first. Try different models out for a few months each and then decide which one is worth the money to buy.
Both renting and buying appliances come with their own set of benefits. But depending on your personal and financial situation, one may be more beneficial to you than the other.