Some items come with a certain pride of ownership. For example, it may be nice to have your own car or your own phone. However, there are times when owning an item may be more of a hassle than it’s worth. With that, consider a few things that you should rent instead of buy.
Unless it’s for the most important day of your life—like your wedding—and you have a sentimental reason to keep it, it’s better to rent a tuxedo or other formal wear. Many people believe that owning a tuxedo means it will eventually pay for itself, but how often you wear it, combined with dry cleaning or alteration costs over the years, doesn’t help you save much money. It’s typically more cost-effective to simply rent a tux.
When it comes to things that you should rent instead of buy, boats are a big one to consider. Boats take up a lot of space, require a lot of maintenance, and frequently end up costing way more once you factor in accessories and repairs. Renting is king over buying when it comes to boats because unless you use it every single day for work, you’re likely not getting enough mileage out of the boat to make ownership worthwhile.
Many people like the idea of buying a new instrument and learning how to play it. But instead of spending hundreds or even thousands of dollars on an instrument you might not enjoy playing, try renting one from a music store or school. Of course, you always have the option of buying one later if you decide that you really like playing the instrument, but trying to sell one that you end up not clicking with is a tough ordeal.
It’s not the most pleasant thought, but you can save a lot of money by renting a casket instead of buying one. If a loved one requested cremation before they passed, you can rent a casket from a funeral home to first hold a proper service with a viewing, and it will be much less than the cost of buying one.