Is home appliances and white goods rental better than buying?
When I was younger I remember my mum renting some of our white goods. Since being a homeowner myself I have always bought our white goods and home appliances, but is it actually a better idea to rent them?
Let’s take a look.
It’s cheaper upfront to rent
If money is tight and you can’t afford home appliances or white goods you need up upfront, then renting is the cheaper option upfront. It can prevent people getting into debt that they may struggle to repay.
It could also work out better value to rent a washing machine in comparison to having to use a launderette, plus it’s much more convenient having a washing machine at home.
You can get a better model than you can afford to buy
Whilst you might not be able to buy the best quality goods, you might be able to rent them instead. For example, you might not be able to afford to buy the latest Panasonic TV, but you may be able to afford to rent it with a low monthly payment.
You can also update to newer models regularly too. You may rent a TV for 6 months, a year or two years and then you can return the rental and choose a newer model to rent if you wish.
If it breaks down then you can get a repair or replacement
Goods just aren’t made to last nowadays. It’s not very eco-friendly, but businesses won’t continue to make money if their goods last a lifetime! It’s bad, but it’s now the way of the world unfortunately until something changes. I’ve always though governments should impose a minimum guarantee for certain goods, say 20 years for washing machines and the manufacturers have to repair for free if they break in this time. That way everyone will make amazing quality goods!
Anyway, if you rent white goods or other home appliances and they break down then you don’t need to worry. Just call the rental company and it will be their responsibility to repair the item or issue a replacement. This is one of the huge pros to renting home appliances.
You’ll be tied into a contract
You will be tied into a rental contract so make sure you can satisfy the term, otherwise you may have to pay the remainder of the contract to get out of it. This could happen if you rent an item for 12 months, but end up only living in your house for 6 months and you can’t take the rented item with you.
You could save money and buy cheap second hand
If you add up the monthly payments over a year or two for rentals then you could eventually be able to afford your own, if you’d saved the money. However you may have needed something in the meantime. If you can’t afford to buy new home appliances then you can always buy second hand. This is a great way to keep unwanted things out of landfill and an affordable way to shop.
However, when it comes to large used appliances like washing machines and dishwashers, for example, you have no guarantees. They may break and you have no store to take them back to and no rental company to come and fix or replace them. So it’s a risk buying second hand appliances if money is already tight.
So is renting better?
Renting is definitely a great option to avoid getting into debt and when it comes to repairs and replacements for broken down machines. Over time the rental will eventually cost more than if you’d bought new, and providing you have no issues then buying new could work out more cost-effective. Yet you’ll never know how many repairs you’ll need to pay for or if it will break down completely. It’s swings and roundabouts really. Renting could be the only option for some people and it is an option with many advantages.
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