There are money-saving solutions for every part of our life today. We have all seen a rental bike or car, but what about appliances? Renting appliances is one such tip if you want to save up some cash on hand. However, not all equipment that you rent will end up saving you money over the long term. So here are a few tips to help you determine whether to purchase or rent appliances.
In this article, we are going to discuss three tips to rent appliances in India.
1. Test out the appliance
We have all come across some appliances that we absolutely love, but they are too expensive. And although we might have the funds to buy some of the appliances we love but can’t afford, we want to know for sure if the investment will be worthwhile. This is due to the fact that household appliances typically lose value with time. They don’t have a high resale value as diamond does.
For instance, in India, there are washing machines in the market that cost over ₹ 1 lakh. These machines are fully automatic and have several features like 20 different wash programs for different fabrics and hold upto 20 kgs of load. But you don’t know if it is really worth it to buy this ₹ 1 lakh washing machine.
In this situation, you can choose to rent the same washing machine first and use it according to your needs. This will allow you to determine if the machine is worth buying or not.
2. You will not benefit from renting all the appliances
You should only consider renting an appliance if it is out of your budget. For instance, if you like a refrigerator and it fits your needs perfectly, but it is out of your budget being ₹ 60,000, you can choose to rent it until you have the money to buy it. Wheres, it would cost you significantly less money (around ₹ 1000 per month) to rent the same model of fridge.
On the other hand, imagine you need a microwave. The average cost of a microwave is around ₹ 5000, and the average rent cost for a microwave is ₹ 500 per month. In this situation, if you rent the microwave, it will cost you more and will lead to loss. Therefore, purchasing the microwave will be the most suitable and wise option in this situation.
3. Renting is a better option if you require the appliance for a short-term
In an instance where you are moving to another location for employment, internship or training requirement for a short- term, renting the appliances is the best choice. We know that our stay will be temporary in that location, but we still need the necessary appliances to live efficiently.
For example, in extreme summers, you will need a cooler or an AC; it does not matter if you live in a different location for a short time. In this case, you can take a cooler for rent according to your needs.
Renting and buying appliances are two different things and have pros and cons. Therefore, it is essential for you to decide whether buying would be better for you or renting. As mentioned in the article, you can make a decision based on your financial situation and personal needs and requirements.
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