You can spend an awful lot of money in your lifetime, especially on new things. The thing is, you don’t always need to own something, especially when you have the option of borrowing it instead. Loaning or hiring something can save you money, and it’s often more convenient too. Before you buy anything new, consider these things that might be better to rent.
Your Home
There’s a lot of debate over whether it’s better to rent or own your home. The argument for renting is often stronger in places where tenants’ rights are better. But in terms of cost, which one works out? Owning a home can be more expensive, even though many people hope to save money by buying one.
Tools
If you occasionally do a spot of DIY around the house, it’s important to have the right tools. The question is, do you do enough DIY to justify owning a set of tools? You can easily rent what you need whenever you have a project, saving you money and space in your garage.
Bicycles
Sports equipment is often much better to rent short-term if you only use it occasionally. It can also be cheaper to take out a longer-term lease. This can apply to things like bicycles, skis and snowboards, canoes and kayaks, and more.
Your Car
If you don’t often drive, renting a car whenever you need one can work well for you. But if you do, it’s worth weighing up the pros and cons between owning a car and leasing one.
Infographic Design By auto.loan
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