Welcome to the Hartford Technology Rental blog. The purpose of our blog is to share our vast experience in the technology rental industry including rental products and services and share with our readers solutions we have deployed for current clients.
We thought we ought to have our first post review why people rent technology.
Whether you rent or purchase will depend on your specific needs. What you will find is that purchasing and renting make sense for certain situations. With this in mind, let’s first define what a purchase is and what a rental is along with describing a few of the pros and cons.
Purchasing: To acquire something by means of a financial transaction. To purchase something ultimately makes you the owner.
- Purchasing is cheaper in the long run.
- Purchasing allows for tax benefits through depreciation.
- Purchasing allows for complete control of the asset.
- Purchasing may not be possible if you have poor cash flow.
- Technology changes quickly and obsolescence is a possibility.
- Purchasing ties up capital that might otherwise go toward your core business.
- Purchasing can increase equipment downtime.
- Purchasing requires the unexpected cost of possible disposal fees.
Rental: A rental agreement allows a payment to be made for the temporary use of a good, service or property owned by another.
Technology rental terms typically range from 1 day to 12 months. Rental rates tend to decrease the longer the period.
- Renting saves you money when you have a short-term project or event.
- Renting is great when you want to “Try before you buy.”
- Renting offers flexibility via customized rental terms.
- Renting avoids maintenance responsibilities.
- Renting allows you to conserve up front capital.
- Renting avoids the obsolescence factor.
- Renting provides immediate tax deduction benefits.
- Renting greatly reduces downtime.
- Renting makes equipment disposal somebody else’s problem.
- Renting may be more expensive if you plan to use the equipment longer than a year.
- Renting reduces the amount of control you have over the equipment.
Obviously there are advantages and disadvantages to both options. The three most important questions you need to ask yourself when deciding whether to purchase or rent are:
- How long and what is the expected purpose of the equipment?
- How will purchasing or renting affect my cash reserves and cash flow?
- How important is having access to the latest technology?
If you determine that renting equipment makes the most sense, take a look at Hartford Technology Rental Co. We offer full-service, short-term technology rentals at competitive rates for a wide variety of equipment.