Whether you rent or buy technology tools, will depend on your organization’s specific wants and needs. What you will find is that purchasing makes sense in certain situations, while renting will make sense in others.
Today, let’s focus on the pros and cons of buying versus renting technology as well as some of the unexpected and unwanted headaches associated with each alternative.
Purchasing can be less expensive in the long run.
This is especially true if you are planning on using the same equipment over and over again, use it often and expect to own it for 5+ years.
Purchasing may not be fiscally responsible if cash flow is a problem.
Corporations and associations have many items pulling at their budget, and AV and computer equipment can be expensive. It ties up money that can be used elsewhere.
Purchasing gives you tax benefits.
Again this is true, but you must keep the equipment 3-5 years to realize them.
Technology is changing all the time – on average every 12-18 months.
There is virtually no time to write off equipment.
Purchasing gives you control.
The only company you need to depend on is your own.
|Purchasing encompasses more cost than the equipment – it’s about storage, insurance, maintenance and shipping.
Typically, users rent technology for a one-day conference or a short-term project that can last up to 12 months. Most computer and audiovisual rental companies lower their daily rental rate, the longer an organization rents from them.
Renting saves you money when you have a short-term project or event.
If you only hold meetings a few times a year or need additional computer equipment periodically, renting is going to be a better option for your organization.
Renting may be more expensive if you plan to use the equipment longer than a year.
If you are planning on using the same equipment for longer than 12 months, purchasing the equipment is probably a better option.
Renting allows you to “try before you buy”.
If you are uncertain which technology choice is right for your attendees, exhibitors or staff, renting makes a whole lot of sense.
Renting reduces the amount of control you have over the equipment.
Because you are now dependent on one or more vendors, communication of what you want and when you want it is critical.
Renting avoids the obsolescence factor.
Who cares if technology changes out quickly? You don’t own it, so you can always obtain state-of-the-art equipment for your users.
Renting can incur hidden costs.
The main cost you may not be prepared for is labor especially for an event. If the technician needs to work overtime, this can cause budget overruns.
Based on the information listed above, there are advantages and disadvantages to both options.
Three Key Questions to Ask:
- How long will you keep the equipment?
Remember, less than a year, you should look at renting. More than a year, purchasing said equipment will be your best choice.
- How will purchasing or renting technology affect your cash flow and reserves?
- How important is it to have the latest technological offering?
If you determine that renting equipment makes the most sense, take a look at Hartford Technology Rentals. We offer full-service, short-term technology rentals at competitive rates for a wide variety of equipment. Call us today at 888-520-5667 to get started!