This week, I’m talking about the decision to rent vs. buy. Anytime you’re contemplating a large purchase, you should always seriously ask: Does it make sense to rent instead? 

Today I’m talking about whether you should buy or rent a leaf blower. I don’t actually mean a leaf blower per se, but rather a whole group of purchases that can add up...ski equipment, household tools, power washers...you get the idea. 

In our self-sufficient, individualistic culture we live in, it’s natural to default to the buying decision when you need to power wash your driveway, or decide to upgrade your ski equipment. 

First of all, especially for seldom-used items like a power washer, it’s important to compare the cost of ownership with the cost of renting for 1-2 days a year which is probably all you’ll need it for. Then there’s the consideration of storage. Power washers, leaf blowers, ski equipment, all take up a lot of room. If it’s something you’re dead-set on buying, maybe it makes sense to go in with a neighbor, a friend, or a family member. You’ll halve the cost of ownership, plus it won’t always need to live in your garage either. 

When it comes to ski equipment or a golf club membership even...is the expense justified given your expected usage, or does it make more sense to rent skis when you need to or just pay greens fees at the public course vs. paying hundreds of dollars a month for the golf membership. You might make the decision anyways on the golf club membership - I certainly did - but that decision should be made weighing the cost with the expected usage, and seriously considering the other available options. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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