Renting Vs. Buying: On Why You Should Always Buy Your Catering Equipment
When considering whether to rent or purchase your high-quality catering equipment, there are many factors to be considered. That said, let’s delve into this matter a little further by comparing renting versus buying.
On the one hand, while renting your catering equipment may seem like a good option, there are often hidden consequences that most don’t consider. Some of which, are the following:
- Interest Rates– Purchasing things outright can be much less expensive as you will not have to deal with high interest rates.
- Early Termination Fees– In the event that you cannot pay your bill for a period of time or have some other reason for canceling your contract, you will immediately be subjected to hefty cancellation fees.
- Not Everything Can be Rented– Lastly, not everything can be rented. Therefore, you will still end up spending money on items such as plates, eating utensils, etc. in addition to the monthly rental fees.
On the other hand, purchasing your equipment can sometimes be a tad pricey, but it also comes with an array of benefits. They are as follows:
- Equity– Unlike renting your equipment, when you buy it outright, you will have the benefit of gaining equity. In other words, if the equipment is still valuable when you are ready to replace it, you can sell it or trade it in to save money on your new purchase.
- Taxes– Owning things outright can allow you to get a break when tax time rolls around.
- Convenience– When renting equipment, you must make the effort to preserve it as much as possible, cannot do things such as relocate it or lone it to others as this is often a violation of the contract.
Overall, there are plenty of benefits to purchasing your catering equipment. Take heed to this list and be sure to purchase as much of your catering equipment as you can.