The major use of the car since its invention is for transportation. It is why a lot of people buy cars, and it is also why a lot of people short-let cars or consider making use of car rental options. However, though, understandably, transportation is the main use of a car, people have often had a hard time deciding which is better between buying a car or just renting one, and this is what we shall be looking at in the course of this article.
Whether you are buying a car or renting one is a personal choice, and your choices can be influenced by many factors that can be favourable to you or otherwise. If you are the type who does not make use of a car regularly, then you might consider the option of making use of a rental car instead of buying. But if you are the type who goes out a lot; for instance, maybe you travel/ride long distances to get to work daily then you might want to get a car instead of renting.
Regardless, when people decide to buy a car from a company or rent from rental service, they usually do some research by visiting online review platforms like reviewsbird.co.uk to read reviews and feedback about the company, brand, or service they are about to patronise.
Whichever your choice is, we will now look at the factors that can affect your choice in getting a car or renting one and the advantages of both.
Factors that can affect your car buying or renting decision
Living in a big city
If you live in a very large city such as Boston, Chicago, Los Angeles, or New York there might be no need to buy a car because you can early go about daily needs by simply making use of a car rental service. Most big cities also have a highly efficient public transport system, making the point for buying a car moot.
Going on road trips
If you are the type that travels or goes on road trips a lot, then renting a car would be better for you than buying one to do such. However, in this case, you can also decide to short let a car for the entire period you will be gone.
If you are one with an 8 am to 5 pm job, then you might consider buying a car as it will save you money, time and stress of continually making use of a car rental service.
While this is a solid option to consider, you should look at the pros and cons below before you make a choice.
- Most cars, when bought outrightly, have low-interest rates.
- Cars come with a warranty of around 3years or 60,000 miles in case of a fault or an issue.
- Buying a car is cost-effective in the long run.
- Depreciation: New cars depreciate very fast, but used cars also depreciate.
- Insurance: If you buy a car, you must get insurance which will be renewed regularly, which equals more cost.
- ROI (return on investment)
Car renting has been around for a long time but before you decide whether it’s better than car buying, you should consider the pros and cons.
- Suited for long-distance.
- Saves time in urban cities.
- Not cost-effective.
- Might be restrictive to your movements, as it is not as flexible as you being readily mobile with your car.