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Rent or Buy Test Equipment: 5 Things You Need to Know

Modern Times Nov 16, 2019
Depending on your line of work, having up-to-date testing and measurement instruments is an absolute must. Whether or not you own or rent said the equipment is a different matter altogether. Before you make a decision, here are a few things to keep in mind.

Know Your Budget

Naturally, the biggest draw of renting versus owning is the price difference. Constantly upgrading to the latest equipment can quickly burn through your budget while leasing allows you to stay current without draining finances.

The Equipment Lifespan

It’s argued that, for an equipment’s actual working lifespan, it’s only in use for 15-20 percent of that time. With rapid tech advancements, it means you could quickly find yourself with an outdated equipment if you buy one.

Less Liability for Buyers

Of course, leases come with stipulations, agreements, and use conditions. When you opt for a test equipment hire or rental, you’re beholden to whatever lease you sign with the provider. When you own the equipment, you’re the one calling the shots. That can be very tempting for many prospective buyers.

What’s Your Timeline?

For some, owning a piece of test equipment simply doesn’t make sense. Sometimes, you simply need the tech for a quick evaluation. If you need it for a longer period of time, consider rent to buy. Again, staying ahead of outdated equipment is difficult so keep that in mind when you’re deciding.

Don’t Forget About Maintenance

When you buy equipment outright, you’re the sole party responsible for the calibration, maintenance, and associated costs. Depending on your lease agreement, those costs may be waived and the equipment should come pre-calibrated to make your job that much easier. Read the fine print so you’re not racking up added fees.
There are many arguments for renting and buying, but ultimately, it’s going to come down to your specific needs, use cases, and future forecasting. If you have the budget, purchasing might be the right option. If you need to stay current with tech advancements, think about a rental. The choice is yours alone.