Shipping Containers: Should You Rent or Should You Buy?
The decision to rent a storage container or buy it outright can be a tricky one, but not if you take the time to determine your needs and carefully weigh each option. Here are some considerations to think about for each option.
When Should You Buy?
1. You need to make modifications
When you buy a shipping container, you are free to do with it what you like. This includes painting it, making custom additions, or installing modifications that fit your unique needs. You cannot make changes to a rental unit.
2. You want more options
With rentals, you’re limited in the available sizes to choose from. Usually, the rentals are geared to the typical customer and come in standard sizes. When buying a container, you have many more options from which to choose, not only in terms of sizes, but also in condition.
3. You want a better resale value
A purchase allows you to sell your container at a later date if you no longer need it, something you can’t do with a rental. Yes, buying a shipping container outright will cost you more initially but they are good investments that will pay off over time. You get assurances that your unit will withstand extreme weather and last up to 30 years, without too much maintenance. Plus, you can convert your shipping container into a money-maker, such as a popup food stand. The recent popularity of tiny homes and shipping container pools will ensure you get a good price for your container when you decide to sell, due to the high demand.
4. You want lower long-term costs
Buying is more cost efficient if you intend to use the container for the long haul. Monthly rental costs add up fast, so it’s not the best option for long-term use.
When Should You Rent?
1. You only need it for a short while
When you only need the container for a few months, renting is a more affordable option because you will pay low monthly fees. And because you’re only paying for the time in which you’re utilizing the container, you can better budget for this line item.
2. You can upgrade later
With renting, you can exchange or upgrade it later if you like. It also gives you a chance to try out a size first before committing to a purchase. Just exchange for a bigger size and the company will adjust the price accordingly. With a purchase, you would have to go through the hassle of selling it first, then buying a new one.
3. You can switch locations
Transportation charges are usually included in the rental fees so it’s easy to switch locations.
4. You don’t have to worry about maintenance
No need to stress about maintenance, repairs or upkeep. You just have to keep the unit in the same condition as you got it, and you’re good to go.
Contact Tropical Trailer Leasing
Still not sure whether you should rent or buy your storage container? We can provide some expert insight into the matter. Just contact us today for a free quote at 305-574-9051.