When it comes to new HVAC equipment for your house, the question of whether to “Buy” or “Rent” the equipment always shows up. With lucrative and “too good to be true” advertisements showing up everywhere you look. All over your social media, these ads are just begging for you to click them. At Mr. HVAC Services, we understand this. It is because we have this helpful guide to help you make an easy decision.
Argument 1: Cost
This is a big one. Because a complete HVAC upgrade can be north of $15,000 to $20,000, getting the best value for your money has to be the main factor in deciding between buying or renting the equipment.
Buying the equipment can look expensive in the beginning, but paying this huge amount at once can be hard for some people. There are some very good financing options available with payments stretching up to 15 years. The other thing with buying your equipment is that if you plan to sell your house at any time in the future, it will increase the value of your property.
Renting the equipment is cheaper upfront, but the thing to remember here is that the payments will keep on going till the time you have the equipment. By some conservative estimates, you might just end up paying twice the cost of the equipment for the life of it. Another drawback with renting is that it lowers the cost of your property if you plan to sell it at any time in the future.
Argument 2: Maintenance
As important as the cost to own, is the cost of repairs or maintenance. Let’s see how buying and renting the equipment may differ for you.
Buying the equipment will get you no protection in case of a breakdown or a problem. You will have to get the technician to come to your home and pay the full cost of repairs. To avoid that, there are a few very good monthly maintenance plans on the market that will help you get those repairs in order. The one point to remember here is that in most cases, a new heating or cooling equipment comes with a 10-year parts warranty from the manufacturer, and the chances of anything going bad in the first 10 years of the 20-year lifespan is less than 8%.
Renting the equipment comes with its maintenance included (in most cases). So you do not have to worry about breakdowns from the get-go.
In the end, “Buying or Renting” should be your decision. Because everyone is different, you have to make this decision on your own, by looking at what is the most important factor to you. At Mr. HVAC Services Inc., we recommend buying the equipment rather than renting it.