Renting Storage Containers vs. Purchasing

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Renting Storage Containers vs. Purchasing

Deciding whether to rent or buy a portable storage container depends on your needs and the length of time you will need to use the container for. Below, find some of the pros and cons of both purchasing and renting storage containers.

Benefits of Renting

There are many benefits to renting a storage container over buying one.

If you are only going to use the storage container for a short time, then renting may be the better option.
Renting a container stops you from having to shell out a ton of money to buy one.
When normal wear and tear happens, such as the container springs a leak, the company you are renting from will take care of the problem for you.
Renting means that you can give it back whenever you no longer need it.

Disadvantage of Renting

When renting a storage container, you have monthly payments.
Not paying the payment means the company can come and take your storage container.
You are paying monthly for years on something that you will never own, so in the long run it can get quite expensive.

Benefits of Buying

The benefits of buying instead of renting have been lauded for years on everything from homes to cars and from DVD’s to books. Storage containers are no different. Below, find the benefits and drawbacks of buying.

Once the container is paid off, you own it.
Paying cash for the unit means you do not have monthly payments to worry about.
Buying means you can store whatever you want in your container.
If you always need storage space, then it only makes sense to buy one instead of renting.

Disadvantages of Buying

Having to come up with a lot of money at once can be hard. Whether it is a down payment or paying the full price at once, it can be expensive.
Buying your unit means that you are stuck with it in your yard, whether you need storage space or not.

The Costs of Renting

Renting is the most affordable option, especially if you need the unit for only a few days, weeks, or even months. Renting a unit can run you anywhere from $80 to $200 a month, according to the size of the container and the company you choose to rent from. However, when renting a portable container for your business, you may be eligible to deduct it on your taxes.

The Costs of Buying

Buying a storage container is a little more expensive in the beginning, but in the long run it is cheaper on the wallet. You can buy new or used containers, according to what you need. A basic 20’ container will run you anywhere from $3,000 to $7,000, whereas a used container will often cost 30 to 50 percent less.

Remember, whatever add-ons you choose such as shelving or converting the container into an office space will cost you more, averaging $50 to a $100 an hour for the vendor to do the customizations.

These are just a few of the pros and cons of buying or renting a storage container. The best thing to do is weigh each one carefully, do your research, and then decide on the best option to suit your storage needs. Contact Orange County Storage Containers today to compare rates and find the best portable storage container to suit your needs.