Did you finally decide you need a shipping container? Great, but now you’re mulling over the dilemma of whether to rent it or actually buy it, right? Both options have many benefits, but depending on what your situation is and what purpose the container will serve, one may have advantages over the other.
When Is It Better to Purchase Rather than Rent a Shipping Container?
If the container is slated for an ongoing project lasting a few years, or if you’re thinking about making it a permanent solution for your situation, then purchasing a shipping container is the better financial option. For instance, if you are in the construction business and the container will be in use as long as you’re operating your business, then buying makes more sense over the long term. Depending on where you live, you may also be entitled to business investment credits for this capital purchase.
In a similar vein, if you’ll be using the shipping container for long-term storage, or, let’s say, for additional room such as an office space, a workshop, or a garage, then buying it outright is the better way to go. This is especially the case if you require extensive modifications to the standard model, for instance if you need an HVAC system, windows, man doors, more durable floors, special structures inside of the container, or a specific colour for the outside walls.These modifications do require a purchase.
When Is It Better to Rent Rather than Buy a Shipping Container?
If you need the container for a short period of time, then renting is more economical. Low payments over just one or even several months of use make the rental a very cost-effective option, and there are other benefits. When you’re finished using the container, you just call the company to come and pick it up—no worries about storing it on your property, or trying to sell it down the road.
Renting also gives you a lot of flexibility. You can choose the times when you need the container and change up the size, depending on your needs at different times (keep in mind that smaller size means smaller monthly payments). And although more extensive modifications are not available with a rental, certain add-ons such as shelving can be included.
The bottom line is, buying is recommended if the shipping container is required for a long term, and needs extensive modifications, while renting is a better option for a shorter period of need. As with everything requiring a money outlay, it’s important that you do your own homework, evaluate your needs, and shop around for the best prices for both options (don’t forget to consider everything from condition and size of the container to tax, delivery and included add-ons).
And a final word to the wise homeowner in need of a shipping container solution: rental may be the more feasible choice if you’re unsure of your neighbours’ reaction to a container permanently visible from their backyards!