When it comes to event planning of any size, every planner knows the intense amount of scheduling, budgeting, and organizing that goes into making each occasion perfect. With such a wide variety of events to coordinate in our fast-paced world, the type of equipment required for each event can be just as diverse. Whether you’re planning a wedding, concert, fundraiser, or community gathering, it’s important to ask yourself if buying or renting the equipment is the best option for you. Below, we’ll evaluate some of the key issues and weigh in on the debate of buying vs. renting equipment for your next major event.
Cost Efficiency
One of the most common (and obvious) questions every event planner asks themselves before buying or renting is “Which option will save me the most money?” Buying equipment for an event can be a decent way to save money in the long run but only if you plan to use the items enough times to make it worth the investment. Depending on the equipment in question, buying may be able to help you save some cash if the one-time cost is lower than a series of rental fees. However, if you only need the equipment for things like annual or biannual events, renting can ultimately save you from dumping loads of money into items you will use infrequently.
How can you know if you’ll get your money’s worth from a piece of event equipment? If you plan to use the gear often enough to make it worth the money required to purchase it, buying is the clear winner. If you host frequent gatherings such as weekly or monthly community events, it may be a good idea to buy more versatile equipment like tents or seating and tables. However, if these events are less frequent or rarely require the same equipment, then renting will work best for you and your budget.
Storage and Transportation
Before purchasing, an additional factor to consider is whether you have the storage space and transportation capabilities for the equipment. While the cost of purchasing large supplies may save you money compared to renting, you will also need to consider if you must spend money on storage space for the equipment during the event off-season. Plus, other major equipment including seating or lighting may require tedious transportation between events. You’ll also need to make arrangements to properly set up and take down the equipment at each event in a timely and efficient manner. For these reasons, renting usually proves to be the cheaper, more convenient option.
Longevity
As mentioned before, purchasing your equipment can save you money in the long run, but this is only if the equipment can survive from one event to another. In some cases, event equipment such as decorations and props can become outdated after only a few uses. Styles and trends can change overnight with little regard for your bank account which is why renting equipment can help you avoid those risky investments. In the case of heftier supplies such as lighting or audio gear, the technology is constantly improving and updating. Instead of purchasing tech that will soon become obsolete, renting can also be a more cost-effective way to obtain quality equipment.
One Call Rents All
When comparing the benefits of renting and buying event equipment, renting is the clear winner in regard to saving money, time, and effort. If you’re looking for help with Colorado event rentals, you’ll never have to do the heavy lifting on your own with The Wright Group. For help tackling all your event equipment needs from theatrical decor to DJ sound equipment, contact The Wright Group today.