Are you planning a gym setup? Chances are you have picked out space. You have done your research and know what your health and fitness goals are, fantastic you’re nearly there.
Most people only consider buying gym equipment, however, there are lots of wonderful reasons why you should consider renting the equipment for your gym.
People choose the gym depending on various factors, however, the majority of them want equipment that is user-friendly, up-to-date, and in good condition.
But have you decided on the equipment you are going to use in your gym?
There is a lot of thought that goes into the equipment setup. Home gym users often face a tough decision about buying or renting the equipment. Sadly, the decision is not black and white as there are pros and cons to both buying or renting the equipment.
What Is the Difference Between Buying and Leasing Gym Equipment?
The main difference when buying or renting the equipment is ownership. If you choose to buy, whether, through a loan or a full payment, you are the owner. If you decide on leasing the equipment, you agree to pay the amount to the owner for the use of the equipment over a certain period of time.
Advantages of leasing or renting equipment
- A good chunk of money is used on equipment. If you are not buying the equipment, you don’t have to use all your money tied up in gym equipment.
- As for renting, you’ll pay a partial payment upfront. A good way to save money if you are on a budget.
- A higher standard of equipment is quite expensive. Which might not be feasible or smart for you to buy it outright. Renting the equipment makes sense because you get access to an expensive and higher model of equipment at a lower upfront price.
- For any equipment you use, you pay for that time duration. Which helps you budget for the future too.
- Usually, the interest rates on rentals are fixed, which helps you to plan and make it easier to forecast cashflow.
- You can spread the cost over a long period.
- if you are opting for rental equipment, you won't have to worry about any overdraft or other loan,taken out to finance the purchase being withdrawn at short notice, forcing early repayment.
- If you lease or hire a contract for gym equipment, don’t have to worry about the maintenance.
- No more extra cost burden for any wear and tear in equipment.
- You can get better deals. Often leasing companies have better deals on price than businesses. Usually, they have more knowledge about the product too.
- Easy to upgrade or replace the equipment, simply make an adjustment to your regular payment rather than invest a lump sum amount upfront.
- On long funding leasing, you can claim capital allowances on the cost of the assets
The only downfall of leasing the equipment, you don’t have full ownership of the equipment. Unless your lease provides an option to purchase the equipment for a reduced price at the end of the lease, you will have to return the equipment to the leasing company. This means you will be unable to sell it at any point, whether it would be to a new owner or simply to try to recoup some of the money you paid for it at the beginning.