Most of us DIY’ers are tool junkies. The pride we take in our DIY work is second only to the pride we have in our tool collections. In fact, it is not uncommon for some of us to take on projects just so we can justify a tool purchase or two. But costs can add up, garages can fill up, and spouses can erupt! Sometimes it makes more sense to rent tools rather than purchasing them. Let’s go through the “whys” on both purchasing tools and renting tools.
Why Buy Tools
At the risk of sounding like Captain Obvious, allow me to outline some of the reasons a DIYer might want to purchase a tool rather than renting.
- Tools are awesome
- Tools are an investment especially the ones the you’ll use over and over again
- Having the right tool on hand is convenient
- Heirloom tools make great gifts and can be handed down to your grandchildren
- Not all tools are available for rent
- It’s cheaper to purchase than to rent when the project has a long timeline
- Tools are awesome
- Large tool collections are even more awesome!
Why Rent Tools
Choosing when to rent tools is often less obvious than when to buy. In fact, renting tools can be a completely foreign concept to some of you, but this can sometimes be very cost effective and more convenient than purchasing the tool.
The number one reason for renting tools is cost because some tools can be hundreds if not a couple thousand dollars. If you only need to use the tool for one project, renting a $1000 tool for $100 makes a lot of sense. For example, if you’re putting up a fence and you need a 2 man auger to quickly dig out 10 fence post holes, that auger can easily set you back $2000. If you can knock out the job in 2 days, a rental is only going to cost you about $200.
Here some other legitimate reasons for renting instead of purchasing:
- Lack of storage space for large tools (I rent a 5’x8’ trailer once a year for lumber runs because I have nowhere to park such a trailer)
- You’ll only ever use it once or so infrequently that it just isn’t cost effective. On the latter, this is very true for tools with combustion engines. Those require maintenance. Who wants to spend time and money on maintenance of tools that just collect dust?
- To save time. Some tools require assembly. A rented tool is already assembled!
- Your significant other said “no more buying tools.” Okay, go rent it!
- Try out a new tool you’re considering purchasing. Large purchases can be a big decision. Sometimes you want to know exactly what you’re getting. Renting a tool for a half day or day can tell you a lot.
Buying or Renting Tools That Will Be Used Infrequently
The decision is not always obvious on when to rent vs buy especially when it comes to tools that you may only use once or a twice a year. Here are a few guidelines to help with the decision.
- Maintenance – Tools that require regular maintenance to ensure proper performance or longevity may be more trouble than the worth. None of us want to spend time maintaining something that is providing us very little utility.
- Ease of rental – Renting can be a pain if the tool is heavy or bulky. It can also be inconvenient if the tool rental shop is not close by.
- Marie Kondo rule – If a tool doesn’t spark joy having it around, it might be better to rent. Some tools are a burden on our toolbox. You may have to constantly move it to get to other tools. If a tool is just going to be in the way most days out of the year, it might not be worth the purchase.
The last thing to consider is the added pressure we sometimes get with renting a tool. If you’re on a tight budget and you’ve decided to rent, you may feel pressure to speed things up so you don’t have to go over by an extra day or two. We don’t need this extra pressure when we’re trying to do the job right.
Self Renting Tools
There will be cases where renting a tool is actually not cost effective yet you either know you don’t want to keep it around or just don’t have the space for the long term. Or your project may span multiple weekends and renting every weekend just may be too much of pain or too time consuming. So what about self renting the tool?
Self renting is my phrase for buying a tool, using it for your project, and then selling it to recoup some of your costs. If the cost of renting a tool for multiple weekends exceeds the purchase price, you’ll definitely save money by purchasing, but you can save even more by selling the tool after the project is completed. In my experience, a used tool in good condition can yield between 50-70% of the price of the new tool. Craigslist is your friend, pawn shops are not.
The only downside is that some tools can take awhile to sell and you may have to accept less than 50% of the new purchase price.
A Personal Example
I have project coming up where I’m installing deck pavers on top of my garage with a low pitched roof. This is going to require the following tools (all expensive):
- Tile/paver saw – these are 24” square pavers so it’s a big saw
- Rotary level with receiver
- Material lift or Laddervator – the pavers are over 2 tons. 75 boxes each weighing 72 lbs. I’m not carrying those up the stairs.
The laddervator (it looks like a ladder, but has platform that can move 400lbs up or down) costs about $2k, it’s large, and I’ll probably never use it again. I can rent one for $168/day. This one’s a no-brainer so I’m renting this.
The tile saw can be rented for $68 per day or I can purchase one for about $900. Renting is cheaper but these things are heavy and I’d have to lug it to and from the store, and then up and down the stairs. I’m going to buy a new one, use it for this project and then one smaller project later on down the road. I hope to get $500 selling this used when I’m done. I still shell out more by self renting this, but I will save time (and my back).
The rotary level that I can rent is a nice one. It costs about $500 new or I can rent it for $63 per day. These are easy to transport so renting would save me money. However, I found a cheaper model that I can purchase for $380. I think I’ll be able to sell it for $200 when I’m done. There’s a good chance I’ll need this for more than 4 days therefore I’ve decided to purchase this one for convenience and so I never feel rushed trying not to go over 4 days.
