The two primary considerations here are the real cost and the duration of expected serviceability.
Real cost wise, buying is almost always a more significant upfront cost. You may not be able to shoulder those costs upfront, or freeing the upfront capital can allow you to afford more units in simultaneous service or to invest your free liquidity elsewhere. In plain terms, you may be able to rent more than one of something for the upfront cost to buy one or less, and renting allows you to take the money you may have tied to a purchase and invest it elsewhere to make money or provide benefit.
Long term we usually reach a point where buying becomes cheaper than renting over an “infinite” or long term span- but we have to consider two factors. The first is that rentals are non committal beyond the term.
In other words, when an asset depreciates, if you find a model that suits your needs or tastes better, or if a particular unit becomes a liability- you can generally rent another unit and change as the need or whim strikes. When you purchase, you are invested and to be rid of an asset you must sell it- which if an asset depreciates or is a liability can be difficult. Some types of assets are also more difficult to trade in the market or have fewer potential buyers which can make sales not worth the effort.
There are various tax and other legal concerns to consider, and depending on your situation and its specifics, you might find that between renting and buying one option presents a clear advantage on the backend.
Specific to this example we must also consider the differences in the asset types.
In general a rented asset usually holds minimal upkeep by the renter. A bought asset however is solely the buyers responsibility. Consumable items, storage, transportation, maintenance, repairs, anything the asset may require for proper and desirable function becomes the buyers responsibility. With a rental, most major expenses are not the buyers responsibility unless they are incurred by negligence or some other “at fault” action by the renter.
If you buy a front loader you must provide oil changes and maintenance, pay for paint and cleaning, and at the end of the day you must house the front loader at your cost in money and space. If you rent a front loader, it shows up on the job as needed and when the job is done you do not need to house it or change the oil or clean it or worry about it at all. It is there on demand and gone when not desirable. Between a rental or purchase of a front loader, you would need to feed both with fuel generally- but on the rental you only need to worry about the fuel consumed while the front loader is in use. So there is a freedom to renting that can offset the premium generally incurred, and don’t forget that depending on the rental agency you often can rent the front loader and house it on site for as long as you plan to use it, so you don’t always HAVE to return a rental daily, but you generally have the option of overnight or extended use isn’t in the plan or budget.
As pointed out earlier, if you rent a front loader and you use it frequently but it gets to a point where it is no longer able to function as well or starts being temperamental or is old and weathered, if you get tired of it or if you see another newer or different model or type of equipment that seems like you’d want to try it- a rental is often the better option.
Buying does have advantages too. Over time you can become familiar with a particular unit and grow attached either sentimentally or because you find it reliable or pleasant. When you rent you never know if a particular model will be available when you want it or if it will be replaced at some point by the rental agency, when you buy you can be sure that with care you can have access to the unit long term.
There are also potential advantages to housing and being responsible for a units upkeep since you have constant access and can maintain it to your standards and know the quality of care it is receiving.
Of course those are general concepts that apply often in renting vs. buying.
We are talking about humans here though, so while I will not and don’t think anyone should shame two willing adults who enter into a services for money contract of such a nature for whatever their individual reasons are- obviously the buying of humans is a repugnant practice.
And in context- why? It isn’t like the only options to find love are to rent or buy a partner. Are you forgetting the age old and traditional system that has none of the legal woes of buying and is far more socially acceptable than renting a partner in general? Are you forgetting the way that probably the majority of long term partners in western society conduct their relations- not some superficial rental or repugnant purchase but….
Long term lease. The price is generally higher than rental and the terms are… they can be confusing and if you aren’t careful you can really get screwed on the deal. Hidden fees, hidden clauses, vague language and double speak and all sorts of binding conditions… but the lease is not only the most popular and socially acceptable option in courtship, but it has much of the flexibility of a rental while not carrying the stigma but also holds many of the desirable aspects or purchase while avoiding the legal complications and general repugnance of buying.
Usually there is a down payment of several meals, some small gifts, then reciting payments such as experiences and food.
If you wish to convert your lease to a long term contract you will generally have to buy out the lease, it usually costs two rings and some other various expenses. You’ll need to fill out the paperwork with the government and pay the registration and transfer fees as well in order for the lease conversion to be legally recognized generally.
Overall the lease is probably the most expensive long term option unless you get a particularly low maintenance unit or a roll back or something like that, so like any contract you do need to consider for your needs and circumstances what option is best between lease or rent etc.
if you aren’t sure consult a tax specialist and your attorney.
Real cost wise, buying is almost always a more significant upfront cost. You may not be able to shoulder those costs upfront, or freeing the upfront capital can allow you to afford more units in simultaneous service or to invest your free liquidity elsewhere. In plain terms, you may be able to rent more than one of something for the upfront cost to buy one or less, and renting allows you to take the money you may have tied to a purchase and invest it elsewhere to make money or provide benefit.
In other words, when an asset depreciates, if you find a model that suits your needs or tastes better, or if a particular unit becomes a liability- you can generally rent another unit and change as the need or whim strikes. When you purchase, you are invested and to be rid of an asset you must sell it- which if an asset depreciates or is a liability can be difficult. Some types of assets are also more difficult to trade in the market or have fewer potential buyers which can make sales not worth the effort.
Specific to this example we must also consider the differences in the asset types.
In general a rented asset usually holds minimal upkeep by the renter. A bought asset however is solely the buyers responsibility. Consumable items, storage, transportation, maintenance, repairs, anything the asset may require for proper and desirable function becomes the buyers responsibility. With a rental, most major expenses are not the buyers responsibility unless they are incurred by negligence or some other “at fault” action by the renter.
Buying does have advantages too. Over time you can become familiar with a particular unit and grow attached either sentimentally or because you find it reliable or pleasant. When you rent you never know if a particular model will be available when you want it or if it will be replaced at some point by the rental agency, when you buy you can be sure that with care you can have access to the unit long term.
There are also potential advantages to housing and being responsible for a units upkeep since you have constant access and can maintain it to your standards and know the quality of care it is receiving.
We are talking about humans here though, so while I will not and don’t think anyone should shame two willing adults who enter into a services for money contract of such a nature for whatever their individual reasons are- obviously the buying of humans is a repugnant practice.
And in context- why? It isn’t like the only options to find love are to rent or buy a partner. Are you forgetting the age old and traditional system that has none of the legal woes of buying and is far more socially acceptable than renting a partner in general? Are you forgetting the way that probably the majority of long term partners in western society conduct their relations- not some superficial rental or repugnant purchase but….
If you wish to convert your lease to a long term contract you will generally have to buy out the lease, it usually costs two rings and some other various expenses. You’ll need to fill out the paperwork with the government and pay the registration and transfer fees as well in order for the lease conversion to be legally recognized generally.
Overall the lease is probably the most expensive long term option unless you get a particularly low maintenance unit or a roll back or something like that, so like any contract you do need to consider for your needs and circumstances what option is best between lease or rent etc.
if you aren’t sure consult a tax specialist and your attorney.