If you are planning to replace your air conditioner (AC) soon, then you should know that you have the option of renting or buying the unit. Below are some of the factors that determine whether renting or buying is right for you.
Duration of Usage
One of the critical factors to consider is how long you intend to use the unit. The purchase option makes sense if you intend to own the unit forever or for a long time. For example, a central AC can serve you for 12 to 15 years. Therefore, if you suspect you will still need the AC over a decade from now, then you should purchase it outright.
However, you can make do with the rental option if you only need the AC for a year or so. This is because the rental costs add up to significant amounts over the long-term, but the purchase cost is also not viable if you only want the AC for a short period.
Another thing you should consider is the amount of money you have versus the amount you need for the installation. Some of the most critical factors that affect the cost of an AC installation include things like the size of the AC, the efficiency of the AC, the location, and the capacity of the AC, among other things. Expect to spend approximately $4,000 to $6,000 for the installation if you want to own the AC, and a significantly lower amount if you want to rent the system.
Whether you are renting or owning your AC, you will need to maintain it and fix it if it breaks down. If you are renting the AC, then you may be able to opt for a program that includes servicing, repairs, and even replacement parts. Note, however, that you can also buy a separate service program that includes most of these things if you decide to own your AC.
Before you rent an AC system, consider how easy or difficult it will be for you to terminate the lease if you no longer need the AC. Maybe you were using the AC on a house that you don't own, or you want to sell your house and move. In many cases, you might end up spending a lot of money to break out of your lease.
Most people are better off owning rather than renting their ACs. If the price is the main issue, talk to your AC company for tips, such as rebates, for lowering the cost of your AC replacement.
For more information on AC system installation, contact a local service.