Sharing Daily Discoveries About Personal Finance And Business Topics

Buying New Equipment Initially For One Project or Not

I was thinking recently as I may be working on a new project where better quality equipment can definitely make things a lot better and more efficient. However, in doing so at the moment that would mean investing thousands of dollars just for this at the moment. The budget in which one would be paid would essentially be re-invested into it and I guess it can technically be used for future work. But would you ever consider that to be too much of a risk per se as you could literally just end up spending it for this one project?

A scenario that could pop up is you buy this expensive equipment now but two months later a surprise announcement will come out consisting of something even better. So that would have been better to wait. You could say the middle of the ground is to just rent the item too. But imagine the rental cost being say $350 and the purchase cost of the item is about $800. Doesn’t that just feel like you are throwing away money just renting in many ways?

The other option I have seen people do is that they literally buy the item for one job and then try to sell it used right away which in many cases still ends up cheaper than renting. But of course your challenge is actually finding a buyer. Being frugal in general makes me always want to make sure that the purchase makes the most sense long-term. Or would you treat it completely different such as just buy it and write it off as a business expense like so many large companies do?

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