Sharing Daily Discoveries About Personal Finance And Business Topics

Collaborative Purchase VS Renting Expensive Equipment

Today I was talking to a photographer who was saying how there were add on equipment for his camera that literally can cost up to about $10,000 to purchase. I was just thinking…$10,000 for a piece of add on? Holy smokes. Because of that, he mentions that it makes more sense to just rent it for a few hundred dollars.

I suppose this is actually common for a lot of fields such as a warehouse space costing an arm and a leg or a high quality video camera. In those cases though, what I have seen a lot of professionals do is simply agree to combine their funds to purchase the equipment that they will then share amongst the group.

Like in the case of that camera add on, everyone will simply share the use of the product. This is more common with commercial space I’d say such as a person wanted a certain studio space but being able to afford the whole amount. This usually works best if you have people who work in the same field or are located in the same space. It can make sense as oppose to just renting all the time. You just need to make sure that you are doing it with a trustworthy group.

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