Buying vs Renting for the Olympics?

Ahhh...the age old question, should I buy or rent? This question is on the minds of many who are facing short term needs for various 2010 Olympic opportunities.

There are times that buying makes sense & others that renting makes more sense. We would like to share some things we have learned over the years that might help you make the right decision for your situation.

Things to consider when buying:

• can you source stock to buy at reasonable costs in time for your needs
• are you able to get the right, long term items you are looking for or are you having to settle for items that only meet you basic needs for the short term
  
• can you source containers & miscellaneous transport accessories needed for your items at reasonable rates
• can you get your items in time for your needs, promised supplier delivery dates of stock can run late when demand is high...even for us, especially now
  
• if you intend to sell your items after Olympics; are you being realistic in your post use resale values. There will be a tremendous glut of everything 'event' related for many years, similar to the Expo days. Currently, we end up selling our surplus stock at auction for 10-15 cent on our wholesale dollar. Craiglist is often more work than its worth.
  
• do you have storage space for these items; are you counting on the expense of possible long term storage.
  
• how do you plan on cleaning, servicing & maintaining your items. if you are outsourcing any of these functions, make sure your supplier will be able to handle the extra Olympic demands. Some of their priorities will be on their larger customers first
  
• will you have the staff to process, clean & service your items. Is it the best use of their time?
• for tax purposes, can you expense your purchase or will you have to amortize it over several years? Renting is a operating expense; not an asset addition, which may require amortization over several years.
  
• is the rental rate cheaper than the purchase price
• will you be able to make sure your inventory is managed effectively to prevent loss, theft & damage
• do you have room to securely store items with ease when not in use?
• what will you do with your items when your peak use is complete?
• will you require any special delivery needs to move items around, if you do, how will it be done?
  

These are some of the most common considerations we come across, hope its helpful in your decision making process