Wouldn’t it be great to have an amazing sports car in your garage? Maybe have an awesome beach house? We all want those things but we tend to only look at them on the surface. We see the amazing car in the garage but we don’t think about the cost of insurance, premium gas and maintenance. Same idea applies to the beach house.
We see the awesome views and enjoy the location. But we don’t think about the mortgage payment, the insurance, or the cost to furnish and maintain it.
The great thing though is that you can still experience the sports car and the beach house without the costs and headaches. How can this be? The way you do it is through renting.
Renting Luxury Items
Thanks to technology, we are starting to see companies renting out more and more items. First there was renting household furnishings like sofas and dining sets for people who needed them on a short term basis.
Then we moved on to car rentals for those who travel a lot. Then came services that allow you to rent out your house. Now we have companies who allow you to rent out luxury cars and boats. And the list doesn’t stop there.
You can rent just about anything these days. Of course it will cost you. Renting a luxury sports car will run you $150 a day or more. But you can lower this cost if you take on more of the liability should you get into an accident.
The same idea applies to renting boats and other luxury goods. You aren’t going to be able to rent them for next to nothing, but you are going to be able to get behind the wheel of a sports car or on a boat for a lot less than the purchase price.
What About Renting Houses?
When it comes to houses, you have a few options as well. You could use popular services like AirBNB or VRBO as options for renting. You could also do research on your own as well.
For my wife and me, we found a nice private villa in the Caribbean for our honeymoon. We were willing to splurge for this special occasion and the price was more than a typical condo. While we were there, we found out they were building additional villas. The price tag to buy one started at $1 million dollars.
Is Renting For You?
I know the idea of not having something be your own can be a turn off. I know because I would love to own a high end sports car. The idea of renting it just doesn’t sit well with me. But at the same time, I see the high cost of buying the car and I’m more open to the idea of renting.
As for other things, renting to me makes total sense. I would not pay $1 million dollars for a house in the Caribbean that I only use a few times a year. I am open to the idea of saving up my money and renting the luxury villa every few years.
Before you discount the idea of renting, it makes sense to take some time to sit back and really think things through. You may find that when you factor in the cost of maintenance and insurance the overall cost of luxury items seems out of whack.
Or you might find that buying the sports car doesn’t fit in with your financial goals. For us, we want to retire at 55. Buying that sports car is going to push that date back. Is it worth it? So far, the answer is no. But for you, the answer might be different. The only way to know for sure is to think things through.