From Kiplinger · · 1m 30s
Retirees Should Rent These 5 High-Cost Items
Renting beats buying for 5 retirement items.
In brief
Renting beats buying for 5 retirement items. Retirees save money by renting recreational vehicles, boats, vacation homes, power tools, and medical equipment instead of buying them outright. Originally reported by Kiplinger.
Retirement dreams
Retirees dream of traveling in an RV or building a wine cellar.
RV ownership costs
Buying an RV costs thousands and depreciates quickly.
RV rentals
Rent an RV for $50 to $300 per night via peer-to-peer or traditional services.
Boat ownership costs
New boats cost $25,000 to $150,000 with annual expenses of $2,500 to $15,000.
Boat rentals
Rent a boat for $200 to $10,000 a day or $1,000 to $50,000 a week.
Vacation home costs
Owning a vacation home drains cash through taxes, insurance, and maintenance.
Vacation home rentals
Renting saves on taxes, insurance, and maintenance while offering flexibility.
Power tools costs
High-end power tools cost up to $1,200 each.
Power tools rentals
Rent power tools for $29 a day at Home Depot or $104 a day for paint sprayers.
Medical equipment costs
Wheelchairs cost $2,500 while stair lifts start at $2,900.
Medical equipment rentals
Rent wheelchairs for $50 to $150 a month and stair lifts for $300 to $500 a month.
What happens next
Retirees save money by renting instead of buying high-cost items.
The takeaway
Retirees save money by renting recreational vehicles, boats, vacation homes, power tools, and medical equipment instead of buying them outright.
