By Disha Kumar
When you were moving into your freshman year dorm, you probably anticipated heating up
ramen to fuel your late-night ECON 101 or CHEM 150 study sessions. I know I sure did. But
what I did not really know was whether to invest in an electric kettle, use the communal kitchen
microwave, or rent a MicroFridge unit from Emory University to make my midnight Maruchan.
While I just ended up renting a MicroFridge from Emory as a matter of convenience, the
quandary of renting versus buying is one I will have to face again in a matter of months as I
prepare to move into upperclassmen housing — and one that you will likely face at some point
in your college career as well.
An article I recently stumbled upon highlights some important factors to consider when deciding
whether to rent or buy. Among these are your budget, how long you plan to use the commodity,
said commodity’s durability and resale value, and any costs you expect to incur for its
maintenance. Below, I have included some of the primary differences between renting and
buying:
If you are still unsure whether you should rent or buy, there are lots of resources you can refer to
that can help inform your decision. CashCourse, which is free for Emory students upon the
creation of an account, provides access to a financial calculator. Additionally, if you would like to
talk to someone about your financial situation or loan repayment, you can make an appointment
with a Peer Mentor or Financial Aid Staff Member through Emory Financial Literacy. There are
also organizations on campus through which you can learn more about purchasing new and
secondhand items as well as rentals, such as Emory Buy/Sell/Giveaway and thrifting clubs.
Ultimately, there are benefits to both renting and buying, and you should choose whichever one
suits your needs the best. Renting is the better route to take if you are looking for something
more affordable and flexible, whereas buying is the way to go if you are looking to keep an item
long-term and make it your own. Whether it is buying a car, securing the lease on an apartment,
or even finding dishes on which you can eat your ramen, make sure you consider all of your
options to make a smart financial decision.