You can’t have a good fitness routine without using the right gym equipment. Many fitness suppliers provide you with the option to rent your fitness equipment, which provides a low cost up front. On the other hand, there is a certain benefit to buying equipment from a fitness store like Fitness Avenue. Fitness Avenue equipment has a higher initial buy-in but saves you money in the long run. But for you as an individual, it is better to rent or buy when you enter a fitness shop?
The Main Benefits of Leasing
The biggest benefit that leasing fitness equipment offers is that you don’t have to pay a lot of money up front. You instead pay for the gym equipment on a per-use basis, putting just a little bit of the equipment’s total value down in order to use the equipment for a limited period of time. This is a good option for those who have limited funds or who are just starting to get into a fitness routine. Leasing gym equipment also allows you to try out different equipment before you make a purchase. If you don’t have a lot of experience in fitness equipment and you don’t have anybody to advise you on the best gear for your needs, leasing equipment gives you a good chance to proverbially dip your toe into the fitness pool.
The Main Benefits of Buying
When you buy gym equipment from a fitness shop, you pay a lot of money up front but then don’t have to pay anything more beyond that. You own the fitness equipment outright, which means that you have the ability to use it as you see fit, modify it, or even decorate it to match your personality. When you finish using your items, change your routine, or want some newer gym equipment, you can even go to a fitness store that buys used gear and get some of your money back. Because the return window for gym equipment that doesn’t suit your needs may be limited, you’ll need to make sure that the gear you buy works for you. Make sure to try your fitness equipment often after buying to make sure that you are satisfied with your purchase.
Buying vs Leasing for a Gym Owner
If you own a gym and need to know whether you should buy or lease your fitness equipment, you should almost always err on the side of buying. Buying equipment is the smart investment for a business owner because it means you handle the up-front costs quickly and don’t run up additional costs as you make lease payments. You can also get a tax write off for your gym equipment if you keep the receipts. The only reason to lease gym equipment as a business owner is if you don’t have the money up front to invest in a large amount of equipment or if you are concerned about upkeep fees. Buying gym equipment means that you assume the cost of maintenance and upkeep, while leasing means that the fitness store manages maintenance fees.
Buying vs Leasing as a Private Owner
If you are buying fitness equipment for a private gym or home workout station, then your local fitness store might give you the option of leasing equipment instead of buying. Generally speaking, it’s more beneficial to buy the gym equipment up front instead of worrying about additional fees down the line. The major exception to this statement is if you are new to the fitness world and don’t know what sort of gym equipment you need. Store owners and associates can usually guide you to the purchase you need, but if you don’t feel comfortable with those options then leasing can give you a chance to try the equipment out with minimal investment.
Buying vs Leasing Cost Breakdown
The cost of buying fitness equipment as opposed to leasing it depends on several factors. These variables include the quality and brand of equipment you are looking at, the location of your gym or home, and the vendors who offer the equipment for sale or lease. Typically, the cost to lease gym equipment in Canada comes down to $80 to $150 per month. Comparatively, the cost to buy the equipment outright can vary from $3,000 to $10,000 or more, depending on the brand you choose. Using average costs, this means that leasing remains the less expensive option for a period of three to five years. After that point, the cost of leasing the equipment becomes increasingly expensive, while the cost of buying it never increases.
The Value of New Equipment
As the cost breakdown listed above illustrates, leasing fitness equipment turns out to be a better deal if you only plan to use your equipment for one or two years before replacing it. Similarly to the way in which people lease cars for a few years before switching to the newest model, this can help somebody keep up with the latest fitness trends. However, leasing equipment with the intention of replacing it every few years only works in very specific situations. Even for large gyms, this model rarely turns out to be a practical one because of the durability of typical gym equipment and the low level of depreciation that these pieces of equipment possess.
Durability of Equipment
In terms of durability, fitness equipment almost always lasts beyond the three- to five-year window that makes leasing more profitable. The pieces of gym equipment that are least likely to last a long time are usually exercise bikes, and even those tend to last a minimum of five to seven years. Meanwhile, cardio equipment can last for a decade without showing any signs of wear and tear. Finally, strength equipment, which includes various weight machines, can easily last for 10 to 15 years before they start to wear out. Because of this durability, the main reason for somebody to replace fitness equipment regularly has less to do with damage to the equipment and is instead usually a matter of wanting to keep up with the latest fitness trend. Changing fitness trends and how they relate to the leasing versus buying conundrum are discussed in more detail below.
Depreciation of Gym Equipment
Because gym equipment tends to be very durable and long-lasting, it doesn’t depreciate in value very quickly. This means that you can sell it back for a reasonable price when you are done using it. To continue the car buying analogy, fitness equipment differs from a motor vehicle in that a car depreciates in value very quickly—a model you buy in 2019 will be worth only a small fraction of its original value if you sell it in 2022. Fitness equipment, on the other hand, only depreciates based on wear and tear over time. This means that if you maintain your equipment properly and keep it looking good, you should be able to sell it back for a decent price when the time comes. The return on your investment will never match the price you paid, but it can subsidize the cost of new replacement equipment.
Changing Fitness Trends
One thing that might cause you to make a major change in the type of equipment you use at your home or gym is a shift in fitness trends. For example, advancements in fitness trackers, Bluetooth technology, and smartphone apps has led to a greater incorporation between fitness machines and technology. Where a treadmill might once have had only a heart rate monitor, it might now have connectivity to allow a person to see more advanced biometrics in real time as they exercise. If you feel that your equipment is falling behind these trends, you might want to replace it earlier than you initially planned. However, keep in mind that jumping at every trend can lead you to mistake short-term fads for something that you should make a long-term investment in. Be sure that you are confident in the way the fitness industry is going before you make a major investment.
The Final Verdict
In the end, whether you lease or buy your equipment depends on your individual situation as either a gym owner or a fitness enthusiast. Most often, however, you save money if you buy the equipment outright rather than leasing it for the long term. Buying the equipment means that you have a fitness machine that will work well for a decade or more without any further investment beyond basic maintenance. When you finally reach the end with your piece of equipment, you can probably resell it or trade it in to a fitness store for a reasonable return on your investment.
The last piece of important information you need to remember when it comes to fitness machinery is that you should keep your long-term needs and goals in mind. This means knowing how a machine works into your fitness routine, what it will accomplish for you, and how you can both use the machinery and maintain it properly as the years go by.