Parking Booth Rental Vs Owning Your Own – Which is Better?
Whether you own a parking business or simply run parking as part of some other business, having a parking lot booth for employees to use as a home base for collecting parking fees and serving customers can be valuable and effective. If you know that you want a parking booth to help the parking of hundreds or thousands of cars to go more smoothly, you might wonder whether you should look for a parking booth for sale or if renting a portable parking booth is better.
Let’s consider the benefits of both RENTING and BUYING so that you can make an informed decision based on your specific needs.
Renting a Parking Booth has Real Benefits
When it comes to getting a booth to serve as home-base for your parking attendants, there are some great reasons to rent a booth. Following are 4 BENEFITS OF RENTING a parking booth:
1. No Maintenance. There are few maintenance and repair issues inherent to a booth rental, so renting a booth ensures that you know exactly what your monthly costs will be. When you own a booth you are responsible for repairs, storage, and moving it when you need to, whereas a rental does not have these issues.
2. Flexibility. Rental provides flexibility because you can rent a different booth if your needs change.
3. Low Up-Front Costs. Parking booth rentals requires little expenditure up front; just a monthly payment as long as you are using the booth.
4. More Working Capital. Putting out money upfront to buy a parking booth can limit your working capital, while renting doesn’t have this limitation.
In many life situations, buying is better than renting in the long run. Let’s consider 7 BENEFITS OF BUYING your own parking booth:
1. Buying Costs Less. Buying your booth can save you money over time. With renting, you pay every month, as long as you have the booth. But with buying, at some point you own the parking booth and the expenditure stops.
2. Financing is Available. Financing options can make buying your parking booth affordable, giving you low payments but with a pay off end in sight.
3. Get a Shiny New Booth. While a rental booth is usually not brand new and may show some wear, you can purchase a brand-new, custom booth that fits your needs exactly.
4. Buy on a Budget. Sometimes you can buy a booth that was previously a rental. This can be a very economical way of getting your own parking booth. You can even have new features added on before you complete the purchase so that the booth suits your needs perfectly!.
5. Get Exactly What You Want When You Want it. When renting a booth, booth availability can vary and you may not be able to get exactly the booth size or design that you want when you need it. But when you own your own booth it is always available to you.
6. Add Bling to Your Parking Booth. When you buy your own booth you can choose every option from finishes to accessories. While a rental can be personalized with signage, lights, and more, personalizing a booth that you own is easier and can be more complete. Colors, lighting, accessories, and graphics can be made to your exact specifications. You can even brand your booth with your company’s color, logos, or messages.
7. The Price Never Changes. When you buy a booth it is a fixed price, with no chance of rental increase or policy changes.
To Rent or Buy?
There are many reasons in support of both rental and purchase of a parking booth. The fact is that the best decision is somewhat variable depending on your specific needs. Much like buying a car or a home, it is a big decision, though from a financial standpoint, buying is generally more economical than renting. Buying can save you money in the long run and provide an asset to your business that you can use for years to come.
But whether you choose parking booth rental or purchase, Guardian Booth stands ready to serve your needs and help you choose the perfect booth for your parking business. Learn more about your parking booth options now.
Need to learn more? Check out How to Set Up a Parking Lot Business.
Starting a new parking business, or trying to build yours up? Check out our blog titled You Can Overcome These Top 6 Parking Business Challenges.
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