Smartphones have become a very integral part of human life. These little devices simplify various spheres of your day-to-day life. Smartphones can do it all for you, be it net banking, directions, or ordering food.
However, these convenient devices come at a price. While a wide range of smartphones is available, not everyone can buy one.
Moreover, if you’re anxiously waiting for a specific smartphone to release, perhaps consider leasing a cell phone.
While the idea doesn’t seem lucrative because of the verb, you should rethink it. Here’s why you should and should not rent a phone.
What is cell phone renting?
Cell phone renting refers to leasing a smartphone of your choice for a fixed period. To rent a phone, you need to sign a contract with a smartphone leasing service for an affordable fee.
However, do note that this fee is a recurring payment. The fee cycle or instalment can be weekly, quarterly or monthly, as per your contract.
The instalment fee and lease period are mentioned in the contract, per se. Hence, it’s essential that you read through the terms and conditions mindfully to avoid any potential scams.
You must conduct proper research on the agency from which you want to lease your device. Meticulous research goes a long way in shielding you from unethical dealers who can trap you in high lease contracts.
Contacting previous leasing company customers is an excellent way to understand their policies if you’re still unsure about their practices.
Perks of renting a phone
Renting a smartphone is a practical practice on various fronts. However, this statement is very subject and can vary from person to person depending on an individual’s needs, budget, and credit.
Below is a quick brief on the pros of leasing a smartphone.
The total lease cost you’ll be paying for the phone cumulatively would still be less than the device’s original price.
Moreover, you don’t need to pay a hefty cash upfront while renting a phone. It’s a very practical way to save on additional costs if you’re an international student/visitor/worker.
Did you know that you can write off a smartphone lease as operating costs and save big on taxes? Renting a phone allows you to cut business costs, making room for more strategic expenses.
Leasing a phone allows one to experience the latest technical upgrades of smartphones. With new smartphones launching every year, leasing reduces your capital loss to a certain degree compared to buying a new phone.
Limitation of phone leasing
As they say, with lucrative benefits comes a few drawbacks, and phone leasing is no exception. Below are a few limitations associated with phone rentals.
Temporary ownership of the device
Despite the length of the contract, you’re but the temporary owner of the device. Therefore, in case of any damage during the lease period can put you at a disadvantage. Depending on your contract’s conditions, you might even need to buy the damaged phone or pay a hefty fee for damaging the agency’s goods.
Even though there’s no upfront fee involved while leasing a cell phone, the company may demand you to pay for potential wear and tear during the lease period.
Moreover, the instalments don’t include service plans, which you need to subscribe to use the facilities of telecom carriers.
Smartphones are necessary for today’s era, and leasing allows you to enjoy its benefits, especially if you’re a tech aficionado.
Consider all the aforementioned pointers to make an informed decision before signing a leasing contract.