Viknick is a trusted online rental company with its services in Chandigarh and Tricity (which includes Mohali, Panchkula, Zirakpur and even Kharar). One can rent wide range of products on Viknick, even event rental solutions are also available on Viknick.
Viknick is also a first and only company who has launched a rental service app on google play store in Chandigarh and Tricity for better customer experience.
Here’s a good insight from Viknick on how rental services are cool for everyone, give it a read!
The sharing economy has grown considerably across the world and since last few years it’s been growing up exponentially here in India as well. In bigger cities, people are preferring renting products and things than buying due to multiple reasons, it can be due to shifting location frequently, not sure how many times you are going to use the product, managing budget, want to experience different product without spending huge amount to the own the product, don’t want to get into maintenance and cleaning thing, usage is occasional not much frequent, want to keep up with latest trend and latest technology but you can’t buy new product every time, etc etc.
The idea of ownership has been superseded by the desire to gain better experiences by sharing resources. Increasingly, people are turning to renting everything from electronic appliances, camera equipment, traveling accessories, furniture to clothes. It also gives you access to various utilitarian products, without the burden of buying and squeezing the budget for other necessary things in day to day life.
How much does it cost to rent or buy?
Let’s take an example, renting a Canon 80D DSLR for 20 times in one year can cost you up to 16,000 Rs on Viknick whereas Canon 80D DSLR buying cost is Rs 80,000 with accessories.
20 times is no less period, some may need it for lesser time, or some may need for more time than it. When you rent, it also includes other benefits, like maintenance don’t an issue, don’t like the product then can choose different product next time, delivery service, technical assistance is also part of the package. You can get complete photo shoot camera equipment package for as little as Rs 3000 – Rs 8000, or complete camping equipment package for 3 persons for 2 days as little as Rs 1200 – Rs 1500. Try buying the same stuff and you will have to shell out nearly Rs 80,000 to Rs 3,00,000 for professional camera equipment, and Rs 6000 to 10,000 for camping equipment.
Let’s do some calculations
1. If you rent DSRL like Canon 80D for 20 times in a year, you will pay only up to Rs 16,000. On this, you saved up to RS 64,000 as you opted for renting rather than buying.
2. If the balanced Rs 64,000 (80,000 buying cost minus 16,000 renting) is invested to earn a modest 8% interest, then it can alone give you a return of Rs 6,400 after a year.
3. Do keep in mind that after 1 year, the value of the stuff worth Rs 80,000 would have depreciated to Rs 56,000 (assuming 30% depreciation, but in actual depreciation can be more, you lose 10% value of a product as soon as you buy it).
4. In case you buy it and have not using it on frequent basis, or whatever the case after buying you already have lost Rs 24,000 (80,000-56,000) as there will be 30% depreciation of product value after 1 year.
5. For your occasional, use if you are renting it from Viknick then you will spend up to Rs 16,000 only and the saved money from buying cost would give you Rs 6,400 interest also.
6. So total cost of renting would end up to Rs 9,600 only (16,000 renting cost minus 6,400 interest earned on saved money).
7. After all this calculation, it’s clear after buying you may lose up to Rs 24,000 due to depreciation which makes renting a better choose in above scenario.
Pls note: We considered Canon 80D DSLR example here, you can calculate it similarly for other products and services also.