Viknick is a trusted online rental company with its services in Chandigarh and Tricity (which include Mohali, Panchkula, Zirakpur and even Kharar). One can rent a wide range of products on Viknick; event rental solutions also available on Viknick.
Viknick is the first and only company to launch 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 has been growing exponentially here in India too. In bigger cities, people are preferring renting products and things than buying due to multiple reasons. It could 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, avoidance of the cumbersome task of cleaning and maintenance, low usage frequency, a desire to keep abreast with the latest trends technology – though spending to buy a new product every time is a huge pressure on the pocket, etc., etc. All in all the ROI (Return on Investment) is really low.
The idea of ownership has been superseded by the desire to gain better experiences by sharing resources.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, to camera equipment, traveling accessories, furniture, to clothing. It also gives you access to various utilitarian products, without the burden of buying and squeezing the budget out from other necessities of day to day life.
So How much does it cost to rent or buy?
Let’s take an example, renting a Canon 80D DSLR from Viknick – 20 times in a year – could cost you up to Rs. 16,000; whereas, buying the same Canon 80D DSLR with accessories could empty your cash reserves Rs. 80,000.
20 times is no less period! Some of us may need this camera for lesser time, or some may need it for much more time than that. When you rent, it also includes other benefits like: no hassle of maintenance, choosing a different product the next time you rent, door-step delivery service, technical assistance, are all part of the package. You can easily 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 at as little as Rs. 1200 – Rs. 1500. Try buying the same stuff and you will have to shell out a whopping Rs 80,000 to Rs 3,00,000 for professional camera equipment and an additional Rs 6000 to 10,000 for camping equipment.
Let’s do some calculations to understand this better:
- If you rent DSRL like Canon 80D for 20 times in a year, you will pay only up to Rs 16,000. So, you save up to Rs. 64,000 as you opted for renting rather than buying.
- If the balance Rs 64,000 (80,000 buying cost minus 16,000 renting) is invested to earn a modest 8% interest, then that can alone give you a return of Rs. 6,400 after a year.
- Not to forget, 1 year after buying any electronic equipment, the value of the product 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).
- Let’s assume that you still prefer buying the Canon 80D DSLR camera, but as is the general trend, do not have frequent use for it, 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.
- For your occasional use if you rent your required DSLR cameras, accessories, camping material, etc. from Viknick, then all you will spend is up to Rs 16,000 only and the saved money from buying cost would give you Rs 6,400 interest also.
- So total cost of renting would end up to be Rs. 9,600 only (16,000 renting cost minus 6,400 interest earned on saved money).
- After all this calculation, it’s definitely clear one may lose up to Rs. 24,000 due to depreciation which makes renting a better choice in above scenarios.
Pls note: We considered Canon 80D DSLR example here, you can calculate it similarly for other products and services also.