Sporting the latest fashions isn’t just a hobby, it’s a lifestyle—and an expensive one at that! But who can afford to own 20 designer bags at once? If you’re a fashionista on a budget, then you’re left with two options if you want to be able to take that Louis Vuitton satchel to your sister’s birthday party: renting or buying.
So what’s the deal? You’ve heard that renting bags can save time and money, but is it true? Which option costs less in the long run? And which is right for you? We’re breaking down the differences between renting and buying designer handbags, and what to expect with each, to answer the age-old question: “To buy or not to buy?”
Renting:
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Costs add up—fast. Renting may be cheaper in the short run, but if you’re a serial handbag shopper, you’ll be spending a pretty penny on rental costs over time. Unless you know and budget for ahead of time exactly how long you’ll be keeping the bag, the costs add up quickly. Weekly or monthly fees are designed to give a discount for short-term leases, but not for a long-term solution—meaning the longer you keep the bag, the more you’re paying out of pocket of the bag’s full retail price (that you’ll just be shipping back anyway).
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Don’t miss the deadline, or you’ll rack up more fees. Renting can often be a hassle when deadlines restrict how long you have the bag before shipping it back. If you miss a deadline or decide to extend the rental, you’re often hit with extension fees that penalize you for keeping it longer.
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What if you damage it? If you’re renting a handbag and have accidentally damaged it in some way, you’ll have to pay full retail price of the bag at the discretion of the bag rental service. These damages include ink marks, spills, makeup stains, scratches, scuffs, and other obvious wear and tear on the interior or exterior of the bag.
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Is it worth not owning? One thing you’ll have to come to terms with if you do decide to rent is that at the end of the day, you don’t own the bag. For some people, this won’t matter much, but if you’re like us and you love having options for a repeat outfit or a mix and match ensemble, wearing your favorite bag once or twice just won’t do!
Buying:
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Cheaper option over time. Buying your bags is a much better way to ensure you save money over time. Owning a designer handbag is a long-term investment that actually can pay back, should you choose to sell or trade in the future. A one-time purchase of a handbag may seem expensive, but not when compared to repeated rentals and the fees associated with them.
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You don’t have to pay out of pocket. If you’ve always thought that you just can’t afford to shop around for a new bag, check your closet. With sites like Cash In My Bag, you can use the cash that you’ve made from selling back your old bags to shop for something new. There’s no need to fork out hundreds of dollars on handbags when you’ve got old ones worth the same just taking up space in your closet—don’t let that money go to waste!
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NO deadlines or late fees. One of the beauties in buying your own bags is that you’re not sucked in to any contracts or agreements, and you don’t have any looming shipping deadlines to worry about. The only time you open your wallet is for the price you pay upfront—no strings attached and no payments to make over time.
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The bag is yours. Once you’ve purchased it, the bag is yours, and you’re free to enjoy it as you please. Mix it up from season to season and pair it with different outfit and shoe options!
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Option to sell. When you’ve loved your bag to the fullest, and you’re ready to switch things up, you can! Just clean it up, get it approved for authenticity, and sell it to another interested buyer. Then keep shopping!
Have you ever rented a designer handbag? Let us know in the comments if you prefer to rent or buy your bags. And if this is your first time shopping around, we recommend you check out our FAQs to see how Cash In My Bag can pay you for your authentic designer bags you no longer use.
