Rent to Save on Power Tools -- Savings Experiment

A recent study by Environmental Magazine shows that the average power tool is only used for about 30 minutes in its lifetime. So, instead of buying tools, think about renting them to save big.

Right off the bat, renting tools will save storage space and money since you're paying per use. In many cases, you'll be able to try out newer makes and models without the commitment of owning. Plus, renting keeps you from having to worry about the cost and trouble of maintenance.

Renting tools is also pretty convenient. Big box stores like Home Depot and Lowe's rent a wide variety of name-brand tools and can charge by the hour, day, week or even month, depending on your needs.

For example, you can rent a 20-inch gas chainsaw at Home Depot for about $65 a day. That's not bad, considering buying one from the store can cost anywhere between $200 to $500.

You can sometimes find even cheaper rentals from sites like Yelp, Zilok, NeighborGoods. However, the No. 1 spot to check out is Craigslist. If you happen to have a garage full of tools already, these sites are also great places for you to make a few bucks by renting out your own equipment.

Remember, when it comes to small, single projects, renting your tools can help you and your budget work smarter, not harder.

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