Based on this post, describe 2-3 ideas of examples of sharing economy businesses and rental companies in your community and online that might serve the needs of your classmates in a more cost-effective way.

150 words response

The benefits and drawbacks of renting instead of owning bottom down to what an individual needs and circumstances. If you buy a car well it's yours along with all the maintenance, you have the feasibility of selling and trading the car at your discretion. Plus, there are no limits on monthly mileage. Now, if youre buying a car the monthly payments of renting or leasing a vehicle are higher, you might even have to take out a loan to cover the purchase, and your warranty will only last a certain period when it's new according to the conditions of the lease or rental. Nevertheless, renting and owning a car has its benefits and drawbacks, its an important decision to make that should fall within your budget.

The factors to consider when making a decision to rent/lease vs. buy a high-value item would depend on the variables of where a person resides, how stable financially is the individual, what the individuals plans are where they are presently living, and what type of monthly payments an individual can afford according to their living expenses. All these factors are important when making any type of decision whether it be a vehicle and/or a house.

Always keep in mind that renting is a better option in cases of a short-term period, leasing is recommended for long-term contracts, factor maintenance, and damage costs, and remember renting offers flexibility whereas leasing offers stability. When it comes to buying vs. renting, the ultimate decision is personal and based on dozens of variables. Ultimately, you will have to think about what your goals are not just for where you live, but for your entire financial picture. Look at it through a different lens, in and outside of the box, and will the decision you make be attainable during the next five to 10 years?