As new video production equipment seems to come out almost weekly, there is always something desired to be bought. Whether it’s more light output from a smaller light or a camera with better image resolution, the choices never stop! However, even though there is a plethora of new equipment, it does not always make sense to purchase it. You’ll need to take an honest look at the size of your production company and how often you really would use that piece of equipment. In this article, we’ll break down whether you should buy or rent camera gear.

Is it a big value item?

As you start to evaluate whether you should buy or rent camera gear, the first thing to consider is how much the piece of equipment costs. Whether it’s a $300 gimbal or a $40,000 light, each item brings about a whole different range of considerations. If it’s a small price item, do you have the cash on hand to purchase it? Conversely, if it’s a very expensive piece of camera equipment such as an Arri M40 light, do you have the cash on hand. For items more than five to ten thousand dollars, there are real considerations of cash flow and how to finance them. You might consider just using a credit card or you may have to finance it through a business loan.

Either way, you have got to have a plan on how it will be paid off, to avoid going into big debt. You definitely need equipment to make professional video production happen, but at the end of the day, it’s not worth going into debt. Another great option to look into, when evaluating if you have the resources to purchase the item is the BHPhoto Payboo card. But only if your state would be charged Sales tax. For many states, this is simply not the case. The downside of this card is the very high interest rate if you don’t pay it off in time. While it’s nice to avoid sales tax, paying, even more, to finance the item through a credit card does not make sense!

Will it be used once or on every shoot?

The next question to ask yourself when deciding whether you should buy or rent camera gear is how often the piece of gear would be used. Perhaps you are really excited about an upcoming shoot, and see a reason to buy this piece of gear. Or perhaps you think you might be able to start freelancing as an AC and want to buy a high-end follow focus? Would you be using this piece of gear at least once a month for a more expensive item or at least twice a month for an item that is of less cost? Another question to ask yourself is, how often would I have to rent out this piece of equipment before it was paid off? Does that seem realistic?

There was a time awhile back when we were first starting doing professional video production in San Francisco, and we decided to purchase a Ronin 2. We felt we could use it for our car-to-bike tracking shots as well as our handheld work. However, in reality, this just did not happen. We only had two shoots with car-to-bike shots that next year. And, we found the Ronin 2 to be too heavy when built with a camera to be comfortably handheld. That said, we did get a few rentals out of it and saved ourselves the headache of picking it up. At the end of the year, though, we decided to cut our losses and sell the Ronin 2. Therefore, for us, that piece of equipment just wasn’t used enough to justify owning it.

Convenience Factor

The next item to consider for if you should buy or rent gear is the convenience factor. What I mean by that is, how much easier will owning the piece of gear make your life. Instead of having to order, insure and pick up gear, from a rental house such as borrow lenses, you’d have the gear sitting in your office or gear area. This means you’d save time and energy before the shoot to actually focus on the production. And while you can usually hire a production assistant to pick up the gear, it’s likely that this is going to cost you. Now multiply that number times every shoot you’d be renting at, and it starts to add up quickly!

The other convenience factor to consider is having to change the settings every time you rent it. This means, button shortcuts for your cameras. Audio level changes for microphones. Light intensity changes for your lights. Each time you rent the piece of equipment, you’ll need to change the settings to best optimally use the gear. This can get time consuming and be frustrating!

Is your DP an owner/operator?

Maybe you’ve made a new relationship with a DP, but have been having him use your old equipment. Have you asked him or her what pieces of equipment that they own? Maybe they already own a full set of gear that you could combine with their labor rate or get a slight discount on? It would keep them excited to rent their gear, they would be comfortable with it, and perhaps you could get a slight discount? It’s worth an ask!

What are the insurance requirements?

If you already own the piece of equipment, it’s likely that you already have it insured. But adding rental items to your insurance plan can be tricky. Whether it’s a very costly temporary insurance plan just to cover the piece of equipment or a hassle to add it on to your own policy. Are you 100% sure that any piece of equipment you will bring onset is insured.

1. Get the item insured with your insurance
2. Get it insured through the rental insurance company
3. Consider adding on a separate insurance policy that protects against theft
4. Make sure you are covered against any damage, even if it wasn’t you

Are there possible sub-rentals?

The last item to consider when evaluating if you should buy or rent camera gear is if you could easily rent it out. Some items, like new cameras or lenses, are in high demand, whereas other older bulkier items are not. This means that you could potentially make some extra cash towards that big item you purchased. However, this could also be potentially dangerous thinking. If you are basing your purchasing decision solely on renting it out and not using it much, what happens if there is a recession or another pandemic? Would you be able to sell it and not lose much? Be sure to thoroughly think through the decision as you go along. Renting your camera gear out to others is a very viable option!

Wrap Up

As you can see in this article, it’s not always an easy decision to buy or rent a piece of camera gear. Sure maybe you’ve got a little extra cash from a big job, but does it really make sense to buy a piece of equipment? Would you really be using it that much? How would you insure it? Do you have your questions answered and are now ready to push buy on that new piece of gear? Or perhaps you now have a little more peace of mind knowing you really don’t need that newest item.

If you are looking for a San Francisco video production company, reach out to us today! We’ll be happy to take your shoot to another level. Whether it’s a crowdfunding video, a nonprofit film, or a high-intensity commercial, we’d be happy to chat more!