How often do you stop and think about your cable modem and if you should buy or rent it? Ideally enough, we have the tenacity to rent a modem, thinking it will be a cheaper option. But, what if we told you it’s the complete opposite?
You are likely missing out on a lot of your electricity bill savings when you are renting a cable modem instead of buying one. One of the biggest misconceptions with renting a cable modem from an ISP is thinking it will provide you with quality internet services.
That’s simply not true.
For the most part, these service providers and networks imply advantages of renting so their users will pay the rental fees without assessing the pros and cons. But that doesn’t mean that renting a cable modem is completely off the charts.
The choice between renting vs. buying a cable modem is often subjective. However, we’d highly recommend you buy your cable modem instead of renting it and this detailed guide will explain why.
Should you Rent a Cable Modem?
If you are particularly looking to reduce your monthly internet bills over a longer period, James Burns, a Networking Engineer and founder of Routers Network recommends purchasing instead of renting. But, why do people still rent a cable modem when they know that buying is a more cost-effective option?
It is true that although buying a cable modem is no doubt a superior choice, sometimes, Renting is a better option given the circumstances. Here’s why you might consider renting a cable modem over purchasing it.
How Long Will You Use the ISP?
Sometimes, you might be staying in a house for a short period. It could be due to work, a temporary living situation, or other issues. Whatever it is, if you aren’t going to use the same ISP for a longer period, renting a cable modem is no doubt a better option.
When you are renting, you don’t have to worry about the device when you are moving and can sort it out with the company. Sometimes, when you have a short-term living situation, buying a random modem might be a poor decision. You might buy a modem that is compatible with your ISP now and might not be in the future.
Are you technically sound with fixing a modem?
Another primary reason most users opt for renting a modem is because of their lack of knowledge about servicing the modem. Sometimes, when you have to run a troubleshooting feature, not knowing the basics makes the process a lot more complicated.
To be fair, learning cable modem servicing isn’t as complicated as you think. So, if you can familiarise yourself with the process, it makes sense for you to buy the modem instead of renting it. When you rent a modem, you have better priority with customer support and can get the problems fixed at priority. So, you can directly connect with the service provider’s customer support to resolve the issues you are experiencing.
Do you have the Funds to Buy a new Modem?
What if your cable modem breaks down suddenly? Do you have the spare finances to buy a new one right this instant? If the answer is no, renting is the ideal option for you.
To be fair, there is no assurance to an electronics device. So, we’d recommend that you always plan ahead of time, especially if you have limited warranty protection.
With renting, you get the following perks:
- Easy installment
- Free upgrades
- Hassle-free replacements
- Remote troubleshooting with customer support
- Sharing with roommates or at businesses
However, by renting a cable modem, you are likely getting a device with older hardware. This leads to poor network quality and reduced internet speed over time.
Also, the rented modems are often accessible by your service provider, which can compromise your privacy.
Should you Buy a Cable Modem?
On the flip side, let us discuss buying a cable modem. The biggest benefit to buying a cable modem is a significant reduction in your monthly internet bills. With the modem’s rental out of the monthly expense, you pay for the data you access.
Although buying a modem can indeed be a high expense but it is a one-time affair that will potentially last you for up to 5 years, if not more. You won’t ever have to spare a few extra bucks each month in vain.
However, we will time and time emphasizes that you only purchase a cable modem if you are considering sticking to the internet service for a long period. Also, with ownership over a modem, you can upgrade the settings and features according to your needs without any external interference from the internet service provider.
Also, when you consider buying a cable modem, you can access the latest features and specifications from some of the leading brands in the market, including NETGEAR, Linksys, Zyxel, etc.
The only drawback to buying a cable modem is the overall expense you have to bear. Even when you want to upgrade your settings, the additional charges are something you have to bear, which can be a pain at times.
Detailed Cost Analysis of Buying and Renting a Cable Modem
Renting a cable modem offers you short-term benefits. As we said, renting isn’t our choice of recommendation. Instead, we’d always encourage you to buy a modem for permanent usage. But we understand that everyone has their list of reasons for their decision.
Remember that each internet service provider offers different rentals for the cable modems. Let us walk you through the top four internet service providers – Comcast Xfinity, Verizon, Charter Spectrum, and Cox.
The monthly rental for each service provider’s cable modem is:
- Comcast Xfinity – $14
- Verizon –$12
- Charter spectrum – $5
- Cox – $10.99
When you consider purchasing a mid-range and standard cable modem, the price is likely under $100, even with the taxes piling up. So, ideally, you can pay off that by 10- months and ensure that the modem easily lasts you for over 5 years.
So, in the long run, you can save a lot of money, provided that you are splurging out on a cable modem from a reliable brand.
With a bought cable modem, you can easily save up to $200 by the end of two years. This comes a lot in handy if you want superior quality network speed and user experience with the cable modems.
Conclusion
If you have reached the end of this post, we hope you have an answer to the title of this guide. Although renting might seem like a more plausible option on the top of the head, buying is a more refined and practical choice. Not just the cost-saving aspect but also long-term benefits, you get to redeem a lot more of your money’s worth with a bought modem over a rental one.
