Typically, purchasing something means that you intend to keep that thing for the duration of its life or until you pass it on. This directly contrasts with renting something, where you lease it for a set period of time for a fee with the expectation that you will be returning that thing by the end of the period you have paid for it. Both arrangements have their advantages, by owning something it’s yours and you can do whatever you want with it, but this usually requires a much higher buy-in cost, renting, on the other hand, is cheaper for a shorter period but becomes more expensive in the long run, where at a certain point you may as well have just purchased the thing you’ve been renting.
