I know this is fuzzy math but my brain just works this way. Local to me is four quarry type dive location within 30 min to 3 hr drive. The gulf coast is a 6 hr drive. Based on the below my brain says buy tanks, don't rent.
My brain almost never says rent.
Just a couple of points.
If you are going to dive that quarry often, you may be able to get by with one tank for a bit. Assuming they can fill during your surface interval. Otherwise, you’ll need two, or in my case, apparently 8.
Don’t forget to factor in annual VIP, and a portion of the hydro cost (every 5 years).
The full purchase price of the tank doesn’t need to be factored into the ROI, as the value never really drops to zero. Worst case, it drops to a scrap metal value in the event of a hydro failure, but if not abused, these are pretty rare.
As a rule of thumb for me I won't pay more than 50% retail for a used tank, anything over that and I will buy new.
The 50% retail may work for AL tanks, but I think might be tough for some steels. As a point of reference, FB marketplace has some steel HP100s for sale nearby for $270-300. I’ve seen higher as well.
I bought the AL80s and HP120s new*. The HP100s were bought used. I got a real good deal on two of them, and a crazy deal on the other two. I was real lucky, but I wouldn’t count on those prices.
Point is, factor the used market into your cost. In the event that you decide you want out, you can always sell the tanks, so if you can buy locally for $350, and sell for $250, only that $100 difference factors in the rent vs. buy decision.
* I bought the HP120s new based on my LDS being great. I had gone to another shop’s Annual Scuba sale, and notched their regular and sale price. I then checked Scuba.com, and they were a bit cheaper after factoring in cost of a VIP and fill at my LDS. I then called my preferred LDS prepared to see if they would price match. They would, but turned out to not be necessary. Their regular price was significantly lower than the other shop’s “Sale Price.” So check prices before pulling the trigger.