You can purchase Reserved Instances through the AWS Management Console or by using EC2 API (Elastic Compute Cloud Application Program Interface) tools. To purchase instances, log in to the AWS Management Console and choose EC2 under the AWS (Amazon Web Services) menu. Click on “Reserved Instances” on the left navigation pane and select “Purchase Reserved Instances.” Set your preferred instance type, payment option, class, and term length and confirm your purchase.
Reserved Instances are a great way to save on On-Demand Instances for your business. If you pay for Reserved Instances, you are paying to rent the Instance for a period. RIs are less expensive because AWS is giving you a discount for committing to long-term usage. In exchange for using Reserve Instances, you get a discount for your On-Demand instance needs. Despite the significant savings on On-Demand Instances, Reserved Instances can still get costly. nOps ShareSave allows you to optimize Reserved Instances in real-time, cutting cloud costs significantly. It automatically purchases Reserved Instances when your computing usage increases. ShareSave sells idle Instances when your computer usage decreases.
Purchasing a Reserved Instance from the EC2 Console
You can purchase both Standard and Convertible Reserved Instances through the EC2 console. The process of buying the two types of Instances is the same, except that you can choose either Standard or Convertible for the offering class.
How to Purchase from the Reserved Instance Marketplace
The AWS Reserved Instance Marketplace is a virtual third-party platform where users can purchase or sell EC2 Reserved Instances. Companies use the AWS Reserved Instance Marketplace to sell excess or unused Reserved Instances. You may have excess Instances from early completions of projects before the Instance period is over, or you are working in a new Availability Zone. Also, some sellers may have terminated projects or could be considering different Instances depending on their workloads.
To purchase Reserved Instances (RIs), you can access the marketplace either through the AWS Management Console or CLI. There are numerous RIs with varying prices and term lengths. Depending on your computing needs, you can search Instances by level or utilization, hourly cost, availability zone, instance type, or term.
Once you find your ideal Reserved Instances, add them to the cart and confirm your purchase. Upon purchasing, AWS automatically transfers the Instances from the seller to your account. As soon as you’ve purchased the Instances, they are ready for use.
How to View Your Purchased Instances
You can view your Reserved Instances usage through the Amazon EC2 console. Once you access the console, click on Reserved Instances, and you will view your active, queued, and retired Instances.
You can view your Reserved Instance charges through the Billing and Cost Management console. For more visibility into your Reserved Instances usage, you can use nOps Cost Dashboard. nOps allows you to discover underutilized Instances and utilization patterns. Besides, it gives you actionable insights for Reserved Instances planning that cut your cloud costs significantly.
Mistakes to Avoid When Purchasing AWS Reserved Instances
Reserved Instances are a great cost-saving strategy. To make the most out of your Reserved Instances, here are some of the mistakes to avoid:
- Calculating RI needs incorrectly
- Always purchasing All-Upfront Reservations
- Ignoring AWS’s Pricing Changes
Thanks to nOps ShareSave, you can avoid these mistakes. ShareSave allows you to calculate your computing needs correctly, monitor price changes, and purchase more Reserved Instances in real-time.
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