Which do you prefer, Dedicated or Colo?

I'm new to this community, and I am looking at the pros and cons of both. Dedicated costs more, but Colocation requires manual upkeep, or paying someone at the DC to do the work for you. Is the risk of downtime due to config issues on your own hardware honestly worth it? Or is it better to to just rent dedicated cabs and configure to your own specs? Any insights from the community will be appreciated