Buy vs Rent-To-Own
Should I Buy or Rent-To-Own?
Congratulations on your child’s choice to participate in school music! As you may already be aware, the benefits of music education are plentiful and we hope you enjoy this exciting time together.
Now comes the question every parent is faced with as the journey begins: Should we rent or buy our child’s instrument? While exploring your options, be sure to consider the following:
What if you relocate to an area where a school music program is not offered? What if your child does not enjoy band and decides not to continue next year? A flexible rent-to-own program will allow you to return the instrument with no further obligation. If you bought your instrument, however, you’re stuck with only two choices: Sell the instrument (most likely at a loss) or banish it to the closet.
What if the music teacher decides a different instrument is a better fit for your child? Most rent-to-own programs allow parents to exchange instruments and even offer rent credit to be applied to the new instrument. If you bought an instrument, you’re back to square one again. And if your child is playing a string instrument where the size changes as your child grows, you could end up buying 4-5 instruments!
Accidents happen. So does theft. For a small monthly fee, a reputable rent-to-own program will offer some sort of repair coverage that keeps your instrument in good working condition. Many programs include replacement of the instrument in the event of theft or damage beyond repair. When an instrument is purchased, it will be your responsibility to repair or replace it!
Many folks think they are paying for the use of an instrument only (and that might be true with certain programs). However, with a rent-to-own program, monthly payments are often applied toward the purchase of the instrument. Further, many plans offer early payoff incentives in addition to applied rent credit. In all, these discounts typically drive the final purchase price to within range of an outright cash purchase. That said, when combined with value, service & flexibility, renting-to-own is preferred by most.
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