Rent-to-Own Items That End Up Costing Double
Rent-to-own stores promise easy access to things you want right now. You walk in, pick out a shiny new TV or sofa, and walk out with it the same day. No credit check, no big upfront payment. It sounds simple. But there’s a catch. These deals often end up costing you twice as much—or more—than if you just saved up and bought the item outright. If you’re thinking about rent-to-own, it’s important to know what you’re really signing up for. Here’s a look at common rent-to-own items that can end up costing double, and what you can do instead.
1. Televisions
Rent-to-own stores love to advertise the latest big-screen TVs. The payments look small, maybe $20 a week. But add up those payments over the contract, and you’ll see the real price. A TV that sells for $500 in a regular store can end up costing you $1,200 or more through rent-to-own. That’s more than double. And if you miss a payment, you risk losing the TV and all the money you’ve already paid. If you want a new TV, consider saving up or looking for a used one. You’ll pay less and avoid the stress of weekly payments.
2. Furniture Sets
A new sofa or bedroom set can make your home feel fresh. Rent-to-own stores know this, so they offer easy payment plans on furniture. But the total cost is often shocking. A $700 sofa set can end up costing $1,600 or more by the end of the contract. That’s not a good deal. Plus, the quality of rent-to-own furniture is sometimes lower than what you’d get at a regular store. If you need furniture, check out local classifieds, thrift stores, or discount outlets. You can often find good deals without the high markup.
3. Laptops and Tablets
Technology is expensive, and rent-to-own stores make it easy to get the latest laptop or tablet. But the price you pay over time is much higher than retail. A $400 laptop can cost you $900 or more through rent-to-own. That’s more than double. And by the time you finish paying, the device might be outdated. If you need a computer, consider refurbished models or buying used from a trusted source. Many manufacturers and retailers offer certified refurbished devices at a fraction of the cost.
4. Appliances
Need a new fridge or washer? Rent-to-own stores offer quick solutions, but the long-term cost is steep. A $600 refrigerator can end up costing $1,400 or more. That’s a huge difference. And if you miss payments, you could lose the appliance and all the money you’ve put in. Instead, try to save up, buy used, or look for scratch-and-dent deals at appliance stores. Many stores offer layaway plans, which let you pay over time without the high fees.
5. Smartphones
Everyone wants the latest phone, and rent-to-own stores make it easy to get one. But the payments add up fast. A$700 smartphone can cost you $1,500 or more by the end of the contract. That’s more than double the retail price. And if you miss a payment, you could lose the phone. Instead, consider buying a slightly older model or a certified pre-owned phone. Many carriers and retailers offer payment plans with lower interest or no interest at all.
6. Gaming Consoles
Gaming consoles are popular rent-to-own items, especially around the holidays. The weekly payments seem manageable, but the total cost is not. A$400 console can end up costing $900 or more. That’s more than double. And if you miss a payment, you risk losing the console and your money. If you want a new console, try saving up or buying used. You can also look for deals during sales events.
7. Mattresses
A good mattress is important, but rent-to-own stores charge a premium for convenience. A $500 mattress can end up costing $1,200 or more. That’s a big markup. And the quality may not be as good as what you’d get at a mattress outlet or warehouse club. If you need a mattress, shop sales, check online marketplaces, or consider financing through a retailer with better terms.
8. Home Audio Systems
Rent-to-own stores offer the latest speakers and sound systems, but the cost is high. A $300 audio system can end up costing $700 or more. That’s more than double. And if you miss a payment, you lose the system and your investment. Instead, look for deals online, buy used, or wait for sales. You’ll get better value for your money.
9. Jewelry
Some rent-to-own stores offer jewelry, especially around holidays. The payments seem small, but the total cost is huge. A $200 necklace can end up costing $500 or more. That’s more than double. And the quality may not match the price. If you want jewelry, consider buying from a reputable jeweler or looking for sales. You’ll get better quality for your money.
10. Tires and Rims
Car accessories like tires and rims are expensive, and rent-to-own stores know it. The payments add up fast. A $600 set of tires can end up costing $1,400 or more. That’s more than double. And if you miss a payment, you could lose your investment. Instead, shop around, look for sales, or consider financing through a tire shop with better terms.
Why Rent-to-Own Rarely Pays Off
Rent-to-own items almost always end up costing double or more. The convenience is tempting, but the long-term cost is hard to justify. If you need something, consider saving up, buying used, or exploring better financing options. You’ll keep more money in your pocket and avoid the stress of high payments.
Have you ever used a rent-to-own store? Did you regret it or find it helpful? Share your story in the comments.
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