Renting an appliance on a consumer lease contract is typically a last resort as it only requires small weekly or monthly repayments to get the item you want.
There is a downside.
When you rent an item you end up paying on average around 3 times the recommended retail price of the product over the length of the contract and sometimes even more depending on who you're renting through.
This is where RentBot comes in as we compare the cheapest rental prices available to you which can save you thousands of dollars in the long run.
The difference between a 12 month contract and a 48 month contract is HUGE
Always go for the shortest contract length you can afford.
Simple maths
12 month contract for a new TV at $32 a week = $1,664
48 month contract for a new TV at $15 a week = $3,120
They may seem like cheaper weekly repayments on the longer contracts but over the length of the entire contract you end up paying a lot more
TIP 1: Get the shortest length contract you can afford
So is renting even worth it?
If you can afford to buy an item outright you will save a lot of money paying the retail price than if you were to rent it.
Sometimes buying out-right isn’t an option for everyone and this is when people explore their options and renting appliances is one of those options.
Many companies also let you deduct your fortnightly payments directly from your centrelink benefit through centrepay which makes managing the repayments a lot easier for many people.
TIP 2: If you can afford to buy out-right you will save a lot more money compared to renting
Whether renting is worth it or not comes down to your individual situation. You need to weigh up the pros and cons of renting and make an informed decision based off those pros and cons.
Buying a product out-right will save you a lot of money, but if that isn't practical or not an option then renting an appliance is just another option you can explore