Instrument Rent to Own Programs are Costing You Money
Welcome back to Overture! In previous blog posts, we looked at the hidden costs of renting an instrument for your child and compared the pros and cons of buying a student instrument versus renting one.
In this article, we will look at another common option presented by many instrument rental companies; rent-to-own programs. Often touted as an easy and affordable way to eventually own the instrument you rent for your child, there are a few key things to consider when looking at the overall cost of these programs.
Renting an Instrument Vs. Renting To Own
Standard Rentals
A standard rental contract will provide your student with an instrument at a set monthly cost over the duration of the rental period. After the rental period is over, the instrument is returned to the rental company. The payments you make to the rental company do not go toward ownership.
Rent to Own
Rent-to-own programs work by applying your monthly rental payment toward equity in the instrument. At the end of the rent-to-own contract, the instrument is yours. Rent-to-own contracts are typically longer than a traditional rental.
Issues with Rent-To-Own
We have discussed at length the long-term costs and problems associated with renting an instrument, and rent-to-own programs are no different. Usually, the contracts are longer (three-year minimum), meaning you will be stuck with a monthly payment for 36 months!
Rent to Own Total Costs
In our previous article discussing rental contracts, we used an example instrument to demonstrate how much a renter would spend over three years. The monthly fee for this example is $40. Let’s say you sign a three-year rent-to-own contract. After three years, you will have paid $1440 for a beginner-level instrument.
Student Instrument Costs
The core problem with rent-to-own programs is the same as traditional rentals. A quality student instrument shouldn’t cost nearly $1500.
Remember, due to MAP (Minimum Advertised Pricing), it would appear that this same instrument would cost about the same if you had bought it outright. The rental industry and instrument manufacturers use MAP pricing to drive up retail costs to make rentals and rent-to-own programs seem like the most cost-effective option.
Student Skill Level
After completing a three-year rent-to-own program, your child is likely to have outgrown the instrument they started on. By the time the instrument is paid off, your child will likely be ready for an upgrade anyway.
Rent-to-Own Alternatives
At Overture, our goal is to make access to musical instruments more affordable. By working directly with John Packer, we can offer high-quality, brand-new student trumpets, flutes, clarinets, trombones, cornets, and saxophones at the price they should be sold. Without the influence of MAP pricing, these instruments are available for significantly less, often the equivalent of just a single year of renting.
Best of all, we offer a buy-back guarantee, providing the same safety net offered by traditional rentals in the event you no longer need the instrument.
Conclusion
Ready to browse student instruments? Head over to our shop! Overture offers high quality John Packer trumpets, saxophones, clarinets, flutes, cornets and trombones. Want to learn more about the instrument rental industry or read tips and tricks for new musicians? Our blog has what you are looking for.