What is the main reason to avoid renting to own? (1 point) Responses If the item breaks, you have to buy a new one. If the item breaks, you have to buy a new one. You are buying used merchandise. You are buying used merchandise. It can be weeks before the item is delivered. It can be weeks before the item is delivered. You will pay much more than the cost of the item in a short period of time. You will pay much more than the cost of the item in a short period of time.
You are buying used merchandise.
The main reason to avoid renting to own is that you will pay much more than the cost of the item in a short period of time.
The main reason to avoid renting to own is that you will end up paying much more than the cost of the item in a short period of time. Rent-to-own agreements typically come with higher monthly payments compared to buying the item outright or using other financing options. This is because you are essentially paying for the convenience of gradually owning the item over time. The higher payments can add up quickly and result in you paying significantly more than the actual value of the item.
To avoid this, it is generally more cost-effective to save up and purchase the item directly or explore other financing options such as personal loans or credit cards with lower interest rates. By doing some research and comparing prices and financing options, you can find a more affordable way to acquire the item without paying excessive amounts over time.
Additionally, renting to own often means you are buying used merchandise. While this may not be a big concern for some, it is worth considering that the item may have wear and tear or may not be in the best condition. On the other hand, if you were to buy the item new, you would have the assurance of its quality and may also be eligible for warranty or return policies.
Another factor to keep in mind is that it can take weeks before the item is delivered when renting to own. This delay can be inconvenient if you need the item immediately or have time-sensitive requirements. In comparison, if you purchase the item directly, you have more control over the delivery and can potentially get it sooner.
Lastly, it's important to note that if the rented item breaks during the rental period, you have to buy a new one or have it repaired yourself. This can be an additional expense and hassle that you wouldn't have to deal with if you owned the item outright or had purchased it through other means.
Overall, considering the significantly higher cost, potential delays, reliance on used merchandise, and the responsibility of repairs or replacements, it's usually more financially prudent to avoid renting to own and explore alternative options for acquiring the item.