There are pros and cons to renting to own cars just as there are with any other form of contract. It is important to be aware of these before entering into any such agreement.
1) You can get a car without having to go through the hassle of buying one: This is probably the biggest pro to renting to own cars. If you don’t have the money to outright buy a car, or if you’re not sure that you want to commit to one car for the long haul, renting to own can be a great option.
2) You can usually get a better deal on a rental car than you can on a purchase: When you rent a car, the company is interested in getting as much money out of you as possible. However, when you rent to own, the company often gives you a better deal since they want to make sure they earn your business when you eventually do buy the car.
3) There are no long-term commitments: If at some point down the road you decide that you no longer want the car, or that you can’t afford it, you can simply return it without any penalty.
1) You may end up paying more in the long run: Although you may be able to get a better deal on a rental car than you would on a purchase, it’s important to remember that you will likely be paying more for the car over time when you rent to own. This is because you’re not actually buying the car, and so you’re always going to be paying the rent-to-own company for the privilege of using it.
2) There’s often a lot of fine print involved: Rent-to-own contracts can be notoriously complicated, with lots of hidden fees and penalties. Make sure you read over the contract carefully before signing anything.
3) You may not be able to get a car in the color or style you want: When you rent a car, you can usually choose from a variety of different models and colors. However, when you rent to own, the company may not have the exact car you’re looking for in stock. This can be frustrating if you have your heart set on a specific make or model.
All in all, renting to own cars has both pros and cons. It’s important to weigh them all carefully before making a decision.