Renting tires - this is news to me

[kranky]

You can rent tires? Yes, you can.

It's like a payday loan, but instead of having no choice but to pay through the nose for the loan so you can eat, you can pay 3x the regular price of the tires on an 18-month rental.

http://www.latimes.com/business/autos/la-fi-rent-a-tire-20130609,0,1748795.story

It's not that I'm happy that people are in tough situations but who would do a deal like this instead of going to a junkyard and paying $80 for 4 used tires? Isn't that standard procedure when you need tires and are short of cash?

 

[waggy]

I wonder how many of those are also renting high end wheels. where to buy them would be $300 each.

 

[dabuddha]

http://www.youtube.com/watch?v=zZYryyA28go

 

[Jimzz]

You can go online and get even cheap no names for next to nothing. If the people in the story had saved even a little each month for car repairs they could have bought decent set, let alone $50+ a month.



This is more about people can't think past the purchase price. Like how a mortgage is cheaper than rent, but the same people don’t add in that rent also included repairs, taxes, insurance, etc…
Or why buy a more expensive washing machine I can get a cheaper one, yet the cheaper one will use more water and power over its life and end up costing more.

 

[Midwayman]

Sweet jeebus. They would be better off sticking them on a CC until they can pay them off, even at 20% interest.

 

[Train]

Left the hood years ago, but a friend who is still in the know told me a lot of guys there rent cars for their regular ride. I can't imagine perpetually renting a car.

And most of them crash on friends couches because they can't afford their own place.

They would literally rather be broke with a nice car than independent with a klunker.

 

[Spungo]

That must suck. Your life is so broken that you don't even have a credit card or a line of credit.

credit card calculator
credit card balance: $330 (price of the tires)
interest rate: 30% because a few payments were missed in the past
desired months until debt free: 18
monthly cost: $23

That's still half the cost of that tire rental place.

 

[sciencewhiz]

One of these places advertises on the radio and says that you'll be a virgin until you die if you don't get new rims.

 

[TwiceOver]

That's crazy. I mean, tires are expensive, SUV tires especially. But to *rent* them?

 

[pcslookout]

That sounds funny.

 

[Markbnj]

If I can rent wipers and headlamps too then I'm in.

 

[QueBert]

That must suck. Your life is so broken that you don't even have a credit card or a line of credit.

credit card calculator
credit card balance: $330 (price of the tires)
interest rate: 30% because a few payments were missed in the past
desired months until debt free: 18
monthly cost: $23

That's still half the cost of that tire rental place.

I'm no financial wizard, but I'm pretty sure if you're making monthly payments on rims & tires. You do in fact have a line of credit no?

 

[Brovane]

I was just shaking my head at this entire story. I wish sometimes in High School they would spend a little more time on financial savy. I know in High School I took a Civics class but a lot was left out.

 

[Svnla]

"A fool and his money will soon parted" - old proverb. So true.

I can get a full set of 4 brand new tires (BF Goodrich) out the door at Sam's for about $400 (including taxes, fees, and misc.). Similar price or a bit higher at WalMart.

 

[Raduque]

I wonder how many of those are also renting high end wheels. where to buy them would be $300 each.

$300 for rims is not high end.


Edit: Should have read the article. People are renting to own wear items?! My mind is officially blown.

 

[Spungo]

Edit: Should have read the article. People are renting to own wear items?! My mind is officially blown.

You can lease a car with the option to buy out. What's the difference?

You can also rent to own computers and phones. Computers are not so bad but phones?? I've never had a phone last more than 2 years.

 

[drebo]

If you can't afford the tires for the car, you can't afford the car.

 

[OILFIELDTRASH]

This is just sad.

 

[waggy]

$300 for rims is not high end.


Edit: Should have read the article. People are renting to own wear items?! My mind is officially blown.

no but it is for tires! hehe

 

[holden j caufield]

this is very sad. Some can be attributed to planning and saving but if it's a booming business I pray for the future.

 

[Midwayman]

If you can't afford the tires for the car, you can't afford the car.

Absolutely. If you're in this situation, the smart thing to do would take the bus until you save enough for tires.

 

[MaxPayne63]

Sad article. The person who rents tires for their $40k SUV has already procreated

 

[mmntech]

If you can't afford the tires for the car, you can't afford the car.

This. Luxury car, luxury maintenance.

Tires are actually pretty cheap in the States. A lot cheaper than the are here. A set of name brands here can easily set you back over $400 for your average compact.

 

[Doppel]

Poor people do stupid things. All the time.

 

[_Rick_]

Rent four sets for three days....go racing all weekend.