While home appliances might be the unsung heroes that help make our lives easier and more convenient, the truth is they aren’t purchases that most of us want to make more often than we have to. This is why, when it comes to shopping for your home appliances, it’s important to do your research to make sure you invest in products that will last.
Appliances deserve product protection just like many of the big-ticket items in your home, so they can continue being available for you on a daily basis. An extended warranty plan can take away the stress of worrying what might happen if your refrigerator breaks down, or your dishwasher is backed up. Shop with the Mulberry browser extension to view protection plans for your appliances and many of your household items.
In recent years, renting home appliances has become an increasingly popular option. While a monthly payment might feel a lot easier to swallow than a large initial cost, in the long run, is a dishwasher rental or refrigerator rental really better than buying it new? To answer this question, let’s take a look at some of the pros and cons of choosing to rent your home appliances:
Pros of renting your home appliances
First, let’s check out some of the benefits of renting your home appliances.
Renting appliances is cheaper upfront
When your dishwasher or stove dies unexpectedly, it can really put a dent in your wallet. If you don’t want to spend a lot of money upfront, turning to Rent-A-Center merchandise or trying a Lowe’s lease to own or Aaron’s rent to own agreement can feel pretty tempting, especially when finances are tight. For small monthly payments, you’ll get to use a brand new appliance. Sounds ideal, right?
You don’t have to finance
Unfortunately, when your appliances break unexpectedly, they’re often expensive to replace. And if you don’t have the cash on hand to replace the appliance, you might have to rely on a financing plan. Financing plans aren’t ideal because they can hurt your credit score and cause you to accrue interest, especially if you miss a payment. Renting your home appliances might seem like an easy way to avoid this issue.
Cons of renting your home appliances
Let’s take a look at some of the cons of renting your home appliances.
No extended warranty
This is something that many people forget when they choose to rent their home appliances. When you buy a brand new appliance from a major retailer, not only will you have access to the manufacturer’s warranty, you’ll also have the option of purchasing product protection. When it comes to rental agreements, extended warranties often become much more convoluted–and often don’t work in your favor. This is why it’s safer to simply purchase your appliances from a retailer. You’ll have greater peace of mind and understand exactly what you’re dealing with.
As with any rental, when you choose to rent a home appliance, you’ll have to sign a lengthy agreement. While it’s tempting to assume the best and simply sign without reading it in detail, many rental agreements have hidden terms and clauses that may result in extra fees down the road. By purchasing your appliances brand new, you won’t have to worry about hidden fees–you’ll have peace of mind that what you see is what you get.
It’s more expensive in the long run
Although it may seem counterintuitive, the truth is that renting your appliances is actually much more expensive in the long run. Between hidden fees and high interest rates, you’ll end up paying a lot more than the appliance is actually worth. After all, the rental companies have to make their money somehow.
Final verdict: Is renting your home appliances worth it?
Although renting your home appliances might seem appealing, in the long run, renting isn’t the best idea if you’re hoping to save money and have peace of mind about your purchase. Unfortunately, rental agreements are almost never as good as they seem. You’ll end up paying more money because of high interest rates, you likely won’t be able to purchase your own extended warranty plan, and the rental company might hit you with some frustrating hidden fees at one point or another.
Ultimately, investing in new home appliances is the best way to make the most out of your budget. And while you’re shopping for your new home appliances, don’t forget to think about product protection–check out Mulberry’s free browser extension to get notifications about product protection as you’re shopping, earn rewards, and more.