Different people have different reasons why it works for them, but it’s possible this concept is entirely new to you and you can’t understand why anyone would want to do it.
Renting tyres is something that isn’t extremely commonplace yet, so you might have to think awhile to wrap your head around the idea. The hardest part for me was that I consider tyres as disposable items. Disposable things aren’t normally put on payment plans; I think of payment plans for big ticket items, such as houses or cars, but not usually for the parts. However, if I think of tyres as accessories for the car, like furniture is for a house, it makes a more sense to me. In that case, renting tyres isn’t that different than renting furniture or putting the purchase on a credit card.
How does the business of renting tyres work? Actually, a rent to own system is what companies like Rent-A-Wheel use to rent tyres. Patterned after rent-to-own furniture where the renter’s credit is not checked and there is little to no down payments. Rent-A-Wheel now has over 88 stores. A monthly payment plan is created for the tyres and sooner or later you’ll be the owner of them. Rims and tires can both be rented by using a company like RimTyme. For people who own cars and are looking hard for new tyres, the fact that they can go home with tyres that they cannot purchase outright is very reassuring.
Why has this industry sprung up? In two words, the economy. The LA Times reported that 35 per cent of the US homes have no chance of getting approved for a credit card because their credit rating is so low. That number was only 27 per cent five years ago. A number of individuals and families are having a tough time keeping their heads above water, and if there is enough cash to pay for bills, there normally is not enough money remaining to take care of any maintenance or emergencies.
It is very similar to what veterinarians and hairstylists are saying. Many products and services that were once believed to be part of a typical lifestyle are now luxuries that are being put off indefinitely. For many of us, however, tyres are necessitates and we need them in order to get to work and continue to bring home a paycheck. Many vehicle owners who rent tyres are individuals such as Chevy truck drivers who really have to keep their truck on the road and keep it running safely because they also use it as a family vehicle.
The other kind of car drivers that this kind of rent a tyre program would really benefit are those people whose vehicles requires a specialty tire or those individuals who own a car that uses a costly or large size tyre. SUV, luxury, and full size truck owners can get the specialty tyres with rims up to 26 inches that they have always desired, but never imagined they could purchase, through a rent-to-own arrangement. For example, check out the owner of the Chevy Silverado who wishes to own four new off road tyres. These tyres can be extremely costly to pay for outright, but are now affordable on a rent-to-own agreement. This new program has brought on a brand new group of buyers to their market.
The thing you don’t want to think about is the scary fact that by the time you actually pay off for the tyres, you most likely have paid double the amount of the original cost you would have paid by purchasing them outright from a shop or dealer like Shop Lynch. But for individuals who do not have the savings and must get their car to pass inspection or return to work, this is a brand new option that certainly fills the requirement. It also pleases those car owners who have always desired to have the tyres and rims they have dreamed about.