It’s totally up to you (and your pocketbook)! Perhaps the question should be, does my music company offer plans that are flexible and that are a good value? Here are some things to consider:
Purchasing outright
Purchasing outright is always the least expensive way to get an instrument, as many school music companies will offer up to 40-50% off the list price for a purchase (by cash, check, debit or credit card). However, if you’re worried your child may not “stick with it,” ask if your music company has a “Buyback Guarantee” - they will buy the instrument back from you if your child leaves the music program. This “Buyback Guarantee” should not cost extra, but should offer you a return with substantial refund (less what would have been the rent you’d have paid).
Also ask if your music company will allow credit in the case that your child finds out early on that he/she would do better on a different instrument. When the teacher requests this (usually within the first 3 months or so), whether you buy or rent, you should get full credit towards whatever the teacher feels your child will be more successful playing.
Rent to own options
Rent to own options offer reasonable monthly payments, should an outright purchase not be feasible. While you won’t get the same discount, you may get a sizable discount for paying the contract off early (in SC, the law says you can pay off early any time for only 55% of the balance of payments) – and of course, you will have the return privilege any time, should your child leave the program.
Ask about the total number of months you’ll be paying, and the total of payments. A rent to own contract should be for up to three years, plus or minus a few months. Contracts that last four, five or even more years, may include a large amount of finance charge, so compare carefully.
Also beware of “rent to rent,” “lease to learn” and other rental plans that don’t offer any equity towards purchase. Plans that don’t offer a set maximum number of months, or that offer credit towards purchase only for a limited time, are often not the best value. While you may think, “But I don’t want to own that instrument,” a true rent to own will allow return of the instrument at any time (with no minimum “trial period”), so you’re covered if the child quits; but you also have equity towards purchase if the child decides to stay in music.
NOTE: If your child is in a partial sized string instrument please do not buy (or rent to own) an instrument – that’s the one time you do want to look for a lease. Your child will grow and change sizes rapidly, and you will end up spending many times more than you need to, even if you purchase inexpensive partial-sized strings. Most school music dealers will give you 100% credit from the partial sized lease towards the full-size, so you won’t waste a single penny, but will still be able to give your child an instrument that is just the right size for him/her. Be sure to ask how much of your lease payment goes towards the full-size – if you hear “60% of the monthly payment,” you may be paying far too much!
What’s the right size string instrument for my child?
What’s the right size string instrument for my child? Your child’s teacher will size him/her, or your local school music company should be able to size as well. An instrument that’s too big or too small can create discomfort, even muscle and nerve issues. If your music company gives 100% credit as you size up, you will be able to get an instrument that’s just the right size, and save money at the same time!
