![Buy this PS3 for the every day low price of $736.99 [Update] photo](http://www.destructoid.com/elephant/ul/113615-bigmoneybigPS3.jpg)
I live in Indiana. Because corn is more favorable than entertainment, I often have to explain what a videogame or a console is before I can purchase them at normal retail outlets. It appears as though one of our local rent-to-own establishments is preying on my problem – people don’t know what the hell they are buying out here amidst the fields. In the ad above, the company is literally boasting the “every day low price” of the Xbox 360 Arcade and PlayStation 3, which they have set at $409.99 and $736.99, respectively.
It’s the nature of these places to screw over people by allowing them to rent things they can’t afford, but I find it hilarious that they’re trying to cover it up with flowery language about the price. Can you imagine renting an Xbox 360 for $99 a month for 6 months or a PS3 for 12 months at $89?
Thankfully, the establishment isn’t as evil as this ad seems to indicate. They’re also selling 1:24 NASCAR toys for the reduced holiday price of $19.95.
[Update: Here's a wicked huge image of the ad.]
LAUNCH GALLERY (1 IMAGES)
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Contest:
4:50 PM on 12.04.2008
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Which on some models puts the Wii on a higher price tag than a 360. If a market lets you overcharge for something because the population doesn't get it..they will.
A PS3 will run you an extra $6 in the first month for a 14% APR.
If you paid down the PS3 at $50 a month over 8 months, you'd end up paying about an extra $30 in fees for the unit. Not bad, but then again, you've probably got some credit.
Rent-a-center places are designed for people with no credit, and the way the operation works is that they're more legally able to reclaim their merchandise should you default on your payments.
Is it a scam? No. Is it bad business? Not for people with bad credit/no credit.
But it definitely is skeevy. And it's no business I'd ever want to deal with.
The big difference here though is that these products are being sold at their price at contract for people who don't have the credit to purchase these things outright on a credit card.
Obviously, if you pay cash, things change and this is definitely a bad deal, though, and does prey on stupidity.
Completly agree
TO each his own.
The only problem is that most retail stores have abolished the concept of layaway merchandise. At Wal-Mart, it was too much inventory for them to keep with a POS based system, and too big of a risk of internal theft from employees. Rampant availability of easy credit also helped abolish it from Wal-Mart too.
89.99 per month for 12 months is 1079.88
What's wrong with your math? Or am I seeing the ad wrong.
Not to be a nitpicking loser, but ... I don't know how to finish that sentence.
I live $60 miles from Chicago and my local rental store will "borrow" you their Wii for two nights at the totally reasonable price of $40 not including games.
Also, are we missing something or is your maths just terrible? Maybe some small print we can't read...
Who needs layaway when you can save up? I'm guessing that most people that can't afford 200 dollars should probably learn that they don't need everything right now.
It is not supposed to be $89.99 a month for 12 months, which will equal $736.99. It means you can have two options: you can pay $89.99 per month for 12 months, paying extra in the process, and own a PS3 in 1 year, or you can walk in and buy it for $736.99 (hence it saying it is their "Everyday Low Price").
Same thing with the Xbox 360, it is not the same deal, it is two different ones. Pay more for 6 months or less for the Everyday Low Price.
I think this is the link you're looking for.
Rent to own is always targeting the people with poor credit.
as long as you aren't trapped in Elwood (I wouldn't be welcome there after sundown **wink wink**) trying to buy video games, you'll be alright.
People who know how to save would probably know better than to rent to own.
Layaway was built up much in the same marketplace as people who rent to own. Its a different mentality than saving.
Rent to own is the devil and you get sodomized horribly for the instant gratification of getting the item you desire on the same day you decide to get it.
Look, as easy as it is for us to say "Just save up", the simple fact of the matter is that some people simply don't have the discipline to do that. There is always something else to buy (not necessarily out of need, either) and for some people having that money around is too tempting.
This is the same reason why some people have no problem paying more taxes on their paycheck and then getting a big tax return -- they know that they don't have the discipline to otherwise save that money, so they'll to it incrementally through another party. Yes, they'd get more money by investing that instead of giving the government a 0% interest loan, but without the discipline to do that they might end up piddling the money away on other things.
That being the case, rent-to-own - even with it being far more expensive in the long run - might actually be the only way for some people to get a console. Yes, yes, yes, talk about "financial discipline" all you want, but that is far more easier said than done. Give the same kind of speech to a chain smoker or drug addict and see how far you get with it.
Just a different perspective...