Around this time every year, as the musical season gears up again, we see a lot of new string players preparing to start a new adventure. There are inevitably A LOT of questions, and we are happy to address them. In the past, on the blog, we have covered many topics about beginner basics. One that we haven't gone over in too much detail, though, is the question of renting vs. buying and in these tough economic times, how you spend your money is important and worth considering.
Renting is usually more affordable in terms of the monthly payment. Our rental payments range from $14.97 a month to $92.50. The amount you pay is determined by the instrument you need and the quality of that instrument. Also, all stringed instrument stores have a rental agreement. As part of the rental agreement, you may be required to commit to a minimum number of months, which is important to keep in mind. For instance, the store may require a minimum of 6 months of payments and that amount could be close to or equal the cost of just purchasing the instrument. Another thing to consider is what happens to the money you pay each month. Does it go towards the eventual purchase of the instrument? If so, how much of the monthly payments go towards the purchase? At Kennedy Violins, we don't have a minimum rental requirement and we set aside 55% of all rental fees as store credit that customers can use towards the purchase of any instrument.
Buying an instrument certainly requires the most money up front, but it can be the most affordable in many cases. If you are part of a family with several children, purchasing would give you the ability to keep the instrument after the oldest child grows out of it or looses interest and pass it on to younger children. Or, if you were like my family and you required at least one year commitment to whatever new thing you are trying out, purchasing could be less expensive in the long run. For instance, if you purchased Kennedy Violins' Bunnel G2 Violin outfit, based on our current rental price, it would pay for itself in about a year. Plus, purchasing usually means that you have "trade-in" power later when it's time for a new size or an upgrade.
Either way, the most important factor in the decision making comes down to what the customer is comfortable with. At Kennedy Violins, we are happy to provide both options for people ready to start the adventure of learning to play an instrument.
More entries: April 2012
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