A proper set of tires gives your car a good grip on the road and improves your driving experience while increasing your safety. It allows you to maneuver and brake without much difficulty. On the contrary, a bad set of tires may give you a hard time braking or controlling the vehicle. In fact, you may end up in an accident if your tires are of poor quality. The statistics on road crashes attest to this fact. Data from 2017 shows that there were 738 fatalities in road crashes resulting from tire-related problems.
Tires are extremely important when it comes to off-road driving. When off the trail you need off-road tires and wheels that can take your vehicle over mud, snow, dirt, rocks, and uneven ground. Off-road tires and wheels need broader grooves, improved tread patterns, and reinforced sidewalls to resist punctures and offer you better maneuverability. Unfortunately, off-road tires are an expensive accessory to buy currently.
Why have the prices of tires soared?
The price of rubber increased a little while ago and this slightly drove up the price of tires. This situation was worsened by the 2009 imposition of a tariff on Chinese tire imports. This trade fight, led to an increase in the price of Chinese tire imports. By the time the tariff was removed the ripple effect had increased tire prices by an estimated 40% and there were no more cheap tires in tire shops.
Unfortunately, the prices have not sufficiently declined in spite of the tariffs removal. These challenges coupled by high unemployment, stagnant wages, and tight credit have rendered most vehicle owners unable to buy tires. All these factors have driven more people into the rent-to-own option instead of the traditional one-time purchase.
What is the rent-to-own tire option?
Simply put, the rent-to-own option allows you not to buy on credit or upfront cash, but instead you pay rental installments on tires, and once you pay enough in the periods set, you get to own the tires when the agreement is fulfilled. This option has grown in popularity because your credit isn’t checked and it allows you to own the tires even without sufficient cash. Here are the reasons why this option is advantageous to buyers.
1. You can buy even if you have bad credit!
Rent-to-own tire traders never check your credit. If all your paperwork on the agreement between you and the seller is complete you get to walk away with your tires. It’s thus an ideal option if you’re working to improve your credit scores.
2. You can lock in the current purchase price
In tumultuous markets where prices are increasing, as a buyer you can get to purchase the tires you need at today’s price and continue using them before they can increase in price. This is beneficial because if you were to wait till you have enough cash the prices of the tires will probably have gone high.
3. Minimum out-of-pocket expenditure
If you were to buy new tires and pay in full, you’ll need to have the full purchase price in cash. This is a big challenge if your disposable income is meagre and you have many needs to attend to. But with a rent-to-own option you’ll only get to pay a limited amount as per the agreed installments while you own and use the tires. The installments will ease the burden on your monthly disposable income minimizing your out-of-pocket expenditure.
4. You can test-drive your off-road tires and wheels before completing payment
As a rent-to-own buyer you’ll get to use your off-road tires and wheels through this arrangement and know their faults, weaknesses, and strengths before paying for them fully.
5. All arrangements are negotiable
The flexible nature of these arrangements can allow you to engage in the trade-up or trade-in program that permits you to exchange your off-road tires and wheels at any time as long as they are still in good condition. You may also choose to pay monthly, bi-weekly, or even weekly. Some traders may even offer you a certain percentage off the price if you pay before the stipulated end of the payment plan.