I-Team: 'Tire Rental' gains traction as alternative to buying - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

I-Team: 'Tire Rental' gains traction as alternative to buying

Posted: Updated:

Have you tried to buy a set of new tires lately?  Well, if you haven't, you are in for sticker shock!

Too many families can no longer afford to buy four new tires, so they've turned to an alternative way of getting them. It's called ‘tire rental.'

Now, while tire rental has been around for a while, in the past it was for specialty tires and rims.  That's not what we're talking about. Today, we're talking about regular, run-of-the-mill tires.

According to a trade Web site, the price of tires has gone up 57 percent in the last six years.  At the same time, salaries have dropped and credit is harder to come by, so it's tougher for families to buy a set of new tires.

Now enter rent-to-own tire shops that will let you walk out the door with a set of tires -- perhaps for as little as $50 -- and a monthly payment. That is doable.  

But, be careful because in the long run, you could end up paying twice as much.   

If you have the money, rent-to-own is a bad financial decision. But, if you don't have the cash and really need tires, Conrad Ciccotello -- an associate professor of finance at Georgia State University -- says this is the one time he recommends using your credit card.

  • I-Team Story ArchiveMore>>

  • Get Financially Fit: A Step-By-Step Plan

    Get Financially Fit: A Step-By-Step Plan

    Monday, April 14 2014 9:15 AM EDT2014-04-14 13:15:13 GMT
    April is Financial Literacy Month, so it's time to think about getting financially fit.  Let's start with two questions. Do you know how much you spend each month?  How much of your check should you save?
    April is Financial Literacy Month, so it's time to think about getting financially fit.  Let's start with two questions:  Do you know how much you spend each month?  How much of your check should you save?
  • FOX 5 I-Team

    DON'T MISS: Tax Deductions and Credits

    DON'T MISS: Tax Deductions and Credits

    Friday, April 11 2014 8:48 AM EDT2014-04-11 12:48:55 GMT
    Let's finish up our tax time filing tips that we've offered this season with a quick look at deductions and credits too many folks forget.
    Let's finish up our tax time filing tips that we've offered this season with a quick look at deductions and credits too many folks forget.
  • 'Call for Action' Success

    'Call for Action' Success

    Wednesday, April 9 2014 1:47 PM EDT2014-04-09 17:47:22 GMT
    A Fox 5 viewer got frustrated after the county tore up his yard then left the mess.  So, he turned to our "Call for Action" team for help.  And he got it.  This viewer says for months on end he had to
    A Fox 5 viewer got frustrated after the county tore up his yard then left the mess.  So, he turned to our "Call for Action" team for help.  And he got it. 
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • 2014 Tax Day freebies and more

    2014 Tax Day freebies and more

    Tuesday, April 15 2014 12:09 PM EDT2014-04-15 16:09:24 GMT
    Have you filed your taxes? Today is the final day to file your 2013 IRS tax return. And some local businesses are offering freebies and deals to those who filed on time.
    Have you filed your taxes? Today is the final day to file your 2013 IRS tax return. And some local businesses are offering freebies and deals to those who filed on time.
  • What's Happening: College2Career Fair at Cobb Galleria

    What's Happening: College2Career Fair at Cobb Galleria

    Tuesday, April 15 2014 10:39 AM EDT2014-04-15 14:39:57 GMT
    If you are a college student looking for a job you can head over to the Cobb Galleria on Tuesday. There is a huge career fair to help students transition into the workforce.
    If you are a college student looking for a job you can head over to the Cobb Galleria on Tuesday. There is a huge career fair to help students transition into the workforce.
  • FOX Medical Team

    Helping teens when their college choice says "NO"

    Helping teens when their college choice says "NO"

    Tuesday, April 15 2014 10:17 AM EDT2014-04-15 14:17:59 GMT
    For many teens, the college application process is their first real taste of a the high-stakes, high pressure world of adulthood.
    For many teens, the college application process is their first real taste of a the high-stakes, high pressure world of adulthood.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices