Is renting a furnace from Reliance a good idea?

Do the math, $80/month plus HST is $90.40, over 7 years amounts to $7593. After 7 years, do you own the furnace, or do you still have to rent it?

At today's interest rates, you're better off getting a loan and buying a furnace outright for $4k or so.

If its rent-to-own than possibly not the worst idea.

If it's 80/month indefinitely than its the worst idea EVER.

Bad idea . Unlike water heaters Furnaces are very reliable and should last any years without any major expenses . If money is a little tight look for a dealer that wil give you terms . If you were near Kitchener I would give you a good contact .

1bagger wrote: ↑Bad idea . Unlike water heaters Furnaces are very reliable and should last any years without any major expenses . If money is a little tight look for a dealer that wil give you terms . If you were near Kitchener I would give you a good contact .

Really? I would say just the opposite.

Renting anything is a waste of money but some people have to do what they have to do to survive.

Munchos wrote: ↑Renting anything is a waste of money but some people have to do what they have to do to survive.

Yes, and further:
OP, if you can't afford/don't have available credit to maintain your house, you're in over your head.
In that case, you should probably be renting a different place after selling the one you've got, not renting a furnace.
What happens if the roof has a catastrophic leak? There's another 5k.

Owning a house is great, but you need to know when you're overstretched and get out before it's too late.
If it's just temporary (e.g. off work on 6 month disability), then fine. But if you have no special circumstances as to why you can't afford the furnace or don't have the credit, you should probably consider what I said above.

aqnd wrote: ↑Yes, and further:
OP, if you can't afford/don't have available credit to maintain your house, you're in over your head.
In that case, you should probably be renting a different place after selling the one you've got, not renting a furnace.
What happens if the roof has a catastrophic leak? There's another 5k.

Owning a house is great, but you need to know when you're overstretched and get out before it's too late.
If it's just temporary (e.g. off work on 6 month disability), then fine. But if you have no special circumstances as to why you can't afford the furnace or don't have the credit, you should probably consider what I said above.

So . What your saying is if you can't afford to pay cash for a home you're "over your head , overstretched ".
Get real . I'm in business , somethings you pay for , other things you rent . Good business decisions .
Why do most succesfull busines people lease their cars ? Not because their over their heads .
Dumbass replies of the day .

My wife & I got a carrier furnace & heat pump from Sears two and a half years ago & they had a no interest financing option on the Sears credit card. We could have spread the principal out over 2 or 3 years & we opted for 2 years to pay it off quick. In hind site, I might have done three years...

It was nice, since it wasn't one of those "Pay admin fee of $50, $75 or $100 for interest free"...rather it was just signing up for a Sears Mastercard. With the purchase, we got Sears points, as well as a no fee MC that we could have used for other purchases. Each month, the balance would show that an installment payment was due, and if we happened to be late with the payment, they charge you interest only on that that installment.

1bagger wrote: ↑So . What your saying is if you can't afford to pay cash for a home you're "over your head , overstretched ".
Get real . I'm in business , somethings you pay for , other things you rent . Good business decisions .
Why do most succesfull busines people lease their cars ? Not because their over their heads .
Dumbass replies of the day .

Actually, aqnd is not saying that whatsoever. He is saying that if you can't afford (or don't have credit available) to pay for small reasonable repairs and upgrades (don't tell me a furnace is a major expense, it is about 1% or less of a homes value, about 1/10 the value of a new car.) that you are overstretched

Total cost of ownership of a rented furnace (or water heater) is typically three to four times that of purchasing one directly and having it installed. There is no comparison to leasing of a vehicle, which typically costs marginally more that owning one. Astute business persons would not lease vehicles if the cost of doing so was in the order of four times purchasing outright.

Dumbass interpretation of a reasonable reply of the day

You should take a long hard look at the 'old' furnace and see if it can be serviced, what make and model is it? Some of those 25 year old furnaces will last another 25 years. Today's furnaces might be efficient but they are not built to last like the old ones.

On my street a senior got con by DE 2 years ago. she got a HE furnace for $65 a month for 15 years contract

Munchos wrote: ↑Renting anything is a waste of money but some people have to do what they have to do to survive.

And that's why some people are in perpetual debt.

Take out a loan from the bank to get a new furnace.
Lennox also has a finance option "SNAP Financial" thru their dealer network, i'm sure most name branded dealers have similar....start shopping around.

Get a furnace that meets the minimum efficiency required in your province. In BC, it was 80% several years go....now it's higher. 5 years ago, a 80% efficient basic furnace was around $1500 or so. I would assume that a basic furnace would be in the $2xxx range. If you can get one at Sears with equal payments over 2-3 years with little or no interest....that would be ideal.

Dave

OP, if you can't afford to buy, then certainly you can't afford to rent from these scammer companies.

Reliance will suck you dry

There was government programs to subsidize purchases of high efficiency furnaces (energy savings program). You should look into this in order to help you afford a furnace becase you should not rent - you end up paying a significant premium. It's cheaper getting a load from the mob.

1bagger wrote: ↑Bad idea . Unlike water heaters Furnaces are very reliable and should last any years without any major expenses . If money is a little tight look for a dealer that wil give you terms . If you were near Kitchener I would give you a good contact .

I do live in Waterloo, my parents live in hamilton though

Thanks for all the info guys! You guys are right, i will look into financing and buying one outright.. Thanks!

wonderboy wrote: ↑Thanks for all the info guys! You guys are right, i will look into financing and buying one outright.. Thanks!

Remember to check with Sears, etc. about 0% or low rate financing options.

Dave