VIP membership – the better alternative to rent to buy

Once you’ve rented our appliances for 12 months, you automatically become a VIP member.  As a VIP  member, your monthly order price will be halved.  Halved!  If you’re paying $7.95 a week to rent a fridge today, you’ll only be paying $3.98 a week to rent a fridge in a years time, for as long as you keep the appliance.  If you’re renting an appliance for half price already, then guess what -Its half price again, or 25% of list price!

Do the maths

It would take as much as 6 years with no faults for you to have been better off buying, and up to 20 years longer with a rent to buy contract.  You really think your rent to buy appliance is going to last 20 years?   Let’s do the maths on one of our most common scenarios, a three appliance package including:

The total new value of the appliances (according to choice.com.au) is $3933.  The weekly rental cost in the first year is $21.91 per week, which adds up to $1139 in the first year.  In your second year, our VIP membership kicks in and halves your weekly order price.  So now you’re only paying a crazy $10.95 a week or $569 per year, for 3 premium appliances.  Doing the maths: $1139 (year 1) + $569 (year 2) + $569 (year 3) + $569 (year 4) + $569 (year 5) + $569 (year 6) = $3984.   That’s 6 years with no faults, with three appliances for you to have been better of buying.   Compared against a rent to buy contract where you paid three times as much as the appliance is worth – It would take 18 years for you to have been better off.  Whybuy?

It makes far more sense to have fully serviced appliances with us.  What are you getting at the end of your rent to buy contract anyway – a second hand fridge worth a few hundred dollars?  Our way is better, we charge you less from day 1, you’re looked after as a long term customer and you never have to worry about an appliance breakdown again.  You’re paying for working appliances – so if they break, we get out there quick and repair or replace at absolutely no cost to you.

Why not rent to buy?

We don’t offer rent to buy for three main reasons, and it’s all about being able to provide our customers with the best possible value.

A bad deal for customers

Rent to buy is not a good deal for our customers and we find it morally unjustifiable. Many of our customers rent because they cannot afford to buy an appliance outright.  Most rent to buy deals we have seen take complete advantage of this situation, and often end with the customer locked into paying for the appliance three times over in a period of only three of four years.   With us this would take as much as 20 years.  We don’t want to be in a business that makes its money taking advantage of people. We prefer to reward our long term customers with reduced long term prices through VIP membership, that customers can walk away from whenever suits them.  We provide a lifetime warranty on our appliances meaning there is no stress for you if an appliance breaks down – Often in a rent to buy scenario, if the appliance breaks down outside of the manufacturers warranty, of one, maybe two years, while you’re still locked into your rent to buy contract – you’re not covered.  With us, if the appliance breaks down, it’s our responsibility to have it fixed or replaced and get you up and running again.  As it should be.

credit licenses

Ok lets say we didn’t have any moral dilemma to offering rent to buy, and we thought we could do it more ethically (which is totally possible, just don’t charge obscene interest). Credit licenses are the worrrrrssst.  If we wanted to offer rent to buy – we’d need a credit license, and they’re just not cheap to have.  On top of the initial expense, the government (ASIC) would want to run a whole bunch of audits and other crap every year, undertake a credit assessment for each customer and keep it for 7 years and so on.  It’s a mountain of paperwork and regulation.  It gets real expensive real quick.  We just want to rent out quality appliances for a great price, we’re not red tape regulation wizards.  If we had a credit license all that cost would ultimately be passed onto our customers, as all our competitors out there with credit licenses must.

We want the parts!

We repair and maintain our appliances in house. All appliances will eventually break down and be uneconomical to repair, but when they do, we strip them down for valuable parts.  Parts are expensive, and sometimes new parts are no longer available.  Shelves, handles, doors, switches, fans – there’s many valuable parts we can salvage, and use to maintain other appliances, keeping them running when manufacturers no longer have parts available.  Some manufacturers only have parts available for a couple of years, and an appliance that is otherwise in excellent condition is unable to be repaired simply because the part isn’t available!  Imagine taking your two year old car to the mechanic and being told it cannot be repaired because parts are no longer available!   This is the reality in the appliance industry, but we’ve found a sustainable way around the issue.   There’s no way to know when a manufacturer might withdraw parts availability, so we need to make sure we are able to provide our own.  If we offered rent to buy, it would make parts less accessible for us and increase prices to customers.

Terms and conditions:

  • Whybuy’s VIP membership program is subject to change at any time, and may be cancelled at any time without warning.
  • Discounts under VIP membership only apply to each appliance that has been rented by you, the customer, for a period of 12 months.  With the exception of changeovers for faulty appliances, VIP membership discounts for a changeover/upgrade/downgrade appliance is solely at the discretion of Whybuy.
  • If you need appliances moved, we can move them for a $100 fee.  You may also choose to move them yourself, but you will be liable for any damage that occurs during moving.  You must notify Whybuy of the appliances new location.