How Much It Costs To Mortgage An Xbox One And PS4 In The US

Video games are an expensive habit. And few things are pricier than being an early adopter for a next-gen console like the PlayStation 4 or Xbox One. So if you're really itching to dive into some quality PS4 or Xbox One games, are you better off renting one system or the other and paying it off in instalments?

Rob Cockerman of fame put this theory to the test recently. His results were dispiriting, to say the least. For anyone thinking about getting a PS4 or Xbox One through a lease-to-own plan, just consider these numbers.

At his local Rent-a-Center, a PS4 runs $35 for a week, or $70 every two weeks, meaning that one could pay off the whole system in 53 weeks. The Xbox One, meanwhile, runs at the same price but takes a bit longer to pay off since the system is slightly more expensive to begin with, so it takes 58 weeks. All in all, he calculated that actually trying to pay off a PS4 or Xbox One through Rent-a-Center would run a gamer $1854.47 or $2029.42 respectively.

He also tested the system out at Aaron's, another rent-to-own store. Aaron's offers 12-month and 24-month plans for both consoles along with a few other variations such as a pricier "PLUS" service. The two-year plans are cheaper in the short term, costing around $80 a month, but end up costing upwards of $2000 when spread across a full 24 months. The 12-month plan comes out to $1692 for either console.

For a point of comparison: brand new PlayStation 4 or Xbox One consoles are available at many major retailers for $US400 and $US500 respectively. That's a bit more money to pay up front. But if Cockerman's tests are any indication, buying one outright will save you a lot of money in the long run. Like trade-in deals, it's always a good idea to put any sort of rental scheme to the test before giving anyone your credit card number.


    Huh. For anyone thinking the interest rate cap in Australia of 48% is a bit high, check those deails out.

    nothing to see here - same as phone + plan.
    people are willing to pay a little bit each week/month in order to have the latest and greatest, rather than plop down a large amount upfront.
    its why these services exist.

      Even with a phone plan paying 4x the cost is a bit over the top. The Rent-a-Center numbers equate to over 300% interest.

      However, lease != mortgage as with a lease there's usually an option to terminate at any time and return the item with no further payments due. At that point the leaser is stuck with a used item that's worth significantly less than the original cost price.

      As such leases usually cost a bit more. Paying twice the cost of an item over its life over a couple of years is fairly normal when dealing with a lease.

    People are crazy. Put that $35 in a pile every week for 3 months and they can buy the console outright (based on US prices).

    Hell that's what I did for my PS4 to avoid taking a chunk out of the bank account all at once, I preordered months ahead and put $50 in a pile every pay.

      I don't think this "saving" thing will ever catch on.

      Yeah thats what I did too. I payed it of easily over the months before release at like $20-100 per pay as I saw fit, even got some games too. The only trouble is preordering before the thing is sold out (I ordered after E3, you can always cancel down the line if things go pear shaped I figured.)

      Don't regret it, got to play all the launch games I liked and Infamous and got that rush of new hardware and carrying it away with the others on the day. Now it's sitting at my girlfriends while I play WiiU until the next game that interests. (Few titles of personal interest on any platform at the moment IMO. Bit of a dry spell for me.)

      Last edited 23/04/14 12:32 pm

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