There is nothing quite like the feeling of driving away in a new car. But let’s be honest, the excitement can wear off pretty fast if you suddenly realise the weekly payments are squeezing your bank account dry.

Before you jump into a rent-to-own contract, you really need to sit down and figure out what you can genuinely afford. Getting your budget sorted right from the start means you won’t get caught out by hidden costs, and it helps you pick a set of wheels that actually fits your lifestyle without causing you financial stress.

The Real Cost of Getting on the Road

When you go through RentBuyIt, the total cost of having a car is always going to be more than just that base ‘weekly rent’ figure. To avoid any nasty surprises, here is exactly what you need to factor in:

• The Weekly Payment: This is the core amount going toward the vehicle itself, as well as the weekly comprehensive insurance amount calculated for your personal use at the start of the contract (through our fleet insurer)
• Running Costs: Fuel, general wear and tear, and keeping the car clean are on you.
• The Finish Line Costs: When you make that final payment, and the car is officially yours to keep, you’ll need to cover the transfer costs. This usually means obtaining a Roadworthy Certificate and paying the standard government charges to transfer the car into your name.

How to do the Maths (Without the Headache)

You don’t need to be an accountant to figure this out. Just grab a notebook and follow these simple steps:

• Look at Your Actual Cash: Write down your total monthly income. Then, subtract all your absolute essentials – rent or mortgage, groceries, power bills, and any other debts you’re currently paying off. What’s left is your disposable income.
• Tally up the car Costs: Estimate your weekly rent-to-own payment (that includes your insurance), and a rough guess for fuel. Multiply that weekly total by 52 to see what it costs for the year. Pro tip: If you’re looking at a brand-new vehicle with RentBuyIt, we actually cover the first 5 capped-price services, which saves you a massive amount on maintenance. If you’re driving away in a near-new pre-owned vehicle, you get the balance of the number of services remaining out of the first five scheduled services.
• The 30–40% Rule: A really good rule of thumb is that your total transport costs shouldn’t eat up more than 30% to 40% of your disposable income. If your car’s math fits comfortably inside that window, you are generally in a safe zone.
• Build a Safety Net: Life happens. Maybe your hours get cut at work, or petrol prices spike again. Always try to leave a 10% to 15% buffer in your budget just in case.
• Weigh up Your Options: Take a quick look at the alternatives. Does public transport or buying a cheap, risky used car outright offer better long-term value? Usually, having a reliable car wins out, but it’s worth thinking about.

Why RentBuyIt Actually Makes Budgeting Easier

Budgeting is a whole lot easier when your expenses don’t bounce around every month. With RentBuyIt, your weekly payments are fixed and predictable. You know exactly what’s coming out of your account every single week.

Plus, because things like routine maintenance (on new and pre-owned cars), roadside assistance, and the factory warranty are bundled into the deal, you don’t have to lie awake at night worrying about a random $2,000 mechanic bill blowing up your budget. And because we offer everything from zippy little hatchbacks to heavy-duty utes, you have the flexibility to choose a car that perfectly matches your wallet.

At the end of the day, doing a quick budget check ensures your new car gives you freedom, rather than tying you down. With a bit of planning, bad credit car finance through rent-to-own is a brilliant, flexible path to finally owning your own car. We help customers across Australia, including those in Melbourne, Brisbane, Adelaide, and the Gold Coast.