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Category: Students Date: 9/6/2011
Buying a musical instrument is probably one of the most expensive outlays that you might have to make as a parent.
It's not a purchase that should be taken lightly, but once your child becomes more proficient and shows commitment to learning, it becomes harder and harder saying no to them having their own.
Caught by the dilemma of fostering a talent and the damage to your finances, purchasing an instrument for your child can be a big financial strain. So are there ways you can minimise the pain to your bank balance?
This article is concerned with school age children up to the age of 18. If you are aged between 18 and 25 you might be eligible for a musical instrument loan from the Arts Council on their "Take It Away" scheme.
In the early days of learning, it's difficult to justify spending out on an instrument for your child. It could go the way of those Karate or dance lessons they gave up – but with the difference of being lumbered with an expensive tuba!
Even as your child moves through the grades, buying may not be the best way. String instruments, for instance, can come in quarter or half sizes – as your child grows they will need a bigger instrument. So it may be better to wait until they are ready for a full size version.
Schools will often be able to lend or rent an instrument to your child. You may also be able to rent one from a music store.
Secondhand musical instruments can seem the next attractive alternative. They can be cheaper than new, but watch out. If you don't know what you're looking at you don't know whether you're getting a good price, or whether some refurbishment (at extra cost) will be required before the instrument is even playable.
Make sure you get all the relevant paperwork (like a guarantee card for instance) and seek the advice of your child's music tutor. They may even be able to come along and view the instrument with you.
Stores like Cash Generator or Cash Converters have dedicated secondhand music stores.
But if you're really not sure and still want to buy, getting a new instrument from a music store will probably be the best way to go.
Remember that some stores or schools offer rental schemes. This would be a good option if you're waiting for your child to grow enough to have a full size instrument, or even if you're just waiting to see if they're serious!
The big advantage of buying new is that you know the instrument will be in good working order. It may well have a guarantee as well.
But if you're buying from new, there's a way you can save a large amount on the instrument – the Assisted Instrument Purchase Scheme.
This scheme lets children who are at Local Education Authority (LEA) maintained schools to benefit from buying musical instruments, but without paying VAT.
To be eligible your child must satisfy one of the following:
or
All you have to do is choose the instrument you want and express interest, mentioning the Assisted Instrument Purchase Scheme. The supplier should then be able to ask the school to place the order (or the school can place the order for you). You then pay the school, minus the VAT.
Lastly, having gone to the expense of buying your child a musical instrument, don't forget to insure it!
You may be able to include this in your home contents cover – however, make sure you're insured away from the home as well.
Alternatively there are standalone insurance policies for musical instruments available from insurers such as Endsleigh.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at anytime.