Sooner or later in your life you're probably going to be in a situation where you'll need to rent a formal suit. You may even need to rent several tuxes for different occasions in your life. Perhaps you need one for a prom, the opera, wedding, an awards ceremony, a fundraiser of special social event. So, do you rent or do you buy?

The answer depends on who you talk to. There are some who insist that purchasing classic tuxes is a great investment, especially if you know you're going to be wearing one on more than one occasion over the next four years or so. But you don't always know this ahead of time. Plus, purchasing your own tuxes doesn't necessarily allow you to wear the trendiest style of the formal suit.

Whether you choose to rent or buy tuxes, there are some guidelines you should follow to help you choose the best one for your needs. First of all, you need to know the occasion. You can get away with wearing different types of tuxes depending on if the event you're going to is during the night or during the day. Find out the dress code. If you have a date, you can always ask what she's wearing so that you can choose something to compliment her outfit. Don't be afraid to define your own style. If you like the more conservative style tuxes, stick with those. Something more stylish often works well if you're a little more trend conscious and the event allows for it.

It important to know when you're going to need your tux so its best to reserve rental tuxes a few weeks in advance. But if you need one during peak time such as prom time, then you'll want to book a rental well in advance. The same holds true if you're renting a tux for a traditional wedding. Give yourself around three months before the wedding to make sure that you can get the types of tuxes you want. Buying a tux may take even longer because you may need to specially order fabric and you'll need a few fittings to make sure the suit is a custom fit to your body type.

Set yourself a realistic budget whether you're buying or renting tuxes. Rental prices vary depending on the type of formal wear store you're going to and the type of suit you're choosing. For the teenager looking for a basic tux for a prom, you can often get one for just $50. Better quality tuxes will cost more and if you're older and going to a formal event, you'll probably want to spend the money and invest in something a little bit nicer. The same holds true if you're a groom or a groomsman.

Know the basics of tuxes. There are different styles and different colors, but every tux is a complete outfit that includes a jacket, trousers, tie and a vest or cummerbund. You can often rent accessories such an handkerchiefs, cufflinks and shoes as well.