I have never owned a suit. I have hired one or a few though in the past. You can get away without one for a funeral now, but still not a wedding. Sometimes there are social occasions when you need one too.
The hire price will probably be around one hundred dollars plus. Well, I really wonder why you would bother when you can buy a new suit for sixty dollars. Ok, it is not D&G or even Sires or Peter Jackson, but hey, it is a jacket with matching trousers. No-one will tell your that your pant has a wonderful cut, or it must be tailor made to sit so well.
But after trying one on in an el cheapo shop, I think your sixty dollar suit is not a bad call in comparison to suit hire.
Of course, I wouldn't be seen dead in one.