1 On the low end, tuxedo rentals start at about $50 to $100 for rental of a basic wool tuxedo and vest. 2  In the mid-range, a groom can buy a nice suit for between $300 and $800. The average groom spends $116 on accessories, according to the Bridal Association of America. 2  While rented tuxedoes should fit perfectly, grooms who buy a suit or tuxedo might need alterations, which will cost $30 to $100 or more, depending on the complexity of the alteration.