Black Tie

I'd look on auction sites or places that sell quality second-hand gear - you can pick up top quality used for less than a new third-rate outfit.
 
Hire one and save for an appropriate suit later. If you're stil studying think:
1. How often will I actually wear a suit
2. Will my body shape change
3. It's black tie so actually should I not be buying a DJ, dress shirt and learning to tie a bow tie?

If you're set on buying a cheap suit just for now go to M&S
 
M&S don't do just cheap suits. They have a nice range of formal wear, too. Including dinner suits (i.e. DJs and dinner trousers) and some very nice dress shirts.
 
Group of us from work going to an awards ceremony tomorrow, all rented one from from MosBros, in the end was about £45 a person, includes everything, fits perfect as well!
 
I wouldn't spend a lot of money. It's something that's worn pretty irregularly to say the least and it's an occasion during which everyone will be drinking or generally letting their hair down.

I'd spend a lot more on a work suit.
 
I used to rent them until I realised that even after two or three rentals you may as well have bought one.

I got one tailored the last time our 'suit guy' came around.

So you're almost 30, chances are you'll be invited to other such events over the coming years. You may get a little fatter over the coming years but you can get one a little loose to accommodate.

In short, just buy one.

Also, black tie = tuxedo / dinner jacket with bow tie. Only.
 
Black tie is generally seen as a tux (not a suit and a skinny tie!)

You can either rent a decent one for ~£100 (paying more if you damage / spill anything on it)

Buy a crappy one from Matalan or somewhere similar, sometimes as cheap as £60

Buy a half decent one in some sort of sale

Id go with option 3 as no doubt you will need one again and they hardly go out of fashion. I paid £200 for tux, bow tie and shoes from Moss Bros (£150 for tux and bow tie, £50 for shoes)
 
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