A vehicle was a luxury for a long time in our past and now it has become a necessity due to the advent of the pandemic. It put forth challenges in the transportation sector and businesses as well as individuals faced the need to use vehicles more than ever. Employees commuting to work after the restrictions feel certain anxiety due to safety concerns. Public transport is no longer considered a safe option by many employees. A private vehicle is anyway desirable because of the convenience and comfort.
The manufacturers and leasing partners are seeing a rise in people opting for car subscription plans. It has become the most convenient way for people to get a car for themselves. Company car lease for employees is a concept that is getting more acceptance each day. Car leasing companies in India like ALD Automotive offer flexible tenure options with a fixed monthly fee that covers a wide range of costs you will need to face with using a car.
The costs like road tax, insurance, maintenance, vehicle cost etc. are taken care of once you pay the monthly rental. You can also add additional services to your plan and diminish your worries by a great amount. The cost to lease a car is the cost to enjoy your ride to the fullest. But only if it is suitable to you. There are various scenarios where it may be lucrative and beneficial to lease a car. Some scenarios exist where it might be beneficial for you to purchase a car instead of leasing. This article will venture into the situations where a car subscription or leasing suits the best and the scenarios where a purchase is preferred.
Now, let us see which choice among these will be best for you.
When must you opt for a car purchase?
If you are looking for a family car: Even though family cars can be leased, if you are looking forward to taking long family vacations once in a while, car subscriptions may not be for you. Because some people feel a certain security with owning their own car which they may not feel with a leased car. So if you are patient enough to purchase a car, that will remain yours until you decide to sell it or become unusable.
If you are interested in customization: Most of us look for the driving experience and look of the car. But some people like to tweak the look to make it resonate with their style and to make the driving experience better. It may be using bumper stickers or adding a spoiler, but it is a huge no-no when the car is subscribed or leased. So if you are one of those people who love customizations, rather than leasing a purchase will be perfect for you.
If you are fine with out of prime cars: Cars like everything else will not be forever in their prime condition. But if you are someone who does not mind using a car for a prolonged time while the new cars offer improved tech and designs. Some people will have a dream car and once they get it they will be happy with it and may not feel the need to upgrade.
If you like going on long drives: Leased cars are usually sanctioned with two number plates. While one is private the other is commercial, so this may lead to higher toll amounts. If you are someone who regularly takes long road trips you must keep this expense in mind.
When must you opt for a car subscription?
If you regularly move cities: If you are someone who shifts regularly, the car leasing model will be your best choice. People who have just started their career usually seek better opportunities and they will have to shift regularly. Buying a new car wherever you go is expensive beyond any doubt and it does not make any sense. The road tax and other expenses will tear your wallet and empty your savings. But nowadays, you can easily lease a car wherever you go. Even if you are moving cities and you are using a leased company car, ALD Automotive has a unique contract where it lets you take your company car to the next job quite easily. So leasing is your best option in this case.
If you love driving new cars: We can see how fast the technology is growing each day and how it is being used by different industries. Automobile industry is quick to adapt and use technology. Each year we see newer models with newer tech which elevates the driving experience and increases safety. It is only normal that people are itching to try the new ride. Even if you are keen on purchasing it is better to try out a short term lease rather than short test drives. Lease the car for a year, then decide whether you want to buy it. Or you can simply use it till the lease ends and upgrade to a newer one by leasing again. That way you will be experiencing better rides without wasting a ton of money.
If you want to avoid a down payment: Down payments have been an unavoidable hassle while getting a car until the arrival of leasing. Now with leasing you will save up on the down payment cost that you cannot escape on a car purchase. It is a good choice to save money, especially if you do not want to spend a big amount at that given moment.
If you want to simplify the process of getting a car: Getting a new car by purchase means you have to go through a ton of tiring paperwork. It can be avoided with leasing since everything is just a click away now. From selecting a car to payment, everything is under your fingertips.
If you plan to shift to an EV: As we all know EVs are expensive. But there is no argument about their future potential. They are the future of mobility. But the cost of an EV may surprise some. If you can afford one easily and prefer buying, you have that option. But with the rapid improvements in technology may produce more improved EVs, so upgrading to a better one won't be cost-effective if you purchase one.
These are some of the facts to consider before jumping into purchasing a car or leasing a car. Be patient and analyze the situation in regards to your needs. Make your final decision about purchase or lease after going through these scenarios.
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