We are witnessing rapid growth in the car leasing industry. It has been in the country for some time and it has done remarkably well for a short period. The future's looking good for the car leasing industry.
Car leasing is a simple process of getting a car under a lease contract. You can choose the car, the lease period, and add other benefits. The contract-making process will finalize the cost to lease a car.
Car leasing service providers let you use the car while they take care of hassles like servicing and insurance. You can simply return the car at the end of the lease. Car lease in India is growing exponentially because of the benefits. Let us look at some things that make car leasing a better alternative.
1. You can drive premium cars
All of us aim for a level of cars that we find attractive. But once you begin the process of buying it you will see that it is more than you bargained for. From the down payment to road tax, everything costs a bit too much. So you end up settling for a lower-level model to make it a venture without much loss.
This won't happen in a car lease since you are paying for what and how much you use. You are paying monthly rent for a car that you have agreed to lease for a fixed amount of time. This amount stays the same throughout the contract. And it is a small amount you only have to pay monthly, so there is no need to spend a lot at once.
This lets you have a little more fun because you can now easily lease a better car with a small monthly rental. You can budget your monthly rental and choose any car you can.
2. Low monthly payment
People are now comfortable with leasing or with the subscribing model of things. So we can see that automobile users seek convenience and comfortability that fit their lifestyle rather than following conventional models. You know exactly how much you are giving each month so you can budget with ease.
The monthly payment is generally small so you can use the money to upgrade to a better car in the future. This also makes car leasing accessible to a wider range of the population. The luxury of a good personal vehicle is not limited to high-level executives only.
In addition, the payments like insurance, road tax, etc. are taken care of by the leasing partner usually. It wouldn't be an exaggeration to say monthly rentals are the lowest of all car finance types
3. Upgrade every 2-3 years.
The automobile industry is launching new models with great technological improvements every year. If you buy a car now, you will be stuck with a car for a long time. As time goes you will have to worry about the car's resale value. Then getting a new car means going through all the trouble of buying a car again.
But with leasing, you use the car till the contract ends, then you simply return it. You return the car and you can choose to lease it again. This time newer models will be launched. You can opt to lease a new model with newer features just like that.
A new car every few years will let you enjoy cars in their prime. You won't be stuck with a piece of old metal forever.
4. Maintenance.
Another major hassle with buying a car is the maintenance and repairs. The responsibility for it is on your shoulders. Missing maintenance can result in more serious repairs to the vehicle in the future.
When you lease a vehicle, you are most likely getting a car with a 3-year warranty. Because most new cars provide at least a 3-year warranty. So when you lease, most of your repairs may be covered. That's one big stress off our minds. You just need to check with the leasing partner to know what is covered under this maintenance and have a safe ride.
5. Flexibility and convenience.
Another benefit of leasing is the flexibility and convenience it offers. You can decide the duration of the lease and get a good car on a budget.
There are various add-on benefits you can choose from. Companies like ALD Automotive offer a wide range of value-added services to make your experience as smooth as possible.
At the end of the lease, you have multiple options. If you have grown to like the car, you can choose to buy it by the end. If you would like to get another car for lease, you can easily. If you want to just return it, you can return it. Car leasing offers flexible options that you can choose according to your convenience.
Car leasing is a growing industry in the country. And these 5 of the many benefits of leasing a car. If you have decided to lease, the only thing remaining to do is select a good leasing company. We, at ALD, are focused on providing customers what they want and need. Make sure your leasing experience is as great as it can be.
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