Car Leasing India: Dry vs Wet Car Leasing Comparison
What is the difference between Dry vs Wet Car Leasing?
The concept for leasing has changed the way we look at getting a car now. Earlier it is common to rent a house but when it came to a car it was the common idea to buy one. However, the thought process has changed and now you can lease one as it is getting popular. The concept of mobility has changed and the fact that ride-sharing is now getting less attractive due to the virus not going away, the concept of leasing a car is now getting popular. Leasing is basically allowing you to drive a car without paying a huge amount of money or buying it. There is also a tax benefit plus flexibility. It is the best option for those who wish to keep changing their cars often. Now in leasing, there are two types of car leasing. Dry and wet-leasing and we will explain each of them below.
Wet Car Lease
This is the all-inclusive lease program which gives you full insurance for the full tenure plus maintenance and taking care of accident repairs along with providing other services. Like all leasing, there is no down payment required along with as said earlier, insurance and fully taking care of the car being there. Another key feature is that there is an offer for a buy-back at the market value of the car. This means the customer gets the option at the end to buy the car or give it back to the company. There are added benefits like roadside assistance and 24 hours replacement vehicle given.
Dry Car Lease
It has less features than a wet lease and similarly, the cost includes only lease rentals for the car and insurance. So then you miss out on the benefits like the maintenance plus accident repairs plus other features which are there on wet-lease are not on here. So the customer will have to bear the cost to maintain the car plus the buy-back unlike wet-lease is available only at a pre-determined value. Insurance is covered here though.
Dry vs Wet Car Leasing Comparison - Which is Better?
In the end, both offer you more benefits over a plain lease which only covers lease rentals and nothing else. In terms of both dry and wet lease, there are benefits which both have as they offer zero down-payment plus have flexible tenure along with the usage and carry the tax benefit. However, amongst the two, the Wet lease offers more benefits and features which means it offers more value along with peace of mind.
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