Car Leasing VS Car Buying

Car leasing is still a new term in India when you compare it with car ownership. People consider cars as pride and possession and look to keep their cars for a minimum period of five years. With the slowdown in sales, it might be an opportunity for many carmakers to hold descent.

Recently car makers such as Hyundai, Tata , Mahindra and Maruti have come up with attractive plans. In such plans, you can rent some select models from these brands at a monthly cost with no down payment and keep the rented car for a period of 3-5 years.

Apart from these, the car leasing companies are now being seen as a good prospect for many new buyers. According to SMAS India, a leading car leasing company in India, car leasing is an efficient alternative to car loans and is now a globally preferred method for acquiring a car, providing a one-stop solution for all vehicle needs. 

Both car leasing and car buying have their own set of pros and cos. Let us discuss one by one.

Car Buying

Pros of  Buying a car:

• You are the owner of the vehicle you are buying

• Your car has a resale value

• You can modify and upgrade your car in any way you want.

• You own the car for as long as you wish.

• You can drive your car as much as you want as there is no minimum mileage limit while reselling the car

Cons of Buying a car:

• You have to pay the entire amount at once using cash, loan or financing which also consists of negotiated costs including cash price/down payment, taxes, insurance plus registration fee.

• You have to take care of reselling or trading your old car on your own.

• Your car will depreciate over time.

• You have to pay for the oil changes, accidental damages and maintenance of the car from your pocket.

• You have to own the car for a long term for it to be cost-efficient.

Car Leasing

Pros of Car Leasing:

• You drive the car in its most trouble-free years.

• You can change the car every few years and choose the latest model.

• Zero down payment with Monthly payments till the end of the term. 

• Taking a car loan is usually not required.

• You can drive a higher-priced, better-equipped vehicle than you might otherwise be able to afford.

• You're always driving the most recent model and one that's usually covered by the manufacturer's warranty, which may include free oil changes and other scheduled maintenance. Repairing cost is not a factor.

• You don't have to worry about fluctuations in the car's depreciation value or go through the hassle of selling it when it's time to move on.

• There could be significant tax advantages for business owners.

• In the end, you just drop off the car

• You can also opt for buying the leased car once the term is over at its depreciated cost.

Cons of Car Leasing:

• You have to incur a penalty if you end the lease prematurely. A car can be leased for a minimum of 2 years to a maximum of 5 years. 

• At the end of the tenure, you don’t own the vehicle.

• Leasing a car in India can be costly compared to buying considering the resale value of the car, especially for longer terms.

• There is a mileage limitation for car leasing and exceeding the limit will result in additional fees for the month.

• You will not be able to upgrade or modify the car in any way.

• According to the plan you choose, you may have to pay for maintenance and servicing. A plan including such services will cost more.

Verdict

Both buying and leasing have their own set of pros and cons. It is up to you to decide whether you want to lease or buy a car according to your requirements. While buying offers you peace of mind, leasing offers you the benefits of driving new cars every 2-4 years. Owning a car involves complicated procedures from dealing with the car dealer, maintenance workshops, taxation, insurance company etc. On the other hand, vehicle leasing service centralizes these procedures and helps to significantly reduce administrative work and time along with financial advantages, comfort and flexibility.

Leasing a Car through MyNewcar.in 

Mynewcar.in let's you lease the car of your dreams with just a few clicks.

https://mynewcar.in/lease-your-car

Leasing a car on mynewcar.in - Know the Process:

1. The "Buying Services " on mynewcar.in provides you with an option of ‘Leasing’. Once you click on it, you will have to fill the vehicle details including the brand, model, variant of the car. Also, the fuel type and transmission have to be provided. So, keep all that info handy. You will have to provide the city you will be driving the car in.

2. Lease calculator lets you calculate the lease of the given model for the number of months you will be leasing the car for. you can lease the car from 12 months to up to 5 years.

3. Your personal details have to be provided such as name, address and mobile number for documentation purposes.

4. You may upload your lease documents if you have any. After filling out all the details you can ask for lease quotes of the car you have selected.

Explore MYNEWCAR.in. We are an online marketplace which simplifies the car buying process by providing a transparent, convenient & safe purchasing experience. You can get Brand neutral expert advice, Search Cars, Compare Cars Online, Book a Door-step Test Drive with a click, Get On-Road Price, Offers & Discounts and Book your new Car Online. 

We provide Finance, Car Leasing assistance along with an option to Exchange your car and renew your Car Insurance  with discounts upto 40%, all under one-roof. 

We also bring Latest Automobile News for our readers including Buying Advice, New Car Launch Updates, Car Offers, Reviews and much more. Not just that, MYNEWCAR.in  also provides you with car maintenance tips and car driving tips for your car.

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