From car owning to car leasing, we have come a long way. Owning a car has many responsibilities and requirements like registration, paperwork, taxes, loans, maintenance, repairs etc. The costs associated are far higher than two-wheelers. As an alternative, car leasing has become a much more viable option for prospective car owners. Let's understand the concept of car leasing and how to lease a car in India for your car subscription.
What is car leasing?
Car leasing is a process that allows you to lease a car for a pre-determined period against rent payments. You can select from a variety of car subscriptions ranging from hatchback, sedan, EV, and SUV. You can also choose your tenure between 12-60 months depending on how long you need your car and even request add-ons based on the services needed. The benefits of car subscription include the elimination of hassles like registration, maintenance, repairs, insurance, etc.
How to choose the ideal car for your car subscription
With many options available and to reap the most benefits of car subscription, it is important to choose the ideal car. Here's how to lease a car in India:
1) Car type
You need to determine what type of car that you are willing to get. It can either be a sedan, hatchback, EV, or SUV. This depends on the number of members you have in your family and the purpose for which you are considering leasing the car. The type of car will also vary depending on whether you are an individual, business or corporate.
2) Car lease value
The type of car you select will directly affect your lease rental value. You should consider your budget and the amount of lease rental you are willing to pay.
3) Residual value
Consider the car's residual value if you are considering a long-term lease. Residual value directly impacts your lease rental payments. For instance, if you lease a car of Rs. 10 lakhs for 5 years with 20% residual value (i.e., Rs. 10,00,000 x 20% = Rs. 2,00,000), then your monthly lease payments will be as under:
Monthly lease payment = (Rs. 10 lakhs - Rs. 2 lakhs) / 5 years
= Rs. 1,60,000
4) Lease miles per year
Some lease rental agreements allow you to lease the car for a specified number of kilometres like 5000 kms/year, etc. The rental company may state the cost per kilometre beyond the total kilometres permitted.
5) End of lease options
You must understand the end-of-lease options before you sign for any lease. The options include renewing the lease agreement, returning the car, buying the car or even returning before completion of the agreement. Consider the flexibility of the end-of-lease options. You can consider purchasing the car if you like it and wish to continue. For renewal, you should consider the revised lease rental cost.
In a nutshell
Car subscription is the new way of owning a car today. The benefits of car subscription ensure that you don't have to compromise on flexibility while also being saved from all the hassles of registration, tax, insurance, maintenance etc. Quiklyz is an innovative car leasing platform with a simple 4-step process to get you started. We offer a wide range of car options from all the popular brands and multiple segments. You can select the tenure of your choice from 12-60 months.
With Quiklyz, you only need to pay a single, all-inclusive monthly subscription fee. You even get a dedicated Relationship Manager to resolve all your queries. So, what are you waiting for? Lease your car now with Quiklyz!
