How to choose the right car lease duration?

Car for lease in India is becoming increasingly popular as many realise the added advantages of car subscription over buying a new car. From being affordable to being more flexible, a car lease indeed provides benefits like no other service. 

However, when it comes to finding a car for lease in India, you need to consider a few factors. In this blog, we will discuss the various that should influence your decision when choosing the right car leasing duration as well as share tips on car leasing. 

Choosing the right car lease duration 

Here are some of the factors that you need to consider for choosing the right car lease duration: 

1. Budget 

Budget is often the most important thing before you finalise your car lease duration as even though you don't need to pay the downpayment on the vehicle, you still need to pay payments towards the lease. So, based on your budget, you can determine the number of months for which you want to lease a car. 

2. Flexibility 

You should also consider how you plan to use the leased vehicle before finalising the right car lease duration. If you think that there will be changes in your transportation needs or mileage habits over time, you can go for a lease duration that provides the flexibility to adjust your requirements accordingly. 

3. Technology and features 

Cars are going through massive changes. You can see there are stark differences between two generations of the same car. Clearly, with newer technologies, brands are offering more features for the convenience and safety of users. Therefore, you should take into account the pace of technological advancements in the automotive industry as one of the key factors before finalising the duration of your car lease. 

4. Personal preferences 

You should also consider your personal preferences and lifestyle factors when choosing the duration of a car subscription. For instance, if you prefer driving a new car every few years, you can go for a shorter duration. On the other hand, if you prefer to drive the same car for a longer period of time and get an additional discount on your car lease, you can go for a longer duration. You should also anticipate a change in your commuting needs over the coming months or years before selecting the duration of your car lease. 

5. Penalties and fees

Last but not least, you should review the lease agreement carefully to understand any penalties or fees associated with cancelling the lease early or extending the lease term before selecting the duration for your car lease. You need to factor in these costs into your decision-making process.

Tips for choosing the right car lease duration 

Here are some of the top tips that you can consider before choosing the right car lease duration to maximise your car lease benefits: 

• Understand your financial situation to determine the maximum monthly payment you can comfortably afford without putting an additional burden on your shoulders.
• Check the mileage of the car you want to lease as well as the distance you want to travel with the vehicle during the lease period. 
• Understand your driving habits to figure out how long you'll need the leased vehicle. 
• You can take advice from your financial advisors to make informed decisions based on your financial situation. 
• You should carefully read about the warranty and other terms and conditions before leasing a car.  
• If you're unsure about the car lease duration, you should check with the leasing company about any penalties or associated fees for either cancelling the contract early or extending your lease. 
• Finally, you should consider comparing the lease terms as well as prices from different dealerships or leasing companies to get the best deal for the car lease duration you prefer.  

Conclusion