Exploring The Benefits Of Car Lease For Dual-Income Couples

Introduction

Earning couples often consider upgrading their lifestyle by buying a home or a car, but buying a car is really a wise decision. Car lease presents a smart and flexible alternative to buying a car, particularly for dual-income couples looking to optimise their finances and lifestyle. In this article, we will explore car leasing for couples and the benefits of car lease.

What is car leasing?

Car leasing, often referred to as cars on subscription, is essentially a long-term car rental. You rent a car from a leasing company for a specified period-typically between 2 and 5 years-and make monthly payments during this period. You return the car to the leasing company at the end of the lease term, or you can buy or upgrade the car.

How do cars on subscription work?

•  Choose your desired vehicle model.
  
• Agree on the term of lease - can range from 1 to 5 years. 
  
• Decide on your annual mileage limit - generally ranges from 10,000 to 20,000 kilometres per year. 
  
• Pay an initial deposit - often equates to a few months' lease payments.
  
• Make fixed monthly payments throughout the agreed term.
  
• Return the vehicle at the end of the lease term, upgrade or pay the remaining amount and buy the car.

5 Key benefits of car lease for earning couples

Here are the top 4 benefits of car lease for dual-income couples:

1. Financial flexibility

One could argue that buying a car outright is great because it's an asset you own outright, but on closer inspection, it's not that simple.

Let's assume a dual-income couple decides to buy a new Maruti Suzuki Ertiga, which costs around ₹9.84 lakh. They would have to shell out a significant payment in the form of EMIs for the next few years, which locks up a huge chunk of their income.

On the other hand, with cars on subscription model, the same couple could get a similar model with an all-inclusive monthly payment far less than the EMIs for car ownership. Critically, this frees up money for other financial goals like buying a house or on children's education.

2. No worries about depreciation

With car leasing, dual-income couples need not worry about depreciation-a car's loss in value over time. When you own a car, depreciation affects you directly when you decide to sell the vehicle.

With a leased car, issues such as depreciation and resale value are the leasing company's concerns, not yours. Thus, you can enjoy the car without worrying about its resale value years down the line.

3. Access to the latest vehicles

Vehicle technologies are evolving rapidly. So, committing to a five-year loan for a car that might be outdated technologically within two years doesn't sound smart, does it?

With leasing, you have the flexibility to switch cars at the end of your lease term. This means dual-income couples can always have the latest tech in their vehicles.

4. Tax benefits on car lease

Did you know that if you lease a car, you can enjoy some car lease tax benefits? If you take a car lease in India, the monthly lease rental can be claimed as an expense while calculating taxable income. This can provide significant savings for dual-income couples who fall under a higher tax slab.

5. Maintenance and insurance included

With cars on a subscription model, insurance and maintenance costs are included in your monthly rental. This provides dual-income couples with predictable monthly expenses and no unexpected repair bills or insurance renewals-so more time for fun weekend trips!

Conclusion

Car leasing for couples offers an attractive alternative to traditional car ownership for dual-income couples seeking greater financial flexibility and convenience. With options like Quiklyz offering cars on subscription models that bundle insurance and maintenance into an affordable monthly rental, the future of mobility is here!

If you are considering a car lease in India, Quiklyz offers a streamlined process where you can have your dream car delivered right to your doorstep in just few simple steps.