Like with every other aspect of modern life, car ownership has also gone through a transformation in the last two decades. Gen Z and millennials primarily considering a vehicle for mobility’s sake and not just as a status symbol has been the reason for the growing acceptance and popularity of subscription-based mobility and long-term car leasing in India. But the question still remains, how viable actually is long-term car leasing in India right now? Let’s get through the basics first!
Car Subscription Vs. Leasing
Sometimes used interchangeably, car subscription and leasing have slight differences. While a subscription enables a person to own a vehicle for short durations like a few months to a year, leasing is generally for a couple of years. The registration certification (RC) in a subscription agreement is in the name of the company and the number plate is black colored. In a leasing contract, the vehicle is registered in the user’s name and the number plate is the usual white-colored one. With that settled, now let’s have a look at the current landscape of long-term car leasing in India in detail!
The Transition from Ownership to Usership
Being a traditionally rooted country, the concept of car leasing or renting out prized possessions like a house or a vehicle in India was always dismissed without consideration. Thus, long-term car leasing remained available and accessible only to the corporates and their members until recently. With Avis India pioneering corporate leasing since their inception in the late 90s in India, now major Indian automakers have entered the game to lure in customers seeing the growing scope of personal leasing in the country.
As mentioned earlier, with a great population of millennials pouring into the workforce in the last decade, individualized car leasing suddenly could establish itself in the Indian market in a defining way. The growing accessibility and flexibility of lifestyle choices of youth gelled well with long-term car leasing possibilities and hence the hope for car leasing to become a major mobility solution in the years to come.
Status of Long-term Car Leasing in India right now
While still occupying just a 5% market share currently, the future of long-term car leasing in India holds a lot of promise because of the reasons enumerated in the earlier passages. The impact of covid-19 was also visible not just on the traditional vehicles sales but also on the leasing industry. On the flip side though, the pandemic opened ways for people to consider leasing as an unrivaled mobility solution when it comes to safety, health, usage, and financials. With the pandemic slowly ebbing out (hopefully), things have already started to look much brighter for the future of long-term car leasing.
Avis Lease as your trustworthy partner to get the best leasing deals on your favorite cars
With over 20+ years of serving more than 400 corporates and thousands of individual customers, Avis Lease is the place if you’re looking to get the best leasing deal with guaranteed trust and top-notch service. Covering the full-scale and scope of your car and its related services, Avis Lease ensures you a completely hassle-free and integrated mobility experience. Visit https://www.avislease.in to explore endless possibilities of leasing your favorite car and starting your seamless journey with Avis!
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