Renting a car instead of buying it is becoming a trend, is this the future?

Car on Rent Trend: Having your own car is everyone’s dream. Many people have fulfilled their dream of buying a car today. But now the trend is gradually changing and people in cities are preferring to rent a car instead of buying it. Let us tell you that the biggest reason for this is the increase in the prices of cars, maintenance, insurance, parking problems and also the cost of petrol and diesel.

Whereas there is no problem in renting a car. So today let us understand in simple language, for whom renting a car is the right decision.

These people can rent a car

Let us tell you that, if you do not drive daily or are living in a city for a few months. So renting a car can prove to be a better option. In this, there is no need to worry about down payment, loan EMI and resale value of the vehicle.

Because, if you think of buying a car worth Rs 10 lakh instead of renting, then you have to pay an initial down payment of around Rs 2 lakh and an EMI of Rs 15,000 to 18,000 every month for the next 5 years. Whereas on rent you have to pay only Rs 20,000 to 30,000 monthly rental without any big down payment.

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They may face losses

Renting a car is not the right decision for everyone. If you travel long distances daily. Use a regular car throughout the year or travel frequently with family. So buying your own car may prove to be more economical.

Because if you buy a new car, its resale value may be halved in 5 years as soon as it leaves the showroom. But the total cost of paying rent continuously for a long time is much more than the EMI of your loan. Apart from this, rental companies also impose fixed kilometer limits, extra charges and some rules.

Is this the future?

If we talk about the future, then taking a car on rent is gradually going to change the direction of the Indian automobile market. Because, as the craze for electric vehicles increases in the coming time, people will consider renting a car as the safest option instead of buying it due to the fear of battery damage and reduction in resale value. But, this does not mean at all that the trend of buying a car will end completely.

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