Buying a car involves many things: the large down payment. Well, you need to have between Rs 1 lakh and Rs 2 lakh to make a down payment on a conventional car and then start the monthly EMI. not to forget the periodic service, insurance renewals and other various fees. So having a car is really a chore. Of course, you would like to have a vehicle without so much hassle, but is it possible? Well, on today’s stage, yes it is. It is possible if you have the option to subscribe to a car.
But what is a car subscription and is it really better than your own vehicle? Put simply, it rents the car. Nowadays, in most cases, including the recently released Nissan NIO plans, it’s an entirely new model that comes to you. with a white number plate and enjoy all the benefits of a private car buyer without the hassles that come with it.
Some of the benefits of subscribing to a car are listed below:
- No Insurance or road tax
It is free from annual insurance renewal, road tax, etc. Everything from insurance to RTO fees is the responsibility of the original owner of the car. This way you don’t have to worry about “extra” costs during the time the car is in our possession.
- No down payment
A car subscription is basically like any other subscription. You pay a fixed monthly amount and enjoy the benefits of having your own car. Here you pay a minimum amount and do not have to worry about the deposit. that would affect the savings.
- No maintenance charges
Almost all car subscription companies now offer this as a feature. Since you pay the subscription fees, you don’t have to pay for regular maintenance at all. Everything will be the responsibility of the company that legally owns it. the vehicle you are using.
However, some of the drawbacks of subscribing to a car are listed below:
- No accessories
Skip the subscription option if you’re someone who always customizes the car to your liking. Even if you have subscribed to the car for 3 years, that doesn’t change the fact that you don’t own the car yet. Modifying the car is therefore out of the question here.
- Limited kilometres
Well, that’s like renting the car for a day or a few days. Some car subscription companies place a limit on the number of miles the car can travel in the period it was with you. This is actually a downside for some that are highly functional. If the car exceeds the specified mileage, additional charges will apply.
- Not owning a car
Having a car in your own name is a different feeling and even a status symbol. In a country where buying something is more important than a subscription, you might be missing out on the feeling of actually owning it.
Owning a car
Some of the benefits of owning a car are listed below:
- Full ownership
Whether it’s the small accessories to customize the interior of your car or the major modifications. You have full control over what you can do with your car because it is your car after all.
- Sell whenever you want
Unlike a subscription where you have a contract to use a car for a period of time when you own a car, you don’t have a similar contract. You can sell it the day after you bring it in, or keep it for a decade. It is entirely your decision.
- Drive as much as you want
Driving with a subscription almost always has a mileage limit. But if you have a car, you have the freedom to drive as many kilometres as you want.
However, some of the drawbacks of owning a car are listed below as:
- Higher finance rates
If you are buying a used car then banks generally provide a loan at a higher rate of interest.
- Maintenance charges
Buying a car is never an easy process. Right from the down payment to monthly EMIs to periodic service intervals and insurance – You have to take care of just too much expenditure on a regular basis.