While car ownership offers its benefits such as convenience in getting from point to point, you will need to deal with hefty down payments and hidden costs such as maintenance, repair, insurance and more. An increasing number of consumers are leaning towards temporary solutions to car ownership. With options such as renting, leasing and subscribing, which is right for you?
Renting is a short-term solution where rental periods are typically from a day to three months.
Leasing is a long-term rental at more affordable rates. By committing to a longer-term tenure – usually longer than a year – rental companies can reduce their utilisation risks and lease them to you at a lower rate.
Car subscription is the latest trend in the automotive industry, where customers pay a monthly fixed rate with flexible tenure and low commitment. It is a more affordable and convenient way of transportation compared to short-term rentals or ride-hailing. It also provides more flexibility as compared to a long-term contractual commitment that comes with leasing.
With these three options, it is essential to note the pros and cons of each solution as different lifestyles have different needs. Before deciding on a solution, you should list down your requirements and see which of these three suits your needs the most.
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