Today we have access to everything like the latest mobile, laptop, bike, car and even a home that can be purchased without even having a big fraction of the value of the item just by paying for them through EMIs. But the stark reality is that not only does purchasing items this way place a huge strain on our livelihood, but a good number of these items are also hardly used to justify its purchase. Realizing the same and not making enough to own these items this way, the Millenials have shunned ownership and prefer renting these for when required things instead. From renting furniture for a short period to be comfortable without a commitment to pay for them in full to gym equipment or even clothes for a special occasion, the Sharing Economy is being adopted in full swing.
One such thing to rent that makes the most sense is a vehicle be it a car or bike. Think about it, a typical bike is close to Rs 1 lakh these days and a car happens to go above Rs 5 lakhs. Break the cost to EMIs with the high rates of interest charged and you’ll have a big chunk of your salary or income impacted by it, preventing you to save for the future or enjoy small indulgences like going out, travel etc. Understanding the problem there are a good number of startups providing Self Drive Rentals of cars and bikes for little as an hour to much longer periods like months or even years. These vehicle rental services bring in a lot of advantages without the burden of ownership. Listing a few are as follows:
Rent Only when you Need
For those availing office transport to work, living near the workplace or using public transport like metro keeping in mind cost, convenience, and even safety, purchasing a vehicle can be a very unnecessary asset that only depreciates in time while not being used to even a fraction of the time. When a vehicle is needed which is usually on the weekends or for going to places other than work just rent one. With vehicles available all around the city by services like Bounce
or Zoomcar, availing them becomes a hassle-free experience.
Substantially Lower Cost
Longterm Car or Bike rental is firstly substantially lower on a monthly cost basis while you get to keep and use it as your own during the period is a very similar experience to owning a vehicle itself. Next, there is no downpayment to worry about when it comes to renting a vehicle as there are Self-drive Rental companies that do not even charge a Security deposit for short or longterm rental like Drivezy.
With hybrid car subscription models provided by Zoomcar called Zap subscribe, you can even re-rent the car when you may not use it like if say if you are out of town and reduce your monthly rental costs even further.
No Spending on Vehicle Service, Maintenance, Insurance, etc
Before jumping the gun on purchasing a car or bike that perhaps may even meet your budget, it is vital to know about its Service, Maintenance and Insurance costs on a yearly basis and then break it down to how much it may thereby impact you in a month. Add that to the monthly EMI and compare the same with renting a very similar car for the long term and you will be baffled by the difference. This has made sense so much so that now vehicle manufacturers like Hyundai, Mahindra, and many others themselves rent their vehicles on a long term basis while completely taking care of the Service, Maintenance, Insurance, and other costs.
Change or Upgrade Vehicle to your liking or Need
Ever pondered on a situation wherein the car you want to own may not be ideal for a trip or travel that you may have planned like the car you wish to own has just 5 seats but more people are coming along? Or say it is a small hatchback but the place you want to travel is a hill station where power and ground clearance matter and an SUV could be better. When you purchase a car it’s done, you can hardly make any further changes thereby deciding on what all you may need to use the vehicle and finally choosing the one that checks all the boxes will make the cost go way beyond what your budget was. When you rent a vehicle, it’s short term commitment that can even be canceled anytime or even upgraded to a different vehicle provided by some providers like Zoomcar or Drivezy.
Vehicles Ownership worries like Resale are Nullified
The life of a typical vehicle is less than 10 years. Or, usage of around 1 lakh km, depending on vehicle to vehicle. During which it goes through multiple events like services, usages, incidents, scratches, part changes, etc that end out to become more of a liability in the longterm. Some keep it for that long, while others have it resold as Second-hand vehicles or get it exchanged for a pittance thinking if it was worth all the hassle. If you are more of the idea that a vehicle is a means to travel than to keep and worry about, Self Drive Rental is the best bet for you!