The most common lifelong goal many people strive to achieve is car ownership. While many people in India own cars today, for some it is still a far-fetched dream. But, there is always a way out. So, what’s an ideal alternative to car buying?
Car ownership isn’t for everyone. Today, people who want flexibility, financial freedom and perks that renting offers, are opting out of the owning-a-car myth and choosing to rent instead. While both renting and buying a car have their own sets of advantages, renting definitely has an edge when the economy is poor. There are several financial benefits to renting as opposed to buying a car of your own. If you’re sitting on the fence about whether you should rent or buy a car, here are a few reasons
Why renting is better than buying?
No Down Payment
Buying a car isn’t cheap, and even if you qualify for a loan, you still need to come up with the down payment on your own. Owning a car doesn’t have to be out of your budget, and there are ways to save even if you haven’t always managed your finances well. When you rent a car, you don’t have to worry about arranging for the downpayment or save for it, because in renting there is no downpayment.
No Credit Check
One benefit of self drive cars on rent is that they’re easier to get. The rent-to-own market allows people to own a car without requiring a credit check. This makes it much easier to qualify for a car purchase even if your credit is less than stellar. All you need to show is proof of identity, residence. and a few other essential documents.
No Interest Cost
As opposed to taking a loan to buy a car, where you have to pay high interest rate on the monthly installments, in renting a car there are no hidden costs that can build up. You pay a pre-decided fixed price every month, which depends on your self drive car rental duration.
No Maintenance Costs
A definite advantage car renters have over car owners is that they have no maintenance costs or repair bills to pay off. When you rent a car, the car rental company is generally responsible for all maintenance and repair costs. Car owners, on the other hand, are responsible for all of their own repair and maintenance costs. Depending on what the repair is, these costs can be quite heavy on your pocket.
Flexibility to change the car
In today’s economy, many people struggle to make ends meet. So, changing a car frequently once you own it, becomes nearly impossible. However, by renting, people have the option to switch to a new car whenever they want.
The bottom line – Renting is better than buying!
The choice of whether to rent or buy a car is a personal one. Before making a hasty move, review the pros and cons, and then make a smart financial decision that is right for you.
So, if you are an aspiring car buyer who wants to enjoy hassle-free car ownership, must checkout Mylescars self drive car rentals now!