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4 Reasons Why Car Subscription Is the Best Option Than EMI Scheme

Why car subscription is better then EMI Scheme

Along with the ever-rising population in the world, the need for more means of transport has also increased. Many automobile production giants are dropping innovations in the market, and several high-end brands like Tesla are also getting launched here in India.

However, having a car is not limited to just buying it. It is the maintenance, servicing, vehicle taxes, and insurance that make the experience quite hassled.

Progressive individuals prefer a novel way of using a vehicle- by subscribing to it! The practice of car subscription in India has started after almost a decade of its advent.

Automobile subscriptions have been accessible since 2010, when Rima Braden of Autosource, LLC in Honolulu, Hawaii, introduced “Flexlease,” a short-term customizable auto acquisition service. In 2013, the service was renamed “Carousel” and was limited to the city and county of Honolulu. It is still in service today.

How Does Car Subscription in India Work?

All you have to do is sign up, pay a monthly fee, and drive the car while paying for petrol. The leasing company and the OEM would pay all other expenses, such as repairs and insurance.

The contract is available in 12, 24 and 36-month terms, with the option to renew, upgrade, or purchase the vehicle at market price after the subscription period has ended.

Two number plates are available as part of the subscription program. The vehicle is registered in the customer’s name and hypothecated to the leasing company with a white number plate, and the car is registered in the leasing company’s name with a black number plate.

MyChoize car subscription is one of the car subscription services in India that gives its users safe, tested, and sanitized cars at a minimal monthly cost.

Why Is It Better Than EMI Schemes?

Removes The Anxiety Of Paying Interests

If you want to buy a car, you’ll have to fund it, which means you’ll have to take out a loan and pay it back in equated monthly installments (EMIs) at a high-interest rate.

The subscription model proves to be more cost-effective. All that is expected of the consumer is to pay the manufacturer the monthly car rental in addition to the one-time refundable deposit.

Lesser Instalment Amounts

In the long term, subscriptions are less expensive than buying on EMI. The former has a fixed monthly payment rate that does not include ancillary expenses such as insurance, repairs, and so on, although it is usually less than the monthly subscription amount.

Furthermore, compared to buying on EMI, a subscription has a more flexible lock-in duration (minimum 6 months and maximum 2 years) on average.

Change Your Vehicle If You Get Bored

This is the biggest benefit of subscribing over buying a car. Car subscription is a great choice for people who don’t want to keep their vehicles for more than 2-3 years.

During the tenure of your subscription, MyChoize car subscription offers unlimited kilometers! Drive as much as you want and if you want a change, you can move to a new vehicle as soon as your membership ends!

Great For People Who Have To Shift Homes

For individuals with transferable occupations, paying a monthly car rental is more feasible than buying a car and having to ship it every time they move. On the flip side, if they buy the vehicle, they need to invest a huge deal of finance and time into maintaining it.

Summing up, for an economy struggling to stand after a huge setback, its people may find various ways to cut down on expenses to make ends meet. In such scenarios, investing in a vehicle may not be affordable to everyone. MyChoize car subscription services promise to provide its users an amazing driving experience with no liabilities and no limitations!