In this article, we will discuss about renting vs buying a car. Having a car is the dream of almost every person. In recent times, having a car in every family has become one of the most important necessities of life.
Earlier having a car was a sign of luxury, but now it is mandatory and has become a necessity of life. Talking about cars, earlier there were limited options available to everyone who wanted to own a car or who had the idea of having a car. But with the changing times, the way of earning of people has changed a lot and the definition of owning a car has also changed a lot. Previously, very few or limited options were available to any individual. But now, there are lots and lots of options available in every segment.
renting vs buying a car
Earlier there were only a few companies offering cars in the market, but now there are a lot of competitors in each segment like small size, medium, SUV or commercial cars, and customers have a lot of options and options to choose from. , Now the second thing is that when all these options are available with the customers then the next thing that he has to keep in mind is how to buy that particular car. In recent times we have seen that the trend of buying a car has come down due to a very important change, that of car rental. It is a concept that came into existence a few years back when people thought that there are customers who do not need a car on a daily basis or for a long period, but they need a car for a particular task or for some occasion or for a particular task. It is needed. Fixed period of time, so why not rent a car to these customers who need it.
In this way the objective of both the customer and the offerer will be solved. The offer will get the price of his car for the period for which the customer needs it and the customer will get the car for the purpose and work he wants to fulfill. So it became a very good tradition among the customers and people who needed the car for short period of time. They simply go out and rent a car for a specific period and then return it after the work is done. So, now a customer has two options available to him. He can either go out to buy a car or go out to rent a car. We need to understand our purpose before buying or renting a bus.
There are a few things to keep in mind before making a choice. These points are-
1. Stability– We need to see if the person is well stable in his life? If he has a permanent job? And does he need to go to office daily or not? How often does he have to attend his meetings, important calls, conferences and complete other tasks on a daily basis? Then renting a car for these types of customers will be costlier than buying one. This type of customer if they take a car on rental basis, it will be expensive as they will have to take it for a longer time and hence they will have to pay higher rent, but if they go out to buy the car it will be their personal car And at the same time they will have the option to pay in different modes which they want can be EMI, Loan, Borrowing or Self Pay.
2. Temporary– There are some people who go out for a short time for vacation, for official purposes, business trips, meetings or conferences, and there they need a car. In such a situation, renting a car is the best option as the customer will not have to worry much about anything. He just has to choose the car that he likes and he can keep it for the required number of days and finally he can return it when the job is done. That way he won’t have the problem of taking care of the car, he just has to pay the rent and use it and get the job done.
Buying a car doesn’t mean just a car, there are many other things related to the car that need to be taken care of like monthly EMIs, loan repayment, insurance, parking, maintenance, repairs, and many more. If we keep adding all these things then it will be a huge amount which a car owner has to pay regularly.
Now we will discuss the various pros and cons of buying a car.
Benefits of buying a car
- The person buying the car is the rightful owner of that car.
- One can customize the car as per his need and desire.
- The money he spent went into the ownership of the car.
- One has the freedom to sell, or rent or lease a car as per his requirement.
- One need not worry about any mileage or return date or fare.
Disadvantages of buying a car
- Monthly EMIs and loans are much higher than car rent.
- Loans have become a necessity these days to buy a car.
- The cost of a car decreases with each passing day.
- The owner is responsible for all maintenance, insurance, warranties, repairs and everything related to that car.
So in the above paragraph, we have discussed the pros and cons of buying a car. So a person can look at all these points one by one and then decide which factors are best and suitable for him and can choose whether to buy a car or not.
Now I will discuss the pros and cons of renting a car.
Benefits of renting a car-
- Many a times we have seen that the monthly rental of a particular medium sized car is less than the EMI loan of the EMI that the customer has to pay.
- The customer is not responsible for the repair and maintenance of the car at the time it is hired.
- If a person wants to change the car based on the model and his needs then he can change it again and again as per his choice.
- There are different situations when a person needs to upgrade or replace the car depending on the situation, at that time he does not have to worry about selling it.
Disadvantages of renting a car-
- Every rental car has a certain mileage or distance that it can cover in a particular month which makes it difficult for the customer to complete his work.
- The contracts are sometimes for a minimum of one year, making it difficult for short-term customers to rent a car.
- There are a variety of fees and penalties associated with his rental car.
- The customer needs to keep track of all the dates he has to pay rent and other maintenance.
- If a person needs money urgently, he can neither sell nor rent.
So these were the advantages and disadvantages of renting a car. Readers can understand these points one by one to understand what are the benefits and what are the demerits associated with renting a car and then go through their likes, needs and wants accordingly.
Looking at the current situation, we can see that technology is changing very fast and the way people, customers mindset is changing, and business has to change accordingly. The car rental business has become a huge industry and has a lot of potential to attract a lot of people. Customers money and everything we can think of. With the changing times and technology, a lot of startups are coming up which are providing car rental facility as per the choice, needs and demands of the customer.
They have created their own website and app through which customers can book their car as per their choice.
- Apps – There are dedicated apps available on the internet which the customer can browse through all the available cars and then select as per his needs and demand.
- Website – There are various websites available on the internet that provide A to Z solutions for all the customers who want to rent a car for their personal use.
These apps and websites allow users to have the best experience of their lives. These are easy-to-use apps and websites where people can select a start date and end date until the car is needed. There are different segments or types of cars. There are different types of cars available for rental purposes. There are small cars, there are medium sized cars, there are SUVs, there are jeeps, and there are other cars available. The customer can select the date when he wants the car, as long as he needs it, and he can select the particular car he wants, and then pay accordingly. The options are so easy to use and user-friendly that even a non-technical person can easily complete the process.
Then there are the details that a person needs to fill such as his/her name, age, driving license details, and others which are important for renting a car. Then he will get an option to choose the delivery place from where he can get the car, and then he can enjoy his ride.
If you look at the developing countries nowadays, people are becoming more and more dedicated towards their work and goals in life. They do not have much time to spend on these things, which will consume more time and energy, so the car rental business has grown a lot in every country of the world.
It has become a great idea for startups, who have money, and want to start something new in their life. Now different companies are also offering attractive offers and customized packages for their customers who want to rent a car for a long term. There are different websites available where customers can visit and compare the prices of different cars on different websites and then choose the best car according to them.
So, in the end, we want to say that in the article, we have discussed very closely about car rental and car buying.
We have discussed each point in detail so that when a reader reads this particular article, his concept will be very clear as to what he has to do. But then it all depends on the customer, his needs, his preferences, his demands and his budget. A person has to consider many things before making a choice. We all know that there are so many options available in the present time but it is up to us what is best for us, what we want, and what is the one that will serve our purpose.
So even in case of cars, we need to be very careful and cautious while deciding to buy or rent it, as it involves monetary risk as well as other risks that we need to take care of. So once we have analyzed everything we can go out and take advantage of all the facilities available around us to fulfill our goals in our work and life.