You can now bring your dream car home without any downpayment. Automobile companies are providing car leasing services to Hyundai, Mahindra & Mahindra, Skoda and Fiat retail customers. According to the website of the legendary auto carmaker Hyundai, the Hyundai Grand i10 1.2 Era Base petrol variant is available on lease at Rs 8,936 (with GST), for 60 months or 5 years. If you buy the same model, the on-road price is Rs 5.51 lakh, with a monthly installment of Rs 9,599 a month for your 5 years or 60 months, with a 10 per cent interest. In a car leasing plan, customers don't have to worry about resale or down payment hassles when switching to another model. You can only drive the car of your dreams by paying a fixed monthly fee. The lock-in period of leasing is at least 2 years while the maximum is 5 years. Let's know the full details

This important thing is that leasing can prove to be a little more expensive than buying in the long term. Hyundai's SUV Creta's 1.4 Diesel E+ is leased for five years at Rs 17,642 (with GST). If you pay a down payment of Rs 3 lakh on this car, you will have to pay Rs 17,845 per month at a 10 per cent interest rate, which is Rs 13.70 lakh. On the other hand, if you take it on lease, you will have to pay Rs 17,642 every month. This cost does not include maintenance and insurance costs. If you sell it on a 40 per cent depreciation after five years, you will get Rs 8.22 lakh, which is about Rs 2.36 lakh less than your leasing cost. The leasing option is right for you only if you don't have enough money to make a down payment. Its advantages and disadvantages are both.

The biggest disadvantage is that if you fail to pay the lease installment sparingly, you are fined severely. Monthly rent for a short period costs two to three years and you don't even have a vehicle after the term ends. Also, if it comes to profit, the fare is lower than the EMI, buyers don't need to bear maintenance and insurance costs, and after any two to three years you can upgrade to the new model without any hassles. In addition, there are some subscription schemes that are offered by platforms such as Zap and Revv. Its monthly fee is higher for the first 12 months than the remaining 36 months. Away from leasing, the car comes with a commercial license plate under the subscription scheme. However, subscription offers a more flexible lock-in period than leasing.

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