Automakers make hay as car leasing gains momentum
Vijay C Roy
Chandigarh, May 17
The passenger vehicle subscription and leasing models are gradually gaining momentum in the country. To cash in on the growing demand, Kia India is the latest to join the bandwagon after Maruti Suzuki, Tata Motors, Mahindra & Mahindra and MG Motor.
No burden of ownership
- Subscription and leasing models offer customers convenience of driving a new car without the burden of ownership, insurance, maintenance and other related costs
- Maruti Suzuki, Tata Motors, Mahindra & Mahindra, MG Motor are already offering cars on lease and subscription. Kia India is latest to join the bandwagon
These models offer customers the convenience of driving a new car without the burden of ownership, insurance, maintenance and other associated costs. The customer also has an option to buy the car after the use. The monthly lease rent varies based on usage period and mileage option selected.
Myung-sik Sohn, Chief Sales Officer, Kia India, said, “The leasing model is a global mega trend which is gaining momentum in India too. With projections of cent per cent growth over the next 4-5 years, we anticipate our leasing service to outpace the industry growth.”
In March, Maruti Suzuki celebrated a milestone of 10,000 new car subscriptions since its inception in July 2020.
