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Fuel for thought: Things to consider when you’re getting a new car

10 Dec 2020
On a rather significant note, cars today are a necessity. A lot of people are looking to drive home their first car, to ensure safer, more reliable personal mobility for their family, which fits all their needs. If you're one of them, or maybe even looking for an upgrade or a second car, here are 6 questions to ask yourself, to help you ascertain your needs and get the most out of your new car.
  • What does your monthly cash flow look like? Today, you may have several payments to make on a monthly basis. Be it home loan EMIs, or subscriptions to your favourite services - in which case, you wouldn't want to make a hefty down payment towards a car loan. This is when it would be smart to consider car leasing. With leasing, you can get your new car with easy monthly payments; cutting out the burden of a down payment which could force you to dig into your precious savings. Also, unlike when you buy a car, wherein your monthly payments go towards paying off the entire value of the car, leasing lets you pay only for the vehicle’s depreciation during the lease term. Which means you pay only for how much you drive it. This way, leasing gives you a considerable price advantage and helps you stay in control of your monthly rentals, without the burden of hefty loan EMIs or upfront payments.
  • Does your job require long travel or a frequent commute? With the pandemic still on the horizon, public transport poses a high risk of infection for commuters. The other option - ride-hailing services, which also do not guarantee safety, and can quickly become an expensive affair, with surge pricing during rush hours.

    In this scenario, if you are eligible to lease a car as per your company's car policy, it could tick all the right boxes for a safer, less tedious commute for you. Leasing is often an attractive option if you will be using your new car for your job because your monthly lease payments are reduced from your pre-tax salary and paid by your employer to ALD, helping you with tax savings while enjoying the comforts of your own vehicle without all the hassles.
  • Are you fond of driving? Do you enjoy road trips with your family? Or is your commute majorly local? Be it a large car for a cozy family trip, or a hatchback that eases its way through the narrow lanes, nothing compares to a car you can call your own, and one that fits all your needs.

    Knowing your lifestyle and driving needs helps you figure out how much you're going to drive your new vehicle and how much that will cost you. With leasing, even if you pay a pre-decided fee for going over the mile-limit, you may still come up on top as compared to buying a car. Driving high mileage in a car that you've bought usually means a significant reduction during resale.
  • Can you keep up the condition of the car? Do you want to take up maintenance, repairs and insurance yourself? When you drive home a new car, it comes with certain responsibilities - like maintaining the car well, selecting insurance covers and understanding the claim filing process, regular servicing and checks, among others. All of these can quickly become a burden to those unprepared to manage it.

    While, when you lease, you needn't worry about vehicle upkeep, as we will take care of it while you enjoy the ride in your new car. With timely maintenance and repairs by ALD, you won't face any challenges in keeping your car in mint condition during your time with it.
  • How long do you plan to keep the car? Are you prepared for change? Do you like to stay up-to-date with the latest technology? Regardless of what phase of life you are in, change is always around the corner. Be it the birth of a child, change in family income levels or even changing jobs. Needless to say, you need to adapt to these changes, even mobility wise, as you may require a new vehicle to serve the changing needs of your family. Car leasing brings you the flexibility to adapt to changing times and drive the car that suits your needs the best, without the hassles of resale. With the average lease term being around 2-5 years, you get to drive the car in its prime, under the cover of a manufacturer's warranty, post which you can upgrade to a new car of your choice, by simply returning the vehicle to us. A brand-new car today, can easily become outdated within 3-5 years. So, if you are someone who likes to stay abreast with the latest technology in cars, leasing can help you upgrade easily, without the worry of resale once you decide to move on. This helps in not being tied down to your car or running around trying to get the best price for it when you sell.

Once you work your way through these questions, you'll have a better idea of exactly what your mobility needs are, and how to fulfil them. Should you choose to take the leasing route towards your new car, know that leasing a car is very easy, you can simply log in to the ALD Quote app to view and compare quotations of several cars, for different mileage and tenure combinations. For any further assistance, you can also reach out to the ALD Key Account Manager assigned to your corporate.

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