Looking to buy a Mahindra car this festive season? Why not lease it instead with options of zero down payment and an EMI inclusive of maintenance costs. Yes, this is possible now as Mahindra has opened its leasing facilities to non-corporate buyers.
The leasing offers have been designed at monthly rentals starting from Rs 13,499 per month for the KUV100NXT and Rs 32,999 per month for the top of the range XUV500, with the leased vehicle available for period of up to 5 years depending on the city and model selected. According to the homegrown carmaker, the major benefits of leasing include hassle free resale, lower or no down payment, and a fixed EMI inclusive of maintenance costs.
In the first phase of launch, Mahindra's lease offering will cater to individual leasing for working professionals and SMEs and will be available across 6 cities namely- Pune, Ahmedabad, Bangalore, Hyderabad, Mumbai and New Delhi.
In its next phase, the lease offering will be extended to 19 more cities across India.
The company has partnered with Orix and ALD Automotive, globally renowned leasing service companies, for this offering.
"The benefits of leasing to the customers include total convenience,. As a result, leasing is gaining increasing acceptance in the market and offers greater convenience compared to actually owning a car. It also makes the entry easier with no initial down payment. Customers also have the flexibility to upgrade their models. Once the lease scheme is over, the person can return the vehicle to the company without the hassle of reselling it, and get a new vehicle," Mahindra explains.
Traditionally in India, leasing for retail car buyers has just been limited to the premium and luxury car segment, with Mercedes and BMW being the market leaders.
According to official data from the Mahindra, car leasing has penetration of less than 1 per cent in India, in contrast to developed nations where it is as high as up to 45 per cent . With this announcement, Mahindra hopes to redefine car use by introducing more customers to the concept of rental usage instead of traditional ownership.
However, to successfully launch this initiative Mahindra has to deal with a host of challenges in India such as faster wear and tear due to the road conditions, accidental damages and higher repair costs in addition to unregulated and unorganised resale market and the changes in technology andndash; all adding to the costs associated with mobility.
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