Deciding Between Car Ownership and Car Subscription in 2024

Do you live in a metropolitan city where the life of your new car has been reduced to 15 years by the government's safeguard measures against pollution emissions? And if so, one of the biggest questions that arises out of the equation would be: is buying a car worth it anymore?

In this blog, we will try to educate you about the steep hill of depreciation you would have to tumble down upon if you bought a brand-new vehicle.  

Why Would You Buy a Car?

This is an interesting question that many people and new prospective car buyers ponder while considering future Car Ownership. There could be plenty of reasons for buying a new car, ranging from the need for mobility to novelty. But this pursuit to own a new vehicle leads to an entirely new question: Is Buying a Car Worth It?

Is Buying a Petrol or Diesel Car Worth it in 2024?

It is one of the most searched and asked questions over the internet. According to our understanding, an upfront investment into an asset set to depreciate quite relentlessly would not be the right choice. And to add to the situation, we in India also have issues of petrol price hikes and the ban on diesel engines. In such conditions, it's only evident that a person would look out for veritable alternatives that would help them commute to all their necessary appointments without any issues. One of the best alternatives for your needs would be a Car subscription.

Benefits of Car Subscription Model.

You get the benefits of a car at the lowest price. No significant upfront investment. No worries of relentless depreciation; you only have to worry about driving the vehicle. And let us worry about the rest. Pay the necessary prices upfront and enjoy the freedom of owning a vehicle. One of the biggest challenges with car ownership has been that, whether you drive the vehicle or not, you would still have to pay the charges for maintenance and upkeep of the vehicle. 

These are not the only charges you would have to make room for; you would also have to upkeep your insurance and pollution certificates to drive around. With subscription models, you do not have to worry about such charges; we provide the flexibility to pay only when you drive; if you are not driving the vehicle and expect to not drive it for an extended period, it would be economical to cancel your subscription model and renew it when needed. Such flexibility can ensure that car subscription models are economical and better than the prospect of owning a vehicle.

Flexibility and Freedom

While owning a vehicle might seem like a free pass to freedom, it seldom is. It quite often leads you into newer complications related to road taxes, insurance renewals, and car maintenance. Even if you do not drive your car, you would have to provide for some of the charges that the car incurs, such as the insurance and maintenance charges. So, an asset that should be able to increase your productivity and ability to move around as much as possible is hindering your expenses and causing you to spend out of your purse for necessary maintenance. With subscription models, you have the freedom to rent or subscribe to a plan as and when a need arises. 

An ownership does not provide you with such freedom; it's an irreversible change where in once you have invested a certain amount, you can't go back. And vehicle maintenance has increasingly become complex, with the cost of spares and mechanical parts skyrocketing. As per newer stats, the car spare market is increasing at a rate of about 4.5% a year, a staggering pace you would fall prey to while buying a car. A simple service that, in the yester years, was so simple that you could do it yourself now requires a factory visit. And a simple maintenance job without even a change of spare parts would cost about 10k or anywhere above that. With such inflation at work, it would be vital that you stay away from the commitment of owning a vehicle as much as possible.

Drive an Expensive car.

One of the most significant merits of the subscription model has been that you can drive vehicles that you would not have been able to drive or own otherwise. While the upfront investment of such a vehicle might be too much for you, a subscription model can help you own and drive the vehicle of your dreams. Renting and subscribing to such vehicles would help you pull up to anywhere you want to go in style and experience the novelty of owning expensive things. 

While we do not promote frivolous vanity, this subscription model feature can be used for your benefit. If you have always dreamt of exploring the high mountain passes of Ladakh, you can easily subscribe to owning a 4x4 SUV vehicle and travel as per your needs with it. Further, if you always wanted to feel the luxury of a saloon, you can subscribe to one as well and drive around and feel content. Or if you want to choose a vehicle best for your use after a comprehensive comparison of a variety of cars and Models ex Alto, Swift and Wagon R, then also Rental service providers can help you.

Nominal Monthly payments

With a car subscription, you would not have to apply for any kind of loan or wait for any kind of approval as well. All you have to do is subscribe to the car you want, pay up for the charges such as insurance and registration throughout your tenure, and move ahead with your life. There is no significant upfront investment or any kind of down payment.

Plus, certain subscription providers are also offering you the ability to showcase subscription charges as expenses while filing for taxes to help you gain the further benefit of owning a vehicle. With vehicle rentals, you do not have to funnel your year's worth of savings into buying a car at once. All you have to do is simply save up enough to provide for your car security amount and pay up the necessary charges, and the car will be yours to use as per your choice.

Hassle-Free Ownership of The Vehicle

This has to be one of the most profound benefits of subscribing to a vehicle. A subscription helps you save yourself from all kinds of issues related to different obligations one has to fulfil while owning a car. All you have to worry about is saving up enough to pay for the security as well as the regular charges for the vehicle. No unwanted hassles or challenges that might persuade you to seek other services that are dearer to your way of life or your way of living.  

Here are some of the essential metrics to look at while trying to rent or subscribe to a vehicle: We have detailed them in such a manner so that you can easily read about them and then make a well-informed decision regarding subscription choices.

The Minimum Term for Subscription and Usage

The various subscription models available with providers would provide you with different terms for usage. After comparing all of them, it would be important that you choose the one that suits your needs the best. If you are seeking a Car Subscription for a short duration, choose a plan with a limited-term of subscription. If you are planning to go the distance with your subscribed vehicle, it would be better for you to opt for a plan that has a longer tenure. The minimum term for a subscription generally is the amount of days you would have to pay for regardless of the actual tenure you subscribe to the car for. A shorter minimum term would mean less expensive plans, and vice versa.

The Weekly or Monthly Charges of The Vehicle

Take due care that you examine and compare the different prices of the vehicle subscription compulsively. Try and assess your needs and your budget and find a deal that fulfils all your needs the best. These charges are determined in such a manner that they would change as per the changes in your contracts, such as vehicle changes, changes in terms, changes in the driving limit cap, and changes in vehicle usage as well.

It would also be vital to point out at this stage that while trying to get a car subscription, try to read the fine print and read all the terms and conditions minutely to ensure that you don't fall for any kind of trap. A good analysis and comparison of the policies would help you realize the true potential of the subscription scheme you plan to undertake.

Cost of Swapping the Vehicles in Case You Want To

It's possible to swap your vehicles in between your tenures, although you would have to understand that this might take a little bit of time. The time would be needed to allocate the necessary resources according to the needs of the new vehicle you are about to change to. The provider would have to calculate all the necessary charges for the new car and then come up with the necessary charges that you would have to pay for upscaling or downgrading your vehicle. While the process might seem like a bit of a hassle, what other ownership model provides such freedom?

Mileage Allowed on The Vehicle

If you exceed the driving limit of the vehicle you have chosen or the plan you have opted for, there are always extensions or add-on covers that you can opt for. These would help you modify your subscription model according to your needs. If you want to exceed your limits for a certain amount of time because you are taking a holiday or driving more than you can, this would help you gain the freedom to drive as and when needed.

If such benefits have persuaded you to look for a Monthly subscription model, we can save you from the hassle of further searching and scouring the internet for suitable subscription model providers. We RenTrip also provide subscription models, which can easily help you select a subscription deal that best suits your needs. So help yourself, move ahead, with RenTrip The Best Rental Car Company and log on to RenTrip for your next subscription model today.