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Due to the COVID-19 pandemic, India is currently facing a nationwide lockdown. Most of the public transports have been shut across the country. The automobile industry is also facing a huge loss due to the crisis.
According to a report by CarandBike, automobile manufacturers have been trying to make vehicle ownership easy and more affordable and one way to do that is subscription-based ownership or car leasing. Since public transport has been down due to the pandemic, customers too are feeling the need for having a personal vehicle. However, car leasing ownership is expected to rise in the post lockdown period.
Last year in September Mahindra had partnered with Revv cars to offer a subscription-based ownership experience for its customers and now the company is expecting to see a rise in the demand for the leased cars.
Veejay Ram Nakra, Chief of Sales and Marketing at Mahindra stated, "I think leasing and subscription are going to be the next thing when it comes to the ownership of vehicles. Today you can get a XUV300 for as low as ₹ 25,000 subscription fee for a month making it absolutely affordable where you don't have a long term commitment and you get to experience the product. Post COVID people will want the ownership of a vehicle rather than going for shared mobility. We have already seen some inquiries coming in on our digital platforms for people wanting to look at subscription as an option."
"The interesting thing is that it is not necessary that these enquiries are urban centric, they are coming from different parts of the country which is what makes it very encouraging that people are absolutely open to it," Veejay further added.
The subscription plan will begin at a price of Rs 19,720 per month for Mahindra SUVs. This amount will be inclusive of insurance and routine maintenance charges. The customers also get benefits like zero down payments, no road tax and zero risks on the resale value of the vehicle. Once the plan expires, customers can return the vehicle to the company without the hassle of selling it and get a new one if needed.
Thoughts About The Car Leasing Plan By Mahindra
The car leasing facility is absolutely a fantastic idea. People can rent out a car whenever they want, drive it around and just not worry about anything else related to the vehicle as everything will be taken care of by the company.