Currently, only 1% of all vehicles in the country are brought under lease. Hyundai intends to offer new concepts of vehicle ownership to a new range of customers with its leasing scheme.
Hyundai Motors India Limited (HMIL) has announced a new collaboration with ALD Automotive to introduce car leasing facilities for all of its products in India. ALD Automotive is a leading automotive leasing and fleet management firm. In the first phase of the scheme, Chennai, Hyderabad, Mumbai and Delhi NCR will be the first cities who will be able avail this leasing facility.
Hyundai India says that the leasing facility will be available with extremely attractive monthly lease rental. The benefits of leasing the vehicles would include no upfront cost or no down payment with no financial risks either. There would also be the benefits of efficient tax management, easy up-gradation and no maintenance or insurance hassles as that too would be covered in the monthly rental.
Depending on the city and the model selected, the lease program can be availed for a minimum of 2 years and going up to 5 years. Mr. S.J. Ha, Executive Director, Sales and Marketing, Hyundai Motor India, said , “The vehicle leasing business is rapidly picking pace in India and offers great prospects”.
Also Read : 5 Things To Expect From The Upcoming Hyundai Elantra Facelift
Currently in India, less than 1% of all vehicles are bought under a leasing scheme and is mostly popular within the corporate circles for premium company cars. In developed countries, on the other hand, leasing out a car is far more popular than buying it with a loan. In fact, in certain countries, leased cars may occupy as much as 45% of the market in contrast to buying cars with a loan.
Also Read : Hyundai And Kia Invest 80 Million Euros In Rimac To Co-Develop High Performance Electric Cars
With this new leasing program, Hyundai intends to target salaried individuals, owners of small and medium sized enterprises, public sector and corporates. The aim is to give customers, particularly young customers a new concepts of vehicle ownership. Leasing is also expected to play an important role in bringing in sales for automotive manufacturers in the coming years.
