Car Leasing Market by Leasing Solution (Electric Car Leasing, Private Car Leasing), Leasing Model (Finance Leases, Operating Leases), End Users (Commercial, Non-Commercial), and Region - Global Forecast to 2027
Car leasing is the leasing of a motor vehicle for a fixed period at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to car purchase but is widely used by businesses as a method of acquiring cars for business, without the usually needed cash outlay.
Car makers are now offering new cars on lease for periods ranging from six to 60 months (five years), depending on the city and model selected. Car companies are looking for alternative options to improve car sales and reduce inventory in showrooms. Car makers are targeting salaried individuals, working professionals, small and medium enterprises, corporates and public-sector consumers.
Mahindra & Mahindra and Skoda have been allowing selected models on lease in India with minimal or no down payment. In June 2019, Hyundai joined the bandwagon. Its entire car portfolio, which includes Santro, Grand i10, Elite i20, Verna and Creta, is now available on lease for individuals and companies.
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Growth opportunities and latent adjacency in Car Leasing Market