What is vehicle renting?
Vehicle renting is the renting, or the use of, a motor vehicle for a fixed period of time at an agreed amount of money. It is offered as an alternative to vehicle purchase. The key difference in renting is that after the primary term (usually three or four years) the vehicle has to either be returned to the leasing company or purchased for the residual value.
Renting a vehicle is beneficial because it allows customers return a car and select a new model when the rent expires which allows you to drive a new vehicle every couple of years without the burden of selling the old car.
Reasons to rent:
- Fixed repayments over the term allows you to budget effectively.
- No hidden costs.
- You don’t have your cash tied up in a car, which depreciates in value.
- You can drive a better car for less money.
- You have lower repair costs because you are under the vehicle’s included factory warranty.
- You can easily transition to a new car every three or four years.
- You don’t have trade-in hassles at the end of the rent.
- Businesses can have a tax benefit.
- Payments are fixed for the full period.
- Depreciation risk transferred to us.
- Comprehensive insurance included.
- Tracking devices included.
- Easy approval criteria.