Maruti Suzuki Subscribe Gets A Fifth Partner: SMAS Auto Leasing | V3Cars
Maruti Suzuki have partnered with SMAS Auto Leasing, adding to the current list of partners for their Maruti Suzuki Subscribe service. Apart from the new partner, Maruti’s subscription program has 4 other partners: Orix, ALD Automotive, Quiklyz by Mahindra and Myles. The carmaker operates its subscription service in 25 cities across India with an aim to provide a convenient and hassle-free car ownership experience.
Maruti’s subscription program enables prospective car buyers to own their desired car without the hassle of making a downpayment, paying registration and RTO charges, insurance and maintenance costs. If a car buyer leases a car from Maruti Suzuki Subscribe, they have to simply pay a pre-decided monthly fee that includes all costs. Maruti Suzuki claim that one can lease a car for as low as Rs. 12,999. However, this fee varies with the desired model and its variant.
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Mr. Meherban Singh, the General Manager and Head of Strategic Sales and Business Planning of SMAS Auto Leasing said: “Car Subscription is gaining popularity among Indian customers across all major segments be it individual buyers, professionals, business owners or corporates. New Age Car buyers prefer a convenient, hassle-free and flexible vehicle ownership experience, and Car Subscription provides a one-stop solution for all their needs. SMAS India and Maruti Suzuki are committed to offer the finest Car Subscription experience to our customers for the entire range of cars in Maruti Suzuki’s portfolio.”
In a nutshell, car leasing companies buy the vehicle from the dealer and then charge the customer a fixed amount for a specified amount of time. This amount covers the depreciation of the car, insurance, the leasing company’s operational costs and their profit margin.
At the end of the tenure, the customer can either return the car or buy it from the car leasing company at the prevailing residual value. Car subscription works out cheaper if you surrender the car which is the whole point of leasing (simplicity and flexibility) the car in the first place. You can surrender your car and upgrade to a newer model.
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However, given the general consumer mindset, and slightly more in India, it is difficult to let go of something you have bought and lived with for a while. So, subscription programs are currently preferred only by a small section of the market. However, one cannot deny the flexibility a leasing program offers with regards to periodically upgrading your vehicle and surrendering it in case you do not need it anymore.
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