Many countries like USA and Britain are still trying to overcome the economic crisis that has shaken the whole of the nation. The worst effected industry is the automobile industry which has taken has a steady turn towards declination and has suffered the most. Basically the reason behind the same is the declining sale of cars by consumers, forcing the manufacturers to move out in search of other jobs because of monetary dearth. The heavy situation of recession has forced all consumers as well as manufacturers to manage car financing as well as leasing at the grave moment. Financial pressures are mounting which are now forcing consumers to lease their cars instead of turning to new cars. Researchers from Fincar believes that, leasing a car helps one to avoid the depreciation value as well as saves on the alternate costs such as maintenance as well as tuning of the car. A car value is said to depreciate as soon as it is on road. The road tax also increases and the insurance of a new car is much higher than an old car. Car is nowadays used as essential everyday expenditure. In this period of recession it is very important to know how to manage car finance as well as leasing.
- Save on the fuel charges
A new car consumes more amount of fuel and as a consequence people are taking aid of leasing companies like All Car Leasing for maintenance of their car. In this way, there is an alternate saving on the fuel surcharge for cars. Customers can also change their choice of vehicles once the lease period ends. We can also see that car popularity differs between states concerning its use and longevity. In big cities like Houston or Dallas, people take long commutes for work and would try to opt for cars that are more fuel-efficient and also environmentally friendly. The government has also taken an initiative by lowering the interest rates of environmentally aware cars so that people buy the same.
- Save on car maintenance
Maintaining a car regularly by checking the oil level and tire pressure, changing the oil, and replacing brake pads can reduce maintenance costs. Additionally, being aware of any potential issues with the car and addressing them right away will help to avoid costly repairs in the future. Another way to save on car maintenance costs is to use vehicle wraps. Vehicle wraps are an effective way to customize a vehicle and protect the paint job from scratches and other damage. Additionally, they are comparatively cheaper than traditional paint jobs and can last up to five years.
- Hike in gasoline prices
A new car is getting more and more expensive with the rise of price in petrol. Petrol as well as diesel are getting expensive and cannot by maintained by ordinary people. If this continues to rise, people would end up not eating and driving only their new cars! Leasing their cars is now one of the best ideas followed by all. Thus there is a reduction in the sale of new cars.
- New packages introduced by manufacturers
In order to sell more amounts of cars in this period of recession, the dealers proposed striking packages for the financing of new cars. This also included zero down payment options and 0% finance options.
Car leasing products are gradually getting more and more popular among customers. The Personal contract buy is gaining popularity because it offers lower interest as well as lower down payment options. There are various new packages for car finance and leasing that are offered for customers. Manufacturers are offering some of the best finance deals for purchase of a new car and there are numerous lenders who are lending loans also to people with a bad credit rating so that the sale of cars increase.
Though it is difficult to maintain a car during the recession period, the attractive packages and the payment options are now making it possible for people to buy new cars as well.