Owning a car is a matter of pride, of course. However, soaring automobile prices and stringent loan schemes make the four-wheeled dream a far-fetched one.
And then someone tosses in the idea, “hey, how about you rent that car and pay off your EMIs faster?”
That has you thinking and you are not sure if you want to let someone use your brand new car only so that by the time the loans are paid off, you get your own car second-handed.
- When you rent your own car, you can be certain that your loans are getting paid faster. If you set a higher rent, and you pitch in the equivalent amount, you could get your car out of the rental cycle in just a matter of months.
- At the end of the deal, you get an entirely EMI-free car which is absolutely yours for the taking.
- Since you have rented out the car, it is not like you lose sight of it completely. You are still the owner of the car and are in a position to check up on the car and make sure all amends are made to it by the borrowers in case of any discrepancy or damage to the vehicle.
- Considering it is your brand new car, when you get it back, it may not feel all that brand new.
- There is a possibility that your borrower delays the payment of rents thereby extending the hassle to something absolutely unwarranted.
- Even if damages to the vehicle may be amended, you may not feel all that good about the car when it comes back. You would feel it to be second-handed, which, by technical extensions, it sort of would be.
Renting out your car comes with its own set of pros and cons. It is up to you to decide what matters more to you: the aesthetics of the vehicle or the loan that hangs over it? You decide.