The terms car leasing and car rental are often interchanged. While they have similarities, the two are entirely different from each other. Both mean you will be paying for the use of a car that you do not own. That is where their similarities stop.
To understand these options better, here are the areas where they differ.
Period of use
Car rental is for short term use, like if you need to get one for a few days to a couple of weeks. It’s ideal if you are travelling to a specific destination for a short period and you need a vehicle to drive around. Renting is also an option if your car is in an auto repair shop and you are expecting to get it back shortly.
A car lease, is for long term use. Most providers offer lease contracts that last for a year or more, although there are others that provide shorter terms that can be as short as a month. It’s an ideal option if you’ll need a vehicle for a longer time.
Insurance requirement
Leased vehicles require insurance. This may be an added cost, but it’s also added protection. Insurance is not mandatory on rented cars. You will be given a choice if you wish to get coverage or not. You should get it, even if it’s not required, for your protection. Even if you are using the car for just a day or two, an accident can happen anytime, and you want to be protected in case that occurs.
Car options
Car leasing companies offer more options when it comes to the model of vehicles available. It will be easier to find the specific type of car that you want. Genus Leasing is a company that offers a wide range of cars to lease, and you can see the models they provide at www.genusleasing.com together with their prices.
Car rental companies often have limited options regarding the vehicle models available for rent. If it’s peak season for rentals, you could end up with whatever is left on the lot.
Ownership possibility
Rented cars will not be offered for sale at the end of the rental period. Leased vehicles, on the other hand, have the potential of becoming yours. Some cars are provided on a lease to own contract. If you end up liking the car when the contract ends, you have the option to purchase it by paying a certain amount; otherwise, you can terminate the contract or renew it either with the same car model or a different one.
Type of provider
Those that offer car leasing are often car dealerships, while companies that provide rental are stand-alone shops. Vehicle lease providers also sell cars, while those that offer rental usually give just that.
Depending on your needs, renting or leasing a vehicle may be the best option for you. Whichever of the two you choose, make sure that you are dealing with a legitimate and trustworthy provider.
