The traditional method of looking for a vehicle that best suits your needs and then buying it is fading away quickly. In 2020, it is all about trying out the vehicles, assessing them, and only then considering buying them.
With the dawn of digitization, the mobility industry has experienced a huge shift in the way it works and how organizations develop their marketing strategies based on the change.
There is also a significant behavioural change in how people commute after COVID19 outbreak and it seems that Bike Rentals are their first choice now which promotes social distancing at its best.
People are no longer as reliant on owning a vehicle as they were 5 years ago. For daily commutes, one can simply open their phone and book a cab.
For short errands, they can easily find the nearest electric scooter service provider and take it for a run. For daily commutes with short distances, one can easily find the nearest bike or vehicle rental provider and rent it for a day.
In today’s day and age, the top trending phenomenon that has solidified itself as dominant in the mobility industry is Renting, Trying, and then Buying of trending products.
How is this helpful for the users? Let’s find out about all of these three stages, and what other options are also becoming popular.
Renting your favourite Bike
There are many mobility apps like ONN Bikes, which offer the service of renting two-wheelers like a scooty, which can be rented for a day, a week, a month, or any time the user wants.
Although, this also opens up an opportunity for the target audience to find the two-wheeler they are looking to buy, and rent them from service providers like ONN Bikes for a week or a month, just to test them out.
This provides them with a much deeper insight about using the vehicle and if they like riding it than the analysis articles on the internet would provide them.
This proves to be a great assistance for the users, as it not only provides them with the option of properly using the vehicle before making their decision to buy it but also opens the gate for assessing if they need to buy the vehicle or if they can do with just renting it.
Financially, buying a bike or a scooty can be heavy on the pockets, especially considering the maintenance and the paperwork required to own one.
However, availing a bike for rent is fairly cheap and can be a good alternative to investing in a vehicle.
Service providers like ONN Bikes offer free maintenance, and you don’t have to go through the hassle of getting registration, insurance and other shenanigans required to own a vehicle.
Trying out the rented Bike
As you rent a vehicle, you can test it out on any front that you want. If you’re looking for good torque, you can take the rented vehicle out on a long drive to try out its torque capabilities.
If you’re looking for mileage, you can fill the tank and see how long the vehicle can run. If you’re looking for durability, you can take the rented vehicle out on busy streets and test it out for how well-suited it is to handle that task.
Trying is one of the most important stages of a user making a final decision. This is why many dealerships have started offering more than trial runs on vehicles nowadays.
Users can rent out a vehicle they’re thinking to buy for a month, try them out, return them, and then buy a new model if they like it.
This is becoming very popular amongst the transportation marketplace, where dealerships have started to stock up on rentals which they can provide the customer to try out for a limited time to make their decision. And this trend sees no sign of going anywhere soon.
Buying Decision – Should You Buy or Lease the bike?
We are now in the final stage. You have looked for “bike rental near me” or availed a monthly bike rental, tried it out and made your decision.
However, there is still one factor to consider – Should you buy the vehicle or lease it?
While many factors go into buying a vehicle, one of the most important is how long you are planning on staying in one state.
If you buy a vehicle in one state and then move out to another, you will have to go through the hassle of registering it again to avoid any hassles from the traffic police. However, leasing a vehicle comes with no strings attached.
Leasing allows an individual to drive the vehicle they have leased without having to go through these troubles. Their leased vehicles are already registered, insured, and maintained.
You would only have to pay monthly instalments that are cheaper than monthly debts that go into buying a vehicle if you buy them in EMIs.
The instalments for leasing a vehicle go for factors like insurance of the vehicle, its maintenance, etc.
For instance, ONN Bikes provides a “Rent-to-Own” option for their bikes, which come with zero down payment, no lock-in period, easy documentation, and warranty.
This model is a much more convenient and accessible option for users and quickly becoming an established trend. This also allows the users to change their vehicles to the latest upgraded versions that come in the market periodically, without increasing their carbon footprint.
They don’t commit to owning a vehicle to consider buying a new model and spending more money on it.
What Does the Future Look Like for Buying Vehicles?
People are still going to buy vehicles, as the sense of ownership is second to none. However, with the trend of renting and leasing setting in, service providers like ONN Bikes, Yulu, Drivezy, etc., are going to become more prevalent.
The future for buying vehicles completely depends upon how accessible these services are in the more rural areas of the country.
People prefer to rent a vehicle for a day or a month for their convenience rather than owning and maintaining one. Especially during the times of lockdown, it becomes an even more considerable option.
People can rent vehicles when they have the use for it, and return them when they don’t. However, owning a vehicle is completely opposite.