Tuesday 9 August 2022

Electric vehicles gain ground in “leasing and renting”

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06 August 2022 - At The Banks - BCCR

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QCOSTARICA – At a time when gasoline is at a historical price above ¢1,000 colones per liter, the leasing and renting of electric vehicles is becoming an excellent option to reduce fleet operating costs.

More than an environmental fad and a matter of taste, the use of non-polluting cars for productive and private work is quickly becoming a cost management tool.

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At the same time, business owners and other customers can reserve the use of these vehicles quickly and without contact, from anywhere and through a “smartphone”, which implies another new trend in this market.

And it is that in addition to saving on gasoline, in the figure of “renting”, customers can completely ignore the administration and maintenance of the vehicle, since they are paying for a service and not for a good.

In other words, no more oil changes, no more filter changes, no catalyst checks, and on the contrary, customers will be able to enjoy regenerative braking to increase autonomy.

Another advantage is that the monthly fee paid for this service is 100% income tax deductible.

The other widely used figure is “leasing”, which is a rental contract, but with the option of being able to acquire the vehicle at the end of the agreement.

In the latter case, the fee only covers the monthly payment, insurance and the Value Added Tax (VAT).

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Budget, Kinto, Total Fleet, and Adobe car rentals in costa Rica, are some of the options that already exist in the market.

In the case of Budget, the possibility of acquiring one or several vehicles under these modalities is offered without the need to stand in line or commit your free time to unnecessary procedures, since everything can be done online.

Kinto, a Grupo Purdy (Toyota dealer) project, integrates different means of transportation in an app, which allows rental for a defined time, in addition to multimodal transportation.

As for Total Fleet, the specialized Renting division of Adobe Rent a Car, the services area offered as part of their sustainability project.

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Leasing, renting or loan?

Consumers and business clients can choose between the options of leasing, renting or bank loan.

There are differences in the options. In leasing, for example, there is the buy option at the end of the term of the contract, while in renting there is not. A bank loan, for example, will give you title to the vehicle, but may be subject to liens on the title.

With renting, all maintenance and repairs are made by the dealer (renter) based on the rental contract, meanwhile, through leasing or loan, the user is responsible for all repairs and maintenance. In the case of leasing, the user is also guaranteeing a predetermined value of the vehicle at the end of the contract.

Long term loans are less expensive as interest rates are usually lower in calculating payment. However, while with a loan only the interest payment is tax deductible, it is 100% deductible for renting or leasing.


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