Now the trend towards car being leased is initiated by BMW for its luxury cars. This will benefit those who cannot afford for outright purchase and the lease is available on time bound with an option of resale. BMW, after taking over the reign of supremacy in the luxury car, from Mercedes is keen on promoting its business and consolidate its position. Thus the company is instilling to upgrade its used car business firm, the BMW Premium Selection. This company will deal with the selling of cars used by customers either on purchase or on lease.
BMW will refine these cars into new form and sell through the dealers as in the case of new cars. The company’ s India President said that many customers intend to own a BMW but they could not due to the finance constraints. Hence this lease on time bound scheme is launched. The company is investing $50 million for financing the car business for customers’ sake. The lease scheme will be on par with new car business including insurance coverage for the customers.
It is to be noted that BMW’s sale figure is 3619 units against Mercedes’ 3247 units. Soon, BMW will start making its SUV X-1 from its Chennai factory, and this car will be under 3 series at nominal price range of Rs27 lakhs.