What is private leasing anyway?

Goodbye to huge payments, treatments, and insurance – and not goodbye. Let's start by "putting the cards on the table": A brand new and shiny car is far beyond the reach of most Israelis. It's a fact, there are millions of people in Israel but only hundreds of thousands of new cars hit the road every year. We are not America or Europe.

Why does this happen? The reasons are varied but ultimately boil down to the fact that new cars are a very expensive product that requires many salaries from most Israelis. And that's not all: cars also require a "dowry" in the form of annual maintenance costs, paying the annual test, and of course, there are also insurance prices that have risen significantly in recent years. In short, the chances of most Israelis renewing a car, whether electric or regular, are not high because the "good morning" of buying a car is 100,000 shekels and from there the amounts only go up.

This is why it is more worthwhile today to enjoy the many advantages of a new car in private leasing and not to lay hundreds of thousands of shekels on the road in an expensive purchase. The way private leasing works is simple and efficient: the customer comes to the company, chooses a car, pays an advance amount determined by the customer, and then pays 36 payments, meaning drives the car for three years. At the end of the period, the customer can return the car to the leasing company or alternatively "roll" the deal forward, meaning continue with the leasing company to the next deal.

Eldan's private leasing currently allows a variety of choices between several private leasing tracks, several types of vehicles, and also offers a wealth of "coverage" for all the additional costs even after the transaction is completed. How does it work? According to Galia Shimony, Eldan's private leasing sales manager: "Customers choose a car from our large selection. After deciding which car to choose and paying the initial payment for the car. It is a relatively low payment that varies according to the type of car and the customer's preferences. Later, the customer pays 36 payments and enjoys the peace of mind of driving a new car.

But the process does not end only with the ability to drive a new car: Eldan also takes on the costs of the car's maintenance, handles the insurance issue, and more than that: also the price of the annual licensing fee, meaning the test amount that no one likes to receive once a year, Eldan pays. In fact, because it is a new car, for two years you don't even need to physically bring it to the test center, and the payment is on Eldan.

According to Shimony: "The price of a small car starts today at about 100,000 shekels, which is a considerable amount, and we are still not talking about cars that are larger and more expensive. If, for example, we take a small car, the customer comes, pays an amount that is less than 8,000 shekels, and then sets off with 36 months of driving a new car. And not only that: if the customer can pay more at the beginning of the period in the initial payment, then the monthly payments afterward are lower."

This method has another advantage: There are no headaches of selling the car, you don't need to host dealers at home, you don't need to advertise ads, and you don't need to deal with strangers coming to "see the car" and haggle "next to the car". At the end of the period, after three years, you simply return the car to Eldan. You don't need to bear any exit fines because the method is very similar to car rental, a field that is of course well known to Eldan, which is considered one of the oldest leasing and rental companies in Israel.

In the end, we have a method that allows the customer to pay a relatively low advance, get a new, reliable, safe, and economical car. After that, pay monthly payments for three years that are also flexible, meaning the customer can "play" with the costs so that they fit their private pocket. The insurance is handled by Eldan, the test costs are handled by Eldan, the maintenance (which is the headache we all know well) is paid by Eldan, and at the end of the period, you don't need to break your head on how to sell the car and to whom to sell the car. You simply return it to Eldan and you can also start a new deal on another car, meaning always drive a new car without problems and also with maintenance and insurance.

In short – a profitable deal that leaves you with a lot of money in your pocket.