Mylescars, a car sharing and self-driving car rental service, has announced waiving off of security deposits that were previously required to rent a car. The unlimited kilometres feature has also been waived off, along with the starting prices of rentals lower than before. The company's objective behind the move is to make the service more affordable and extend its reach to a wider market, and make it easier for customers to get behind the wheel of their favourite cars.
The rentals now start at a price of Rs 100 paid towards ‘Loss Damage Waiver’ depending on the choice of the car model with no security deposit. This would make renting luxury cars more affordable. The customer base of the company has also been widened by decreasing the age limit from 23 to 21 years old.
The net effect of this is expected to translate into at least 25% to 35% increase in bookings. This would also make it easier for customers to think about renting cars as often as possible without worrying about refunds or blocks on cards.
Myles’ customers can continue to avail the services without worrying about refunds of security deposits or blocking amounts on their credit and debit cards. Also, the company has increased the maximum speed limit from 100 km per hour to 120 km per hour on highways and expressways.
“It also becomes crucial as the realisation dawns among industry stakeholders that Shared Economy is the inevitable solution to the Cities' traffic woes and environmental impact, since it’s a proven fact from the experience of the developed markets that one car has the potential to replace 25 cars on the road. And we feel our initiative is a step in the right direction” Sakshi Vij, Founder & CEO, said.