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just4kix

I have heard that the new Toyota Corolla (the 10th gen model) will be launched probably in October.

just4kix

This is being launche as the Altis, day after tomorrow (Sep 5).

Admin

It would be very interesting to see what Toyota has to offer with this new model Its always a treat to drive a Toyota be it a 4x4 or a small car like Yaris.. People trust in their brnd all over the world.

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Manish

So it gonna happen today, have you got the lease plan from your employer??

just4kix

No Lease Plan announced as yet. But with the lease plan, one can buy any car of his/her choice within the plan limit. My limit is 24K pm.

Following is all guesswork but typical lease plan works like this:

a) Leasing company owns the car and it is leased to you. Consider this like a rental.
b) At the end of the tenure, the lessee has the option to return the car back to the lessor or buy it at the residual value.
c) Residual value at the end of the tenure is decided by the leasing company.
d) Typical tenures are 2, 3 or 4 years. Sometimes 5 years is also given.
e) There are two types of leases: dry lease and wet lease. In a dry lease, you (lessee) are responsible for insurance and maintenance whereas in the wet lease the two are included.
f) There are mileage restrictions such as 10K KM/year.
g) The car needs to be in immaculate condition if you choose to return; at the end of the tenure the market value is decided by an independant assessor and if market value is less than the agreed residual value, lessor needs to pay that amount. (I will leave you to guess what is the case if market value > residual value).
h) For purchase option, the price is always the agreed residual value.

Leasing is not a cost effective option - especially if you intend to buy the car at the end of the tenure and/or you are going to keep the car for more than 3 years.

So why lease?

a) The lease finance amount (or EMI) is directly credited to the leasing company before tax. In my case, if I take the maximum benefit, I will be getting 24K tax free.
b) You can switch cars every three years or so.
c) Maximum depreciation of the car happens in the first 3 years. Hence for the same payment for 5 years, you can drive a new car after 2 or 3 years.

But you do not own the car (till you buy it).

Here are pictures of the Altis:

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aashaka_gandhi

did nyone get a test drive of ALTIS???? i ve got a corrolla but somehow....didnt enjoy driving ALTIS......

itsmemad

Wow.. nice info j4x... rep awarded!

Preeti_20

The interiors and inside of the car look very good, but i don't quite like the body shape of the car!

Evander Leopold

the gear-stick looks cool, plenty of leg-space too.

just4kix

I agree. They did not go for a dynamic change which Civic did from the previous generation to the current one. They borrowed a lot of styling from the current Camry. In fact from a distance it is difficult to make out the difference between Corolla Altis and the Camry.

All said and done, the Civic appeals more.

But what Altis offers are more comfort and convenience features than the Civic like Electric seat adjustment, easier access to controls, etc. Altis also has higher ground clearance that makes a lot of difference on Indian roads. Also it is slightly cheaper than Civic (by about 40K on road in Pune).