Meaning – The term instance, refers to an object created by instantiating a class.
A class is simply a modeling tool provided by a programming language for use in representing real-world objects in a program or application.
The class is structured to accommodate an object’s properties (member variables) and its operations (member functions/methods).
An Instance on the other hand is simply a variation of an object created from a class. You create an object variant (Instance) using a constructor which is a method within a class specifically defined for this purpose.
Example of usage – “A common example of an instance is when you are defining a car. In general, the term car stands for all the different brands and concepts taken into one group. However, if you want to define a particular car, like, Mercedes, then this becomes an instance of the car.”