Traditionally, when a person needed a car, they had many options. They could buy a new or old one, lease one, borrow one from a friend or relative or rent one from a rent-a-car service. However, times have drastically changed.
In recent years, there’s a new option available on the market – a car subscription service. The younger, tech-savvy generation is increasingly opting for a car subscription service over buying or leasing a car. It is predicted that over 16 million vehicles will be a part of car subscription services by 2025.
So, let’s see what the fuss is all about!
What Is a Car Subscription Service?
The concept of a car subscription service is somewhat similar to the ever-popular advent of streaming services that we all love to use. Usually, it is a monthly subscription that allows you access to a range to cars for a fixed subscription fee. Most car subscription services offer more flexibility as compared to traditional car leasing.
How so? Well, you have access to more options regarding the make and model of your car. Plus, most car services offer you the feature of swapping out the car you initially chose with a different one. You can also determine the duration for which you want to keep the car – ranging from a few days to one whole year.
So, without further ado, let’s tell you why opting for a car subscription service is a good idea.
Benefits of a Car Subscription Service
A good car subscription service offers a whole host of benefits to the subscribers. So, let’s look at some of the significant benefits of having a car subscription service.
Potential Cost Savings
We can all agree that cars are pretty expensive to buy – you have to save up for months or get a loan from a bank to buy a good-quality and reliable vehicle. And most often than not, you have to settle for a used- car because you could not afford a brand new one.
With a car subscription service, you don’t have to worry about the money. Car subscription services don’t ask for any down payments or extra financial costs – you have to pay a monthly fee that’s preset and non-negotiable.
This is perhaps the best bit about car subscription for tech-savvy individuals. Most car services have the option of setting up an online subscription plan that you can easily manage via their smart-phone application.
Also, once you choose a car, the company will deliver the vehicle to your doorstep free of charge. It will do the same if you decide to flip cars during your subscription period.
Insurance and Other Coverage
Typically, the fee of most car subscriptions covers insurance, roadside maintenance and assistance, and road taxes – all of these are hassles that you have to face when you own or lease a car. So, you will only have to take care of the fuel requirements of your chosen car. Also, some subscriptions offer a fixed number of free kilometres per month as well with each plan!
Most subscription services allow you to flip cars after some time. You will have a wide selection of cars to choose from, ranging from old models to the newest ones. So, for instance, you could drive a station wagon during the week and flip to a fancy sports car on the weekend! The time duration after which you can switch your car, however, depends on the service you opt for.
No Long-Term Commitment
If you don’t like to commit, then this service is ideal for you. Most car subscription services last for about a month or so. So, you won’t have to commit to a vehicle for too long. You can also stop the subscription if and when you want by giving a small notice period. The length of the notice period depends on your chosen service.
Apart from all the benefits mentioned above, car subscription services offer a range of subscription plans for you to select from. So, you can choose the one that best suits your needs and lifestyle.