Updated: Apr 14, 2021
There are many ways of having a car.
The options include: buy a brand new car or buy a used car or borrow it from a friend.
The option of buying a car: new or used, may not always be feasible, financial implications are the ones that could affect the purchase. And borrowing a car from a friend comes with its own baggage of emotional elements like trust etc.
In such scenarios comes the option of Car Subscription.
Let us try to understand what is Car Subscription.
A car subscription is a plan that grants customers access to a vehicle in lieu of a monthly fee. The subscribers do not have to pay a heavy downpayment or monthly EMIs. They do not have to pay for maintenance, insurance too. And the subscribers will have complete access to the cars. The subscribers would need to pay an all-inclusive monthly fee. This fee would cover complete maintenance, insurance, and roadside assistance.
The customer also gets an option of changing the choice of his/her car, by changing the subscription. The period of subscription could be short-term or long-term, extending up to even 12 months.
The subscription allows the customer to choose a car as per his needs. He/She could also hire a chauffeur, depending on the requirement.
The customers could also realize their aspiration of driving the premium luxury car at a small cost of its purchase value.
The car subscription industry is seeing a lot of innovative investors like Netflix, Amazon Prime, Spotify, etc showing interest in investing big in the sector. The customers too are showing increasing interest in driving a car without investing fully in it.
The industry promises to attract a lot of interest in the times to come. It could change the ground rules in ownership of a car.