Subscription-based products and services are becoming more popular than ever. In the old days, the only subscription you could get was newspapers and magazines. Now the sky is the limit when it comes to goods and services through a monthly subscription.
Turn on the television or YouTube, and at any given time, you will be bombarded by commercials to get monthly subscriptions for razors, shoes, food, art supplies, and much more. There is a new surprising subscription-based trend hitting the world by storm, and it is new cars.
Usually, when you need a car, you have a few choices; purchase a new vehicle, buy used, or lease. Now there is a new option to sign up for a monthly subscription for cars, and you can change it any time you like.
Imagine driving an all-electric vehicle around town to get to and from work during the week, then turning it in for a sports car to zip around in on the weekends. You could change your vehicle out depending on your mood, the number of passengers, or your destination. The good news in most cases is you can cancel any time you like.
Car buying trends are rapidly changing, with millennials rising in the ranks. With ride-sharing options and the popularity of Uber and Lyft, many people are opting to not buying a personal vehicle at all. This is forcing automobile manufacturers and dealerships to think outside of the box to keep the cash flow steady. Car subscription options are a great way to keep customers coming back even if they are not outright purchasing a $30,000 vehicle.
The price? It is more affordable than you might think. For just a little more than what you would pay for a car payment or monthly lease, you can drive a different car of your choice every week. For most dealerships, the price for a subscription varies from $600-$3,000 a month, depending on the vehicles. Of course, you will pay more for a top of the line corvette than a Toyota Corolla. The more you pay, the better line of cars you can choose from.
However, there are rules put in place, such as no smoking, pets, and to only drive one car 2,000 miles a month. Each car comes with insurance, roadside assistance, and regular maintenance included.
Subscription-based car leasing options are still being tested and could very well be available at a dealership near you. This could be a new transportation trend that would be a sweet deal for many, such as snowbirds who would instead not bring their own personal vehicles to Florida for the winter months. Who knows, we may see our friends in The Villages® with a new car every week?