4 Reasons To Get a Car Subscription When Buying A New Car

Car subscriptions, otherwise known as car leasing, are not an alien concept anymore. Many people today prefer a Car Subscription rather than buying a brand-new car. Besides being more practical, subscribing to a car comes with privacy, safety, flexibility, and convenience. Stick through the end of this post to delve deeper into how a vehicle subscription model works.

Also Read: Is It Smart to Get a Personal Loan to Consolidate Debt?

Financially sound

Purchasing a car doesn’t come cheap. Getting a brand-new vehicle will require you to put down a lump sum amount which can be a bomb for your savings. Bear in mind this vast sum is only the down payment. You also need to pay for the remainder of the vehicle’s cost, typically covered via a loan. This is a burden that is further exacerbated by loans with staggering interest rates for many people. Moreover, these loans may have hidden charges.

In contrast, a car subscription does not require a down payment. You can get the car with zero down. To reserve a vehicle on subscription, you will only be required to pay a minimal amount as a refundable deposit. It is a win-win deal from a financial perspective.

Flexibility

If you purchase a brand-new car, you will bear the heavy responsibility of dealing with service, maintenance, and insurance. As the car ages, keeping it on the road becomes costlier. When the time comes to cast out the car, you will only get a minimum value for it.

But with this subscription, you can throw these worries out of the window. A majority of services offer subscription periods that range from six to thirty-six months. The pricing will depend on the terms and conditions. Opting for a longer subscription means more savings. In many cases, you only need to commit to a six-month lock-in. After this period, you can walk from the subscription. It certainly gives you peace of mind.

Also Read: 6 Reasons for the Rejection of Personal Loan 

Access digital assistants

Owning a car is becoming old-fashioned. You need to deal with many documents, physical signatures, and dealerships. Moreover, consider the process of servicing, maintenance, repairs, and cleaning. These are all tedious routines that take your time and energy.

In contrast, this subscription enables individuals to access a mobile application to have all the car’s needs done by the subscription company. It mitigates an owner’s intervention, thus providing an exponential leap in customer experience. Rather than spend your weekends labouring over your car, you can sit back and relax and let the subscription platform do all the work.

Share your car when you’re not using it.

There may be long periods when your car sits around collecting dust. If your vehicle is not on the road, it is a depreciating asset which is not good from an investment perspective.

The most remarkable feature of a modern car subscription is sharing the vehicle when not in use. The car is listed immediately on the platform’s inventory with a tap of a button. From there, you can relax while you wait for bookings. If you do a quick calculation, you can even offset monthly subscription rates consistently by up to 80% with healthy revenue shares. A car could be marginally more expensive than a nice bike with this subscription.