Question 1

Car subscription services explained

Accepted Answer

Car subscription services allow you to drive vehicles temporarily without owning them. They allow you to choose from a variety of vehicles and change vehicles over time. The consumer pays a monthly subscription fee to have access to the car inventory. They can typically drive the vehicle they choose for a set period of time or on an indefinite basis. This is different than as a car lease restricts you to only one vehicle. In addition, many car subscription services cover the cost of insurance and maintenance as well, whereas the consumer is typically responsible for these costs with a car lease. However, like with most car leases, mileage restrictions may apply. For many, car subscription services sound like a brilliant opportunity to try out new cars rather than being beholden to one vehicle, and there are notable benefits. These benefits include: You have access to a range of vehicles with car subscription services. These are typically from the same manufacturer, although there are third-party car subscription services that may offer vehicles from different manufacturers. When purchasing or leasing a car, you are committing to a specific vehicle for an extended amount of time. With car subscription services, you only drive the car for a short amount of time if you desire, and you can switch it out when you want to try something new.  Also, many car subscription services deliver the car to you and pick up the one you were driving, so it is convenient for the consumer. There are notable advantages to car subscription services, so you might ask “what is the catch?” While there are not typically any unexpected catches, there are some notable drawbacks to consider before beginning a car subscription service. These disadvantages include: The price varies for car subscription services based on the one you choose, although they are typically higher than with a lease or purchase. With that said, the monthly subscription cost typically includes insurance and maintenance costs. However, doing an extensive cost analysis to determine if the car subscription service you are considering is affordable is important. As can be expected, there are certain to be a lot of restrictions with car subscription services. For example, many limits travel with the car you are using, and you most likely cannot travel to Mexico or Canada. They may even track your location, which sends them alerts if you travel to an unrestricted area. This may also allow them to track your mileage as well. In addition, pets likely have to be transported in a carrier, unless they are service animals. Most do not allow you to smoke in the vehicle either. Any violations of the restrictions could lead to increased costs for repair, cleaning, additional wear and tear, etc. Of course, every car subscription service is different, so be sure to check on the specific restrictions with each one you consider.

Question 2

What manufacturers offer car subscription services?

Accepted Answer

While there are third-party car subscription services, most car subscription services are provided directly by the manufacturer. Several of the more notable car subscription services include: If there is a particular brand of car that you enjoy, then a subscription service from a manufacturer may be ideal. However, there are third-party services to consider as well, which include vehicles from different manufacturers. Several of the more notable third-party car subscription services include: The price of car subscription services has a wide range depending on the quality of the vehicles and what is included in the subscription (i.e. insurance, maintenance, mileage restrictions, etc.) When choosing a car subscription service, consider what all costs the price covers, the restrictions there are on driving the vehicles and any additional details included in the contract. If you are choosing a third-party car subscription service, then conduct some research on the vehicles they have available and determine if they fit your personal needs. Also, be sure to check on the reputation and reviews of the car subscription service you are considering to ensure they are trustworthy.

Question 3

When should I consider car subscription services?

Accepted Answer

If you get bored with your current vehicle after several months or years, then a car subscription service may be right for you. This allows you to change vehicles as you desire, which can be exciting for car enthusiasts who enjoy the thrill of driving something new. Of course, on the other hand, if you do not enjoy switching cars and want to keep your current vehicle long-term, then you should not consider car subscription services.

Question 4

Final thoughts

Accepted Answer

Car subscription services are a great way to try a range of vehicles on a short-term basis while still only making one monthly payment. However, they are not always the most cost-efficient way to get around as most subscription services cost more than $1,000. While it may be an intriguing alternative to owning or leasing a vehicle, it is important to weigh all of the pros and cons before trying car subscription services. It is also important to know all of the details before you sign to avoid any surprise costs or restrictions that you were not aware of initially.

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