Buying or keeping a car often requires people to put out a hefty sum every year to pay for insurance, annual service pay, MOT, tax, and maintenance expenses. Most of these are spread into several months, including the car insurance and the vehicle excise duty. Most new cars are on financing agreements that require monthly payments. However, as the motor industry sales are showing, it is possible to accumulate these costs into a monthly car subscription plan.
What to Expect from a Car Subscription
Car subscriptions often include insurance, maintenance, registration, 24/7 roadside assistance, and others. It is not the same as a car lease that requires a two- to four-year commitment. You may subscribe to a car service plan for a month, six months, to a year. And you may also swap your car to a new model or brand every month. A car subscription plan allows you to drive a car with a monthly fee. Subscription plans are also available for electric vehicles via the Transportation 4 Life (T4L) subscription. It’s a great way to save on gas money and at the same time help save the environment.
Considerations for a Car Subscription Service
When choosing a car subscription service, it would be wise to bear in mind the following factors: geography, mileage, flexibility, insurance, and price. Choose a subscription service that is available in different markets. Decide on one that has a price range of $400 to $3,000. The car insurance plan must also have insurance in the package as well as the ability to drive different vehicles regularly. Check the mileage limitation of your chosen subscription too.
Auto subscription plans are not perfect. Like any other means to own a car, it has some drawbacks. First of these is the mileage cap. Most car subscriptions come encumbered with a mileage limit. This does not suit people who drive a lot. However, subscription companies often offer the option to add mileage at a reasonable rate.
Another drawback is the inability to add modifications to the car. Similar to leasing a car, you cannot perform modifications on the car since it is not yours. Modifying the car beyond the allowable extent may result in hefty fines.
if you opt for a luxury car subscription service, you may have to face high fees. At times, it may be the same as buying a brand-new vehicle, but you have to remember as well that the rate is inclusive of other important services mentioned above which makes the arrangement worth every dollar.
The Best Benefits
After you learned of the drawbacks, let’s highlight again the best benefits of having a car subscription plan instead.
Change Car Frequently
If you are the type who wants to drive a new car every few weeks or months, a car subscription is the best arrangement for you. You may choose a new brand or model as often as the subscription allows you to.
Short Term Commitment
Unlike leasing or buying a car, a car subscription comes with a monthly contract. This means that you can opt out easily and don’t have to wait for years.
Lots of Perks
When you choose the car subscription service that suits you, you may enjoy great privileges such as having roadside assistance that will save you the hassles of finding professional help during unfortunate situations.
Who Are the People Who Will Benefit Most From It?
According to car companies, this arrangement suits people who try to avoid the hassles of buying and selling their cars every two to three years and those people who can’t afford the down payment. This is also a great option for people who move to different cities every two to three years since it saves them from transporting their vehicle or going through the hassles of selling and buying a car.