Why Car Subscription is on a Rise in India?
Car subscription is one of the latest trends that have taken the automobile ownership in India by the storm. It has changed the buyer’s behavior which in turn affects the entire market. While the traditional take that the consumers had was towards “owning” the vehicle, with the big question that posed the buyers was to go for a new or used vehicle. The newer paradigm has presented more options such as leading or even subscribing to the customers who are naturally attracted to more value-oriented propositions. The most value that the customer can get is through the car subscription model which involves a monthly fee paid to the car subscription company which includes maintenance, road taxes, insurance, and many other ancillary costs involved in car ownership. This model has a lot more simplicity, and flexibility that can be offered to the customers by the variety of options that they can opt for.
Table of Contents
- What is a car subscription service?
- Is a car subscription different than leasing a vehicle?
- Car subscription vs. Car rentals
- What makes the car subscription the new favorite?
- Choosing the right car subscription service for you
What is a car subscription service?
The car subscription services are a new model of car ownership where the customer subscribes to a vehicle from the subscription company without the transfer of ownership to the subscriber. The monthly fees that the subscriber has to pay depend upon the make and model of the car and the period for which you are taking the subscription. The monthly fee of the subscription remains the same throughout the subscription period. This has several benefits since the subscriber doesn’t have to worry about the rising insurance premium, EMIs, down-payment amount, taxes, and various maintenance costs which make vehicle ownership a costly affair. More and more customers, therefore, are moving towards the car subscription model while the car purchases have steadily declined.
Is a car subscription different than leasing a vehicle?
A car subscription is much different than leasing a vehicle. While the car leasing also involves taking the vehicle without transferring the ownership the similarities end there. The subscription has no limit on the miles for which the car can be driven per month; however, the leasing model has a limited number of miles per month. Also in the leasing model, the car maintenance usually falls upon the person taking the lease; however, it is completely covered under the subscription model. The leasing also has a lot of penalty fees to be paid if you decide to return the car to the company that you have leased it from. On the second hand, the subscription can be easily terminated by paying the pre-determined fees. Leasing has a benefit which is, usually at the end of the lease period the customer gets the option of buying the vehicle at the heavily discounted rate. That is not the case with car subscription however it is being offered by some premium providers such as Revv for the subscription of the new vehicles.
Car subscription vs. Car rentals
In the case of car rental, the car is only given to you on rent for a short period, such as 2 days to 2 weeks. There are also limitations on not driving the vehicle more than a certain number of kilometers and beyond a certain area. Although some rentals offer flexibility in this regard, most of the companies do not. The rental amount also turns out to be substantially more than the car subscription fee. This makes the car rental an impractical solution for people looking for a daily commute or ongoing arrangement.
What makes the car subscription the new favorite?
The car subscription is turning out to be immensely popular amongst the newer and younger generation of buyers who are looking for ways to move away from having to take a loan to get a car. They are also not keen on investing their savings on a car which depreciates rapidly. The people are also finding the new freedom of not having to commit to a single make and model of a car. With the car subscription model, the customers can experiment with different models of cars, changing their cars often. This gives them the freedom to experiment with a lot of cars in a shorter time before they discover a ride they are comfortable with. This was earlier not possible for the people who wanted to own a car. Many premium car rental services such as Revv, also provide the roadside breakdown service for the customers who take their subscription.
Choosing the right car subscription service for you
This may require a little bit of research and careful consideration instead of just searching “car subscription services near me” and going for whichever sounds good. Revv is one of the most friendly, trustworthy, and premier providers of car subscriptions in India. There are many facilities that Revv offers which sets it apart from other providers. Some of the most loved features of Revv include the following:
- Flexibility to take the car on a rental so that you can try it out before taking the subscription
- The flexibility of returning the car anytime, before finishing the subscription period
- Possibility to extend your subscription anytime
- Clean and completely sanitized well-maintained ride delivered at your doorstep
- Roadside assistance whenever your car breaks down
- Repairs and maintenance included for the vehicle so that you don’t need to spend a lot of money on it
- Flexibility to take your car anywhere, even for outstation trips with family due to the unlimited kilometers
Whatever your reasons for choosing a car subscription maybe, you are in the company of many vehicle owners, who are opting for this smarter and easier way of owning the ride of their dreams.