Excerpts from the article by Sarwant Singh on Forbes
It’s an alluring idea — changing your car every day (if you so desire!) without having to worry about its price, registration, financing, insurance, servicing or maintenance. Even better, this could all be yours with a couple of clicks of your smartphone. And here’s the best part: It’s a reality, with the brave, new world of car subscription having made its splashy debut in 2017.
The appeal of car subscription services lies in their simplicity and flexibility. Depending on the package and the car company, subscribers have the option of renting vehicles from a fleet, changing their vehicles based on their needs, or paying varying amounts based on the type of car they use.
Lower credit requirements, easy contractual obligations, flexible time frames and the almost all-inclusive extra services (concierge service, anyone?) have meant that car subscription is far more attractive than leasing and has none of the attendant responsibilities and hassles of outright ownership. It’s literally car-on-demand, an approach that has got leasing companies and car dealerships shaken and stirred.
But it’s not as if the leasing market is hanging up its, well, tires. Instead, a steady stream of innovative products and services, new segments and business models are transforming the vehicle-leasing market, widening its access while highlighting its continued relevance and importance to consumers and corporates.
Read the full article on Forbes