Car Subscription Services What You Need to Know

Want a compact car for your daily commute, but need a truck or SUV for those weekend vacations? Not interested in purchasing or leasing a specific car, but you would like the option of having a single monthly payment that covers roadside assistance, insurance and all maintenance costs? A car subscription service might be for you.

What is a Subscription Service?

A car subscription service allows customers to pay a recurring monthly fee to drive one or more cars. Some car subscription services even offer roadside assistance, insurance and maintenance options that can be included in the monthly payment. Customers can expect to have the flexibility to switch between cars during the subscription period or keep the same car according to the terms agreed on. It’s an alternative to the traditional way of owning or leasing a car.

Why Should I consider Subscription?

1. You can drive on your terms. There are a variety of car subscription services. Some have a flat rate monthly fee, others have minimum terms (i.e. limited mileage), but there are car subscriptions services that have no minimum terms (i.e. unlimited mileage), which gives you the flexibility to drive according to your needs. If you want to drive a Cadillac Escalade this month and a Cadillac CT6-V next month, it’s possible with a car subscription service.

2. All of your fees are included in your monthly payment, which can potentially help to save money. Since you’re not owning or leasing the car, a down payment nor financing charges are required. That’s more money in your pocket.

3. In addition to saving money, a car subscription service can be convenient. You can have the car delivered to you and most companies allow you to sign up for their service on an app.

What to expect from a Subscription Service?

If you want an all-inclusive monthly car payment, flexibility to drive multiple cars, or just the car you want to drive and you’re not interested in ownership, then a car subscription service might be for you. Just know that some subscription services have minimum terms that must be met and others don’t. Make sure you identify those that meet your needs.

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