Car subscription services are an alternative to leasing that provide the use of a car for an all-inclusive monthly fee, which usually covers insurance, maintenance and roadside assistance. A notable perk of some higher-end subscription services is the ability to swap vehicles on an unlimited basis, giving you the freedom to choose the car you want and the length of time you want to drive it.
What Are the Advantages of Subscription Services?
The major advantage of car subscription services is the all-inclusive monthly payment that consolidates the usual costs of owning or leasing a car. Additionally, most subscriptions come with the convenience of vehicle delivery and pickup, so you never have to leave your home to swap vehicles. Finally, subscriptions are great for drivers who get bored easily and want a change of pace with the car that they drive.
What Are the Disadvantages of Subscription Services?
The major disadvantage of car subscription services is the amount you’ll pay for their aforementioned convenience. Subscription services cost about 28 percent to 102 percent more per month than the cost of leasing, insuring and maintaining an equivalent vehicle. This also doesn’t account for the fee to join a program, which is typically a few hundred dollars at least. Additionally, many of the more affordable programs have monthly mileage restrictions that you must abide by and don’t give you the freedom to change cars on a whim.
Should I Join a Car Subscription Service?
If you have the necessary disposable income and the soul of an enthusiast, a subscription service can make sense. You can continuously upgrade to the latest models or swap vehicles as you please. However, if affordability and practicability are important to you, you’re better off leasing a vehicle because it’s highly likely that you’ll pay a significant amount less with a lease.