Considering making the switch to electric, but not ready to fully commit? There are a lot of considerations, especially if you are completely new to Electric Vehicles. A subscription could be the perfect solution to begin your journey. Here's a breakdown of the pros and cons:
Pros of Electric Car Subscription
Flexibility: Choose a contract length that suits you, with the option to easily switch between different models at the end of your term, to find your perfect fit. There are a range of options from 1 to 36 months, and therefore plenty of choice depending on your requirements. Some of our partners also offer rolling contracts or the ability to extend your contract and therefore you really can play it by ear.
No Long-Term Commitment: Short-term contracts allow you to adapt to changing needs, for example you can make a commitment that suits you and not find yourself stuck in a contract or with the wrong car if life changes. For example, if you find yourself having to travel distances outside the range of your EV, you can look to replace it with a Hybrid for example.
Included Benefits: Monthly payments cover maintenance, services and roadside assistance meaning you won't have the headache of unexpected maintenance to worry about. This is an especially valuable advantage with an electric vehicle as repair costs can be expensive if you are unlucky enough for something to break.
Access to Latest Technology: We’ve all seen the dramatic improvements in the technology that underpins Electric Vehicles, over the last few years. There are further anticipated improvements to battery technology launching over the next few years and therefore you can upgrade regularity with a flexible contract to get access to the best and most efficient options.
Cons of Electric Car Subscription
Higher Monthly Costs: Monthly payments might be higher compared to traditional leasing or buying. However, without having to pay a large upfront down payment as is traditional with leasing or finance, the actual overall cost may be less than you think. It is also a lot better value than long term rental if you were considering that option, plus with subscription you get to choose the actual car you want to try, which is not possible with rental.
Mileage Limits: Exceeding mileage limits can incur additional fees, which is true for all leasing or subscription options. Its best to take care when selecting your package and calculate the miles you anticipate driving each month. Things change however and with subscription you can just let your provider know and they can up/down grade your package.
Limited Customisation: You might get less control over specific features or accessories compared to purchasing a new customised car from a dealership. The upside of this is that vehicles tend to be available quickly, but it is best to double check the features with the vehicle provider, especially regarding any of the accessories required for charging.
Access to Charging: With a subscription, it might not be worth getting a home charger installed right away until you know you can make it work for you. It's good to become familiar with your local charging options before you get your car delivered in order for you to make the most of it from day one.
Is it worth it?
Ultimately, the decision depends on your individual needs and preferences. If you value flexibility, convenience, and the opportunity to experience the latest technology, a car subscription could be a great choice. However, if you prefer long-term commitment and customisation, traditional ownership or leasing might be more suitable.
By carefully weighing these factors, you can determine if an electric car subscription is the right fit for your lifestyle and budget.
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