There is a new approach for those looking to start driving, think of it as Netflix for cars. This new approach will hopefully bring in new customers who are less likely to buy a car but would be more inclined to use an on-demand car subscription service.
Car subscription services are billed as a more convenient, flexible and future-proof way to accessing a vehicle than traditional leasing or financing. The model has been popping up across the U.S. and Europe and is now making its way to Canada.
A single monthly payment usually covers the cost of the vehicle, insurance, maintenance, repairs, and roadside assistance. Most services charge a one-time initiation fee, usually ranging from $100 to $500.
To subscribe to a vehicle, users typically scroll through a catalog of available cars via an app or website, then order the model they want based on a fixed price. Subscribers can access a car for as short as one week or as long as they want.
With many services, you can swap cars whenever you want, trading in a sedan, for instance, in favor of an SUV with extra cargo room ahead of a camping trip. And you can pause a subscription — during a vacation, for example — or cancel anytime.
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