If you want to drive a car, there are usually three ways: to buy, rent or lease. But these leave the driver with many, many responsibilities. Now, there’s a third alternative: car subscription services.
The Evolution of Car Subscription
The 21st century has brought in many changes, including a new technological era where almost everything you wish for is available at your fingertips. With a better lifestyle and ease of owning a thing, trying something new has become popular from time to time. Just like everything else, having a car online has become a new norm.
The newer generation has become more cautious about their investment -and car being the second largest investment in life. But many people are unwilling to invest in a depreciating asset.
Not all of us can afford to buy a car. With the post-pandemic market scenario, paying such a huge amount of down payment upfront for buying a car is difficult because of the economic strain. On the other hand, leasing has been gaining popularity in some countries due to the same reason.
Now, many independent companies and automakers are jumping on the bandwagon of car subscriptions. Why? Because it is the most convenient, easiest, and affordable way of driving your dream car.
Car Subscription: Achievements and milestones
The car service subscription industry is on an upward trajectory. The companies involved in this business model unlock achievements that conventional car dealerships have not. We can say that the two different business models — a traditional way of purchasing cars and subscriptions — are even competing against one another.
By 2024, car subscriptions are predicted to expand to $9.15 billion with a projected 63 percent compound annual growth rate or CAGR. In 2022, a 2019 research from Ipsos says that the car subscription market will grow by a massive 71 percent.
The interest in the subscription industry is growing consistently. Among the highlighted markets are millennials, with the age group drawn most to the “subscription lifestyle.” They found that the lifestyle they are looking for is also in cars. The research further revealed that there is 17 percent saying they were signing up in 2020.
What attracts the market to a car subscription model?
Unlike buying a car, or rental or leasing contracts, car subscription services offer considerably more flexibility. Customers can upgrade to newer or different vehicle models or simply switch vehicles and have those vehicles delivered to their homes.
T4L, Inc. (Transportation 4 Life) invites you to preview its all-inclusive membership portal where you can drive the electric vehicle of your choice and enjoy a hassle-free, luxury subscription like never before. One company, one payment to drive your dream car with the flexibility to change.
The conventional automotive business models are being challenged by economic, social, and overall purchase behavior patterns. The automotive transportation market is rapidly changing.
As a result, a newly defined “Subscription Services Model” business category is emerging to replace conventional car ownership or leasing.
Let’s take a look at a comparison chart of the features and qualities of these three models.
T4L, Transportation 4 Life, is one of the few vehicle subscription companies on the market today offering world-class car subscription service. As a member, you can experience all the benefits and perks other car enthusiasts do not have access to.
“Partnering with electric vehicle manufacturers such as Tesla and Nissan, and the paradigm shift from car ownership to car usership, we make it easy and painless to have the best vehicles,” said Allen Witters, Chief Executive Officer at T4L.
T4L members pay a monthly subscription amount for the right to have access to drive an electric vehicle. The subscription includes insurance, taxes and registration, vehicle swaps, vehicle refresh, software updates, charging, roadside service support, and concierge priority services. Maintenance covering tires, brakes, batteries, wiper blades, and more are included. They are simplifying access to electric vehicles.
T4L is a subsidiary of Gravitas Infinitum, LLC. For more information on their car service subscription and sign up for the luxury car subscription, visit https://www.t4l.me/.