So many things are different about electric vehicles. One thing is how you buy them. We saw the other day a company called Tenet that offers a balloon program, allowing buyers to defer financing a portion of the vehicle to receive tax rebates.
Here today comes a company called Driving Away that introduces subscriptions to vehicles. This isn’t a traditional purchase or lease; it’s a subscription model. They offer a financial plan that enables users to pay for a subscription, drive the car, and even switch vehicles as needed. Their app allows immediate access to a new Bolt EV through a turnkey vehicle subscription inclusive of insurance, maintenance, and service.
Transforming the Ownership Experience
This modern financial technology attached to electric vehicles aims to redefine the ownership experience of traditional gasoline vehicles. Companies are realizing the rapidly growing segment of electric vehicles and how their use might be non-traditional. With subscription models, the vehicle can be used for various intervals, accommodating those who may not need a car for extended periods, like remote workers.
Electric vehicles not only differ in architecture but also in ownership experience and payment structure. Unlike the traditional buying or leasing process involving down payments and interest rates, these innovative models might lean towards a more app-driven experience, aligning with modern technological advancements.