So many things are different about electric vehicles. One thing is how you buy them. We saw the other day the company called Tenet that does a balloon program where you don’t have to finance the whole thing, you can hold some of it out to get a rebate from the taxes. Here today comes a company called Drive It Away that does subscriptions to vehicles where you’re not buying it, you’re not leasing it, you’re just paying for a subscription. And they have a financial plan that allows you to just drive the car and you can probably switch the car around too. The way they word it is, it’s an app that regardless of credit you can immediately start driving a new Bolt EV through a turnkey vehicle subscription. It includes insurance, maintenance service, and all the details you need to have a vehicle. This is a full plug-in electric vehicle.
This is the type of modern financial technology that’s going to be attached to new types of vehicles, electric vehicles, to make the ownership experience different from gasoline vehicles. These companies are realizing that electric vehicles are a rapidly growing segment of what people sell. The use of the vehicle might be nontraditional, you might not need it for three-four weeks. If you’re working from home you might not need it for a month. So that subscription allows you to use it for different intervals.
So be aware that not only are electric vehicles different in the vehicle architecture, but the ownership experience and payment structure might be different than traditional legacy ownership. Buying leasing money down interest rates. It might be a more app-driven experience like everything else in modern technology.