Many things are against you right now if you’re in dire need of a new vehicle.
Both gas and car prices are high as are the interest rates on borrowing money. Southern California’s company offers an easier and cheaper solution. It can help you subscribe to an electrical car.
Kendal Bruce is now driving his Tesla Model 3 for about a month. But, he didn’t buy it. And he didn’t lease it, either.
He subscribes instead.
“When I think about subscriptions, I think about Netflix. So it felt easy. That’s what really appealed to me,”Bruce.
This service is provided through the Santa Monica-based firm Autonomy. The car is paid for month-by-month with a minimum of three months. Autonomy CEO Scott Painter says during the time you have the car, it’s essentially yours.
“You can keep the car as long as you want. It’s your car. It’s not a car you’re going to share with anybody. It stays in your driveway, it’s totally at your control. It’s just a subscription, which gives you the freedom to quit it at any time,”Painter.
A Tesla Model 3 can be yours for only $490 per month. This is less than the average monthly new car payment. But you’ll also pay a $4,900 start fee, essentially a down payment. The monthly payment can be higher, which will reduce the start fee.
You can even put it all on a card. Painter says it’s cheaper than buying or leasing the car.
“If you’re thinking about getting a Model 3, we would challenge you to go down any other path to get the car. If we’re not the cheapest way to get the car, we’d be shocked. It also has to be the easiest and fastest,”Painter.
The company currently only offers the Tesla Model 3, but says it’ll soon start offering the Model Y, along with EV models from other car makers.
Brian Moody, Research company Kelley Blue BookSince 1995, he has written about the automotive industry. He thinks subscribing to an EV could be a good idea, especially if you’re curious about an electric car, but you’re nervous to commit long term.
“If you like to switch cars frequently, more so than every year or two, maybe a subscription could work for you,”Moody.
But as for the start fee, Moody says to make sure it pencils out, especially if you don’t plan to keep the car more than a few months.
“I think it’s also important to sit down and do some basic math and see how long it’s going to take for you to make your money back,”Moody.
Moody says you can also rent a Tesla Model 3 from companies like Hertz and Turo, but you’ll need to do the math because renting might be pricier.
Bruce believes he made the right choice.
“I love it, it’s like my favorite toy ever,”He stated.