Car subscription myth busting
Car subscription myth-busting
Car subscription is the modern way to enjoy all the advantages of owning a car, with none of the hassle and none of the commitment. For a single monthly payment, you get all the costs of running a car taken care of, so budgeting couldn’t be simpler – and you can change the car or hand it back whenever your needs change.
With life so unpredictable at the moment, and rising costs to contend with, a car subscription gives you valuable peace of mind and means you don’t have to worry about cash being tied up in a car when you might need it. If you’re wondering what the catch is, the answer is that there isn’t any!
Today, we’re going to address some of the common myths and misconceptions you might have heard about car subscriptions, and we’ll look at how this model of car usership compares with traditional car ownership options.
Car subscription myths and misconceptions
Myth: A car subscription is more expensive than leasing or buying a car
Wrong! While the monthly payments sometimes work out a little more expensive than the monthly payments you’d make for a lease, the reason for that is that they’re all-inclusive.
For a single payment each month, you’re covering all your monthly running costs, such as your road tax, insurance, maintenance, tyres and breakdown cover – all expenses you’d normally have to budget separately for if you’re leasing or buying a car.
Once you factor in the upfront costs of traditional car leasing and purchase options, you’ll find that car subscription actually works out cheaper, and with far less capital tied up in your vehicle. In addition to a small delivery fee, the only thing you pay upfront is a month’s subscription in advance, but you get this back when you hand back the keys.
Myth: Car subscription offers a limited choice of vehicles
You only need to browse our vehicles to see that this one isn’t true! At Drive Fuze, we have so many choices that you can always choose the right make and model for your needs, whether that’s a small city car or a big SUV, and whether you’d prefer petrol, diesel, hybrid or fully electric. And our list of vehicles is growing all the time, so keep returning to our vehicle page or sign-up to get advance notice of new cars.
Myth: Car subscription contracts are inflexible and difficult to terminate
Far from it! With a Drive Fuze subscription, you have the complete flexibility to customise your subscription to your needs (whether that’s an additional driver, extra mileage or EU insurance cover), as well as to change or hand back the car whenever you like. There’s just a 14 day notice (at the beginning of the month), and no minimum subscription period.
Myth: Car subscription services are unreliable and difficult to access
We can’t speak for other car subscription services, but this definitely isn’t true of ours! To take out a Drive Fuze subscription, it’s a simple sign-up process all done online. You’ll only find our car subscription difficult to access if you’re under 25, if you have a poor credit rating or if you have any driving convictions.
Myth: Car subscription is only for short-term use and not suitable for long-term needs
A car subscription can be a great short-term solution, such as when you need a stop-gap while you’re waiting for a new car, or if your lease has come to an end and you want to try out a few different models before committing to a new lease or buying. But equally, it’s great for longer-term freedom, giving you the peace of mind that comes with easy budgeting and total flexibility.
Car subscription truths and benefits
This total flexibility is one of the major advantages of a car subscription. Not only can you tailor your subscription to your individual needs, and change it when your needs change, but the fact that it’s all-inclusive makes budgeting a breeze. Road tax, insurance, maintenance and breakdown cover are all among the running costs you won’t have to think about when you take out a Drive Fuze car subscription.
You’ll never need to worry about an unexpected repair bill or whether you remembered to renew your insurance because that’s all taken care of in your monthly subscription payment. All you need to think about is the cost of fuel or EV charging. Given that 19% of us have taken on debt to pay for servicing costs, that’s a weight off your mind.
From the start, a car subscription gives you easy access to a wide range of vehicle choices, so you can choose the make or model that best suits your lifestyle – whatever its size or engine type. And when your lifestyle changes, you can change your car with it, as you’re only ever committed to a month at a time.
With transparent and straightforward contract terms, a Drive Fuze car subscription takes the hassle and stress out of car usership, without tying you into any lengthy contracts and with no fees for cancelling whenever you like (just like that Netflix subscription!).
Car subscription vs traditional car ownership and leasing
The convenience and flexibility of a car subscription is clear to see by comparing it to what’s on offer with traditional car ownership and leasing options.
Owning a car versus a car subscription
First, let’s look at how it compares with traditional car ownership. For a start, there’s the large sum of money you’ll need to find upfront in order to buy a car – not everyone is lucky enough to have access to the kind of funds needed. By comparison, a car subscription requires only a month’s upfront subscription, which you then get back when you hand the car back.
Lead times are worth considering if you’re buying a new car, as these can mean a wait of several months before your new car is ready. With a car subscription, you could have your new wheels on the drive in as little as seven days!
If you buy a car outright, you obviously don’t need to factor in monthly payments for it – but you do have numerous running costs to consider, both monthly and annually. These include car insurance, road tax, servicing and maintenance, new tyres and breakdown cover. Then there are the unexpected costs, such as the repair bill for a cracked windscreen or damaged paintwork.
With a car subscription, you won’t need to worry about any of these costs, as they’re all included in the monthly subscription payment. All you’ll need to budget for is fuel or charging. Overall, you’ll likely end up paying less with a car subscription than buying a car outright.
Read more about the pros and cons of car ownership versus a car subscription.
Leasing a car versus a car subscription
An alternative to buying a car is leasing one, and there are various different types of leasing available – we’ve talked about them here. One of the most common is PCP, short for personal contract purchase, where you put down a deposit on a new car and then effectively pay for it in monthly installments (with another lump sum due at the end of the contract if you wish to keep the car).
PCP is a great way to spread the cost of buying a new car, but it has a number of drawbacks. You’re tied in for a period of typically two to four years, with hefty penalties for exiting the contract early – so you’ll need to be sure you can keep up the monthly repayments for the duration of your contract. This also means that you won’t have the flexibility you may end up needing if your circumstances change.
The payments you’ll make for a PCP contract include a substantial amount up front (typically the equivalent of six months’ payments, or 10% of the vehicle value), plus another final lump sum if you want to keep the car. On top of this, you’ll need to budget extra for all the monthly and annual running costs, such as tax, insurance, maintenance and breakdown cover, as these aren’t included in your monthly contract payments.
By contrast, a car subscription includes all these running costs in one monthly payment, and you’re free to cancel your subscription at any time (or switch to a different car if your needs change) – so you’re never tied into a car that’s not right for you, or that you can no longer afford.
Is a car subscription for you?
The right car ownership model for you will obviously depend on your individual needs and lifestyle, so it’s important to look closely at the pros and cons of each before deciding. That includes understanding the truth about car subscription services – which means seeing through the misconceptions!
At Drive Fuze, we’re sold on all the fantastic benefits of car subscriptions and want as many people to enjoy the freedom of this flexible and convenient alternative to traditional car ownership. That’s why we’re keen to demystify the process, which we hope we’ve done today.
Whether you have a short or long-term need for a new car, consider car subscription as a viable and flexible option for reliable transportation. Take a look at our cars and find one to suit your lifestyle – you could be having it delivered in as little as a week.