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The future of mobility: Why all-inclusive car subscription is the way forward

September 29, 2023

The future of mobility: Why all-inclusive car subscription is the way forward

In an era defined by digital transformation and convenience, it's no surprise that the way we approach owning a car is evolving. Traditional car financing and ownership models are gradually giving way to more innovative alternatives, and one option that's gaining popularity is an all-inclusive car subscription. In this blog post, we'll explore why an all-inclusive car subscription is an excellent choice in today's age of convenience and flexibility, backed by data and insights from recent years.

The overwhelming dominance of car finance in 2022

In 2022, the car finance industry in the UK reached staggering heights, with £51 billion invested in new car financing. According to data from the Finance and Leasing Association (FLA), its members financed a remarkable 83.7% of private new car sales, all the while burdened with a staggering 6.2 million outstanding consumer car finance contracts. This surge in car finance indicates a strong reliance on traditional methods of car usership. While the car finance industry reached heights, it's becoming increasingly evident that today’s drivers a calling for a more flexible approach to car ownership.

Amidst the millions of outstanding consumer car finance contracts, a shift is occurring, led by car subscriptions, which offer a compelling alternative to long-term financing commitments and grant subscribers the freedom to adapt their driving needs as circumstances change. The new age demands flexibility, and car subscription offers just that. However, an even better option is an all-inclusive car subscription, providing an alternative to long-term financing commitments and grants access to a wide range of vehicles, allowing subscribers to adapt their driving needs quickly as circumstances change. All within a single monthly payment.

A shift towards car buying online

A report from Cargurus in 2023 reveals a notable trend: an increasing number of people are happy to complete the entire car-buying process online. The percentage of individuals open to this approach has risen to 58%, up from 49% the previous year. This shift reflects the convenience and efficiency that digital platforms offer.

All-inclusive car subscriptions align perfectly with this trend, as they enable users to browse, select, and sign up for their chosen vehicle entirely online. This streamlined process caters to the needs of modern consumers who highly value time-saving and hassle-free experiences.

Speed and convenience matter

The Cargurus' report also emphasises the desire for a quick and efficient car-buying process. Buyers are increasingly keen on conducting more of the process from the comfort of their homes, especially when it comes to arranging financing. An all-inclusive car subscription simplifies this aspect, as it typically bundles financing, comprehensive insurance, servicing and maintenance, and other ongoing costs into a single monthly payment, eliminating the need for multiple contracts and costs.

A lack of awareness about car costs

According to a Nerdwallet survey from 2021, an astounding 65% of car owners admit they don't know the exact costs of running and maintaining their vehicles each year. This further highlights the need and benefit of transparent and predictable car-related expenses.

Without planning for these additional costs associated with car ownership, it can significantly impact a driver’s yearly budget. Expenses such as insurance, road tax, servicing, maintenance and new tyres can quickly add up. And leave a significant dent in your finances.

This lack of awareness underpins the importance of embracing alternatives such as an all-inclusive car subscription, which provides a clear and predictable monthly cost that covers everything.

All-inclusive car subscriptions provide a clear and predictable cost. Subscribers know exactly how much they'll pay each month, which covers most of their car-related expenses. This knowledge empowers consumers to budget effectively and eliminates hidden costs and surprises.

In today's digital age, the all-inclusive car subscription model aligns perfectly with the evolving preferences and demands of consumers. It offers flexibility, convenience, and cost transparency while catering to the growing trend of online car buying. As traditional car finance models continue, it's clear that an all-inclusive car subscription is a progressive and practical choice for those looking to embrace the future of mobility.

Drive Fuze is a leading provider in this innovative field, offering a seamless and hassle-free experience. Our user-friendly platform, transparent pricing, and commitment to delivering the best service make us the ideal choice for those who want to navigate the world of car usership with ease in this digital era.