Drive a New Car Every Month for Under $500 — 3 Things to Know!Lifestyle Money The List
Car subscription boxes are here, and they promise to steer car shopping in a whole new direction for American families. We’ve all seen subscription boxes for makeup, grooming supplies, coffee and clothing. But car subscription services take it to the next level! They are essentially an alternative to buying or leasing a car. Interested? Check out our beginner’s guide to car subscriptions.
1. What is a Car Subscription?
Carroll Lachnit, Edmunds‘ Senior Consumer Advice Editor, says the service consists of paying a monthly fee for which you get the use of a car. It covers roadside assistance, standard maintenance, any repairs that might turn up under warranty, and insurance as well.
You don’t actually own the vehicle, just like you don’t own the car if you’re leasing. Depending on the service you use, you could have a sedan for the week, and get an SUV for a weekend trip. Keep in mind that all subscription “boxes” are different, and the price could change depending on the vehicle you choose.
2. How Does it Work?
You basically go to the website and apply. Typically, they check your driving record and they do a soft credit check to make sure you can pay for the service every month. Everything is managed from an app. There are no down payments or finance charges. Some services let you select your mileage and build that cost into the monthly fee.
3. Who Offers Subscriptions?
Ford’s service called “canvas” provides pre-owned cars with packages starting at around $400 a month. Customers choose a mileage plan the same way you’d choose a data plan for your smartphone. Mileage rolls over each month and you can adjust your plan up or down.
Car subscription “boxes” offer a different angle to car shopping with easy accessibility, without the compromise. Looks like the classic American car culture is about to get a huge disruption.
Would you consider signing up for car subscription services? Join the conversation on our Facebook page @TheListShowTV.