Are you looking for a new way to get around without the huge upfront cost of a lease or the financing for a new car?
Then you’ve come to the right place. Electric cars are the future of transportation. Not only are they more environmentally friendly, but they’re also a lot more fun to drive than petrol-powered cars.
With an electric car subscription, you can enjoy all the benefits of owning an electric car without the long-term commitment.
In this guide, we’ll show you everything you need to know about electric car subscriptions, including how they work and what you need to consider before signing up for one.
So, let’s start at the beginning…
- 1 What Is An Electric Car Subscription?
- 2 How Do Electric Car Subscriptions Work?
- 3 Things to Consider Before Signing Up For An Electric Car Subscription
- 4 What Happens At The End Of Car Subscription?
- 5 Which Subscription Provider Should You Choose?
- 5.1 The terms and conditions
- 5.2 The price of the monthly subscription
- 5.3 The type of cars offered
- 5.4 The length of the subscription period
- 5.5 The cancellation period
- 5.6 Any admin charges
- 5.7 The inclusion of maintenance and charging
- 5.8 Whether there is a claims fee
- 5.9 The ability to buy the car outright at the end of the subscription
- 5.10 The reviews of their service
- 6 FAQs
- 7 Still need help?
What Is An Electric Car Subscription?
An electric car subscription is a new service, similar to leasing, that allows you to have access to an electric car without the need for a long-term contract.
These subscription services have been around for quite a while. However, with the emergence of electric cars and the fact that to buy one is relatively expensive, these services have become more popular.
With an electric car subscription, you pay a monthly fee which covers the cost of the car, maintenance, and insurance. In some cases, you may also have to pay for charging.
I did talk about the main differences between leasing and using a subscription service here – Car Leases vs. Subscriptions.
That article explains the main benefits of using a subscription service over leasing.
How Do Electric Car Subscriptions Work?
With a traditional lease, you’re locked into a contract for 2-3 years and are required to make monthly payments, whether you want to or not.
With an electric car subscription, on the other hand, you can cancel at any time with no penalties.
In addition, electric car subscriptions usually include maintenance and charging, so you don’t have to worry about those extra costs.
As the price of electric vehicles start to come down in price (likely in a few years time), I’m not too sure these types of services will be as popular.
At the moment, since the vast majority of the public have never driven or even sat in an electric car, this service is perfect for those who want to try one out without the high upfront cost.
I’ve written about the pros and cons of an electric car here, so if you don’t mind, I won’t going over that in this article?
But what this guide will do, is bring you some perspective from those who have already subscribed to an electric car service and see if it’s something that could work for you.
Things to Consider Before Signing Up For An Electric Car Subscription
Ok, you now know the difference between leasing a car and a subscription service. You also have a handle on the pros and cons.
Let’s take a look at the things to consider before signing up for an electric car subscription service.
1. How Much Do You Drive?
This is the first and most important question you need to ask yourself. If you only drive a few hundred miles a month, then it doesn’t make sense to get an electric car subscription as you’ll be better off with a traditional lease or even buying a used car.
However, if you find that you’re driving more than 1,000 miles a month, then an electric car subscription could save you money in the long run.
2. Where Do You Live?
If you live in an urban area with access to public transportation, then you may not need a car at all. In that case, an electric car subscription would be a waste of money.
On the other hand, if you live in a rural area or somewhere with limited public transportation, then an electric car subscription could be a great option for you.
3. Do You Have Access to Charging?
This is an important question to consider, especially if you live in an urban area.
Electric cars need to be charged, and if you don’t have access to charging, then an electric car subscription may not be the best option for you.
There are a few things to consider when it comes to charging. First, do you have a place to park your car where you can charge it? Second, do you have the right type of charger for your car?
If you’re not sure about either of these things, then it’s best to consult with an electric car dealer or subscription service before signing up.
4. What’s Your Budget?
Electric car subscriptions can be expensive, so it’s important to consider your budget before signing up.
Keep in mind that in addition to the monthly subscription fee, you’ll also have to pay for charging, so that’s something to factor into your budget as well.
If you’re not sure how much you can afford, then it’s best to consult with an electric car dealer or subscription service.
5.If you’re looking to try before you buy, then this service is perfect for you. With a subscription service, you have the unique ability to keep swapping cars every few months until you find the perfect one for you.
If you’ve only driven and owned Audi’s all of your life, you will likely find that the differences between the electric brands is vast, and it may take some time to find the one that suits you best.
6. Another great thing about electric car subscription services is that they often include maintenance and charging, so you don’t have to worry about those extra costs.
7. As the price of electric vehicles start to come down in price (likely in a few years), you may find that a lease will work out much cheaper once you go over the 6-8 month threshold.
8. If you live in a cold climate, then you’ll want to make sure that the electric car you’re interested in has adequate range for your needs.
Some electric cars can lose up to 50% of their range in cold weather, so it’s important to factor that into your decision.
9. One of the best things about electric cars is that they’re much cheaper to operate than gas cars.
That being said, you’ll still want to make sure that you can afford the monthly subscription fee.
10. Finally, it’s important to make sure that you’re comfortable with the idea of driving an electric car.
Even though you won’t be visiting the petrol station anymore, you will still need to factor in the range of the car and make sure that you’re comfortable with charging it.
If you have any doubts, then it’s best to consult with an electric car dealer or subscription service before making a decision.
What Happens At The End Of Car Subscription?
Assuming you’re not planning on buying the car outright (sometimes this is an option), at the end of your subscription period you simply return the car to the dealership or service company.
It’s important to make sure that you understand the terms of your agreement before signing up, as some companies may charge a fee for early termination.
If you’re happy with the service and the car, then you can simply renew your subscription.
Which Subscription Provider Should You Choose?
Now, one subscription provider is not the same as the next. Different providers offer different terms, conditions, and features, so it’s important to do your research before signing up.
Here are some things to look for when choosing an electric car subscription service:
- The terms and conditions.
- The price of the monthly subscription.
- The type of cars offered.
- The length of the subscription period.
- The cancellation period.
- Any admin charges.
- The inclusion of maintenance and charging.
- Whether there is a claims fee.
- The ability to buy the car outright at the end of the subscription.
- The reviews of the service.
The terms and conditions
Yeah, I know. Who reads the terms and conditions, right? But it’s important to do so before signing up for any service, and that includes electric car subscription services.
The terms and conditions will outline what you’re agreeing to, so it’s important that you understand them before signing up.
The price of the monthly subscription
You will want to know the total price you’ll be paying per month, as this can vary greatly between providers.
The type of cars offered
Some providers only offer a limited selection of electric cars, while others have a much wider range.
The length of the subscription period
Subscription periods can range from 1 month to 6 months, so it’s important to choose one that suits your needs.
The cancellation period
Some providers have a minimum cancellation period, so you’ll want to make sure that you’re comfortable with that before signing up.
Any admin charges
Some providers charge an admin fee, so you’ll want to check for that before signing up.
The inclusion of maintenance and charging
Some providers include maintenance and charging in their monthly fee, while others don’t.
Whether there is a claims fee
If you have an accident in the car, some providers charge a claims fee.
The ability to buy the car outright at the end of the subscription
Some providers allow you to buy the car outright at the end of the subscription period, while others don’t.
The reviews of their service
It’s always a good idea to read the reviews of any service before signing up. This is especially true for electric car subscription services, as there are a few things that can go wrong.
Once you’ve taken all of these factors into consideration, you should be able to narrow down your options and choose the electric car subscription service that’s right for you.
What are the drawbacks of a electric car subscription service?
One of the main drawbacks of an electric car subscription service is that you’re essentially renting the car, so you may not have the option to buy it outright at the end of the agreement. Another drawback is that some providers charge admin fees, and some even charge a claims fee if you have an accident in the car. Lastly, not all providers include maintenance and charging in their monthly fee, so that’s something you’ll need to factor into your budget.
Do electric car subscription services include insurance?
Most electric car subscription services will include the insurance in the monthly fee, but it’s always best to check with the provider to be sure.
Can I cancel my electric car subscription service?
Some providers have a minimum cancellation period, so you’ll want to check with your provider before cancelling.
What is the average price of an electric car subscription service?
The average price of an electric car subscription service is £500 per month. However, this can vary greatly depending on the provider and the type of car you choose.
Still need help?
If you’re still not sure which electric car subscription service is right for you, we can help. Just send us a message and one of our experts will be in touch.