Though subscription services are more expensive than owning a vehicle, manufacturers are banking that millennials’ fickle tastes and thirst for novelty will compel them to conclude the price is worth it. And a recent Edmunds investigation found that some services are actually cheaper than a traditional lease, especially if one lives in a city with high insurance rates.
“It comes down to three things,” Melody Lee of BOOK by Cadillac told CNN. “Flexibility, simplicity and personalization.”
Proponents point out subscribers could drive, say, a convertible in the summer and a 4WD SUV in the winter, or a pickup truck if they need to move something large.
“Me personally, I’d rather have my own car, keep it, store it, take care of it, you know,” Tim Bedard, a resident of Toledo, Ohio, told CBS affiliate WTOL in a story about Jeep’s early-June announcement of a new subscription service.
“I know it’s mine, but if somebody wants a faster car or a different design that comes out every two years or every year, I think it’s a great idea for somebody.”