The Pros and Cons of a Vehicle Subscription Service
Have you heard of General Motors’ new service called BOOK? BOOK is a car subscription service that enables users to pay for access to any type of Cadillac vehicle any time they want.
With BOOK, users pay $1,500 per month with an additional onetime initiate fee of $500 paid upfront. Industry experts have compared it to a Netflix subscription, but the only current options are for Cadillac vehicles, ranging from an Escalade to a CTS-V. Subscribers can swap vehicles up to 18 times per year through their app. Once a driver has selected the vehicle of their choice, it is delivered by a concierge service.
In addition to the available car exchanges, the BOOK service also allows you to drive any Cadillac with unlimited mileage and covers insurance, registration, and car maintenance costs, giving drivers access to cool cars without stressing about the servicing and other maintenance details that come with buying or leasing a car.
However, BOOK is not the only car subscription service on the market, and competition has ensued from the likes of Clutch and Yoyo.
With Clutch, for example, users can order any type of car whenever they need it by paying monthly rates ranging from $800 to $1,300. Like BOOK, Clutch also has a concierge delivery service once you choose the car you want through their app. The higher the monthly rate, the more luxurious the cars you can access.
While most would agree that these companies are innovative, there are pros and cons to taking part in one of the subscription plans:
- Allows user to drive different cars. This feature allows you access to different types of cars for different uses. For example, an SUV for a camping trip versus a luxury sedan for a night out.
- Drivers are exempt from the hassles of maintenance and insurance payments that come with owning a car.
- Availability at your fingertips. Subscribers can access any type of vehicle offered by the subscription service at any time via the service’s app, and have it delivered to your current location by a concierge.
- Unlike leasing a car, app users can cancel and reinstate their subscription without added fees.
- The service offers support that extends to roadside assistance. This, among other things, allows you to have the use of a range of cars without the headaches that come with car ownership.
- The monthly fee is all-inclusive, including insurance, regular servicing costs, and payment for use of the car itself.
- Cost – Not everyone can afford a luxury service like this!
- Drivers must keep the car in their possession until they upgrade or cancel the service, so drivers can’t utilize the app just for a weekend, or a quick day trip.
- For drivers in bigger cities, they must deal with the hassle of parking the vehicle around town.
While it’s clear that the pros greatly outweigh the cons, these are all aspects that should be considered before signing up with BOOK or a subscription service like it.