Interested in electric cars but unsure whether they’re right for you or concerned about being ‘locked in’? An electric car (or vehicle) subscription is a step towards owning one, but with the flexibility to switch models or cancel once the contract plan ends.
It is an emerging option that bundles registration, comprehensive insurance, and maintenance costs in one weekly payment under a fixed term or no-lock-in contract – just like a cellular smartphone plan.
Unlike leasing a car (like through a novated company lease), there are no balloon payments, interest and depreciation values to contend with. However, there may be a set maximum driving distance quota per year.
There are several electric car subscription services available, each with their own pros and cons. So, which one is the best? It depends on your needs and preferences. Here are some of the most popular car subscription services and what they offer.
What is EV Subscription?
Electric vehicle (EV) subscription is a type of car subscription service that specifically offers electric vehicles. EV subscription services allow you to drive an electric car without the upfront cost of buying one.
EV subscription services can be a good option if you're interested in driving an electric car but don't want to commit to buying one. They can also be a more environmentally friendly option, as electric cars produce fewer emissions than petrol cars.
AGL EV Subscription
AGL EV subscription service, in partnership with Carbar, offers an EV car subscription that includes: access to a fully registered, serviced and insured EV and fully installed home charging system and discounted energy plans.
Carbar is a market-leading car subscription service that offering a full possession of a vehicle—including insurance, registration, servicing, and roadside assistance—for a fixed weekly payment. It offers the widest range of electric car subscriptions amongst the providers on this list.
They also offer a buy-back guarantee, which means you can sell the car back to them at a predetermined price after a certain period of time.
HelloCars offers a "no commitment" subscription plan, which means you can cancel at any time without penalty. They also offer a range of cars, including electric vehicles.
Origin 360 EV Subscription
Origin Energy is the latest provider to start offering electric car subscription services. Unlike standard EV subscription services, the Origin subscription is a novated lease electric car subscription service.
Company employers that offer the subscription will allow employees to salary sacrifice (or salary package) the plan from their income to take advantage of the federal government’s fringe benefits tax (FBT) exemption for EVs – and could also result in lowering the employee’s annual tax payable
EV Subscription Bottom Line
Ultimately, the best car subscription service for you will depend on your individual needs and preferences. It's worth researching and comparing different services before making a decision.
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