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Car subscriptions becoming key player in automotive industry

March 05, 2018 11:38 AM

(NBC News) There's a new way to drive the car of your dreams without buying or leasing.

Several big automakers are offering car subscription services.

Cadillac, Volvo and Porsche currently have their own subscription services. More are expected to launch by year's end.

Independent companies are springing up as well, also offering cars that subscribers can change monthly, weekly or even daily. 

"All it takes is logging into your app and saying to the concierge that you want a car on Friday, and I want it to be a sports car," says Carroll Lachnit of Edmunds.com.

Lachnit says car subscription services are gaining popularity because a single payment covers everything. 

"You pay a monthly fee, you get the use of the car, you get roadside assistance, you get regular maintenance included and repairs that would be covered by a warranty," Lachnit explains.

The only downside: You own nothing at the end of the subscription.

Read more: http://nbcnews.to/2GXNBqb

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