More automakers will soon offer vehicles through subscription services. Lexus today announced its upcoming UX crossover would be available through one and Bloomberg published a report today stating BMW is about to announce a subscription pilot.
These automakers join a growing list of makers offering models through new financing vehicles. Currently, Volvo, Cadillac, Ford, and Porsche have a service that ditches traditional financing in favor of a more flexible and innovate way to drive the latest car. Several startups, like Dover and Fair, are also looking at this market as demand increases.
Current subscription services live between short-term rentals and several-year leases. Most of the services give users the ability to swap vehicles or bundle insurance with the cost of the vehicle. The goal is to offer consumers the latest vehicles as efficiently as possible.
The Lexus UX will be the first vehicle Lexus offers through a subscription.
Likewise, BMW is reportedly about to launch a pilot subscription next week in Tennessee. Apparently, it will be called Access by BMW and offered by a local BMW dealership.
Terms of both the Lexus and BMW service have yet to be announced.