What is an electric vehicle subscription?

What is an EV subscription? 

An EV subscription gets you driving an EV without having to buy it outright. Once the EV provider has confirmed your eligibility and you've signed up, you simply choose a model and choose your subscription period. You can exchange your vehicle for a new one when your contract allows, you might want to do this to accommodate a growing family, a new job interstate, or to try a car that better suits your lifestyle.

Subscription fees will typically cover registration, insurance, servicing and roadside assistance – usually rolled into one monthly payment. Generally, all you need to pay for are any additional road tolls, and charging.

For charging, AGL's Night Saver EV plan offers a discount energy rate for charging while you sleep! 

How does a car subscription compare to buying outright?

A subscription eliminates the large upfront cost. Instead of paying tens of thousands of dollars, you’re committed to a more manageable periodic payment - usually monthly. 

And if you know there’ll be a period where you won’t be using it (like going overseas for a few months or working from home for an extended period), you can usually cancel your subscription with no cancellation fees, provided you’ve reached any minimum term that may be required.

One of the biggest considerations with car ownership is depreciation, where the value of your car decreases over time due to general wear and tear. This is also something EV owners need to think about as newer models enter the market, with the additional consideration of battery performance over time.

When you have a car subscription, you don’t have to worry about depreciation or battery life and you can upgrade to a newer car (if available) if you want to. 

Of course, with a subscription, you don't own the car. You just get to use it for the period of the subscription and then you return it at the end of the agreed term.

What do you get as part of a car subscription? 

Apart from a car that’s good for the environment and turns heads wherever you go, you get a car that’s yours to use whenever you need. You don’t need to book it or share it with other people in your neighbourhood. And you have the freedom to take it on that road trip you always dreamed of, unlike many car rental contracts, where you can only drive your car a certain distance from its collection point.

If you want your next car to be an EV but are hesitant about long-term investment, a subscription is a great way to see if it works for your lifestyle.

Subscribing to an electric vehicle means you can drive in line with your values and experience the latest EV technology in a way that can work with your budget and lifestyle. The ongoing costs associated with running and maintaining the car (such as insurance and servicing) are usually included in the monthly subscription fee, so you have a clear picture of what you’ll be spending.  

It’s also a great way to figure out if an EV is really for you, beyond the initial test drive from a car dealership. A few months on a subscription gives you time to see how an EV manages the school run, commute to work and weekend road trips, before you decide whether to commit to outright ownership. 

Subscribing to an EV gives you flexibility and can be a financially savvy solution to how you get around, both now and in the future.