EV-Curious Drivers Can Now Rent Hyundai Electric Vehicles on a Monthly Basis
If you’re pondering on whether you should switch to an electric vehicle (EV) but are not totally sold on the idea, Hyundai now has a solution for you and all the “EV curious” consumers.
Costco’s Best Deals? Employee Reveals 10 Standout Buys for Your Money
Learn: 3 Ways Smart People Save Money When Filing Their Taxes
The carmaker announced its new Evolve+ EV subscription service, which provides “flexibility and affordability to the consumer who wants to drive Hyundai’s newest electric vehicles without committing to a purchase or longer-term lease,” according to an announcement.
The subscription starts at $699 per month for a Kona Electric and $899 per month for an IONIQ 5, and unlike other subscriptions, there is no long-term commitment required as consumers can cancel it anytime, according to the announcement. According to Hyundai, other subscription services require customers to lock into a 3- to 5-month minimum term.
The service covers 1,000 miles, insurance, maintenance, registration and road-side assistance.
If you exceed the monthly 1,000 miles, there is an additional $20 per increment of 100 miles until 1,500 miles, and every mile in excess of 1,500 will be charged at a rate of $1 per mile, according to Hyundai.
“That’s steep, but the mileage is more generous than the usual 10,000 miles per year allowed by leases,” noted car website Edmunds.
On the flip side, if you don’t use all of your 1,000 monthly miles, they will automatically roll over if you renew your subscription.
“With no paperwork, no commitment and no long-term loan, Evolve+ is an optimal solution for the ‘EV-curious’ car shopper,” Olabisi Boyle, vice president, product planning and mobility strategy, Hyundai Motor North America said in the announcement. “We’ve prioritized simplicity and flexibility with the subscription process, allowing customers to place orders and renew on their own terms on their own time all via smartphone. We are hoping that by offering a subscription-based option, we will increase EV adoption and awareness as customers transition into an EV future.”
Take Our Poll: How Big of a Sign-Up Bonus Would It Take for You To Change Banks?
CNN reports that other car companies offering subscriptions include Volvo, with prices starting at $900 and which allows consumers to change or cancel their cars after five months; and Porsche, whose subscription service is available in 14 cities, and with a monthly fee ranging from $1,700 month to $3,200, or which gives access to a fleet of different Porsche models for $3,600 a month.
However, Hyundai’s service is different in that it solely includes EVs, according to CNN.
More From GOBankingRates