Is a Car Subscription the Right Choice for Your Retirement Travel?
Written by
Cynthia Measom
Edited by
Amber Barkley
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When travel is a part of your retirement plan, signing up for a vehicle subscription service is an alternative to buying, leasing or renting.
Explore what it is — and what it involves — to decide if a car subscription is the right choice for you.
And if you decide you’d rather own your vehicle, check out these new car models that are a good fit for recent retirees.
What Is a Car Subscription?
A car subscription service allows customers to pay a flat fee for access to a vehicle without ownership for the subscription period. Here are some different car subscription services to consider:
Roam
Roam is a car subscription service located in Canada that’s in the process of expanding to the U.S. — specifically to Austin, Texas, Miami and Orlando, Florida. It offers weekly or monthly subscriptions and a lineup of electric, hybrid and gas vehicles.
Finn
Finn is available in a select number of states and Washington D.C., including Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia. It offers gas and mild hybrid vehicles, including hatchbacks, SUVs and sedans. Select from 6- or 12-month subscriptions.
Sixt+
Sixt+ car subscriptions are available in New York, Los Angeles, Dallas, Philadelphia, Atlanta, San Francisco, Seattle, Miami and Boston. It offers everything from economy sedans to luxury SUVs. Brand offerings include Mercedes, Ford, Cadillac, Volvo and BMW.
Subscriptions last one month and automatically renew until you cancel.
Pros of Car Subscriptions
Here are some of the reasons why a car subscription might be the right choice for your retirement travel.Â
Flexibility
Unlike leasing a car, which is typically for a period of at least two years, many car subscription services have subscription options lasting for a shorter time — as little as a week or as long as six or 12 months.
This flexibility can allow retirees to pay for the car only during the time they need it instead of locking themselves into a lease or ownership contract spanning a number of years.
All-Inclusive Costs
Monthly car subscription fees are all-inclusive and typically cover insurance, maintenance, service and wear and tear. This subscription model helps retirees avoid potentially expensive costs that are typical of car ownership, like an unexpected repair or an increase in insurance premiums.
Access to Newer Vehicles
A newer vehicle is often a more reliable vehicle, which is important during travel. Car subscription services offer the newest models from top car manufacturers, which feature the latest technology.
No Long-Term Ownership Hassles
Car subscription services take the hassle out of long-term car ownership. There’s no need to worry about depreciation, selling the vehicle or long-term commitments. This option allows retirees to avoid the responsibilities of owning a car while still having reliable transportation for their travel plans.
Variety
For retirees planning travel, car subscription services can offer variety — from fuel-efficient sedans for long road trips to spacious SUVs for group adventures — without the need to lease or own a car.
Cons of Car Subscriptions
Car subscriptions also have their drawbacks. Here are some to consider.
Higher Costs
Subscriptions can be significantly more expensive than owning or leasing over time, especially for frequent travelers. And even though the all-inclusive nature of the subscription can offset the cost, retirees might be able to lease or own a car cheaper.
Limited Availability
Car subscription services are not offered in all locations, which can restrict choices for retirees in rural or less-populated areas.
Mileage Caps
Many subscriptions include limits on how many miles you can drive per month. Exceeding these limits can result in extra fees.
Fewer Customization Options
Subscribers cannot make long-term customizations to vehicles, like adding personal upgrades or accessories. For example, installing a luggage rack or bike rack on the vehicle wouldn’t be an option.
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