As it continues reinventing itself over and over again, Hyundai has no fear when it comes to trying new things. Recently, the Korean automaker announced a new way to drive the upcoming and hotly anticipated Ioniq Electric.
Instead of offering it only for purchase and lease, interested parties can also drive the new Ioniq Electric on a subscription basis. You read that right, you can subscribe to the Ioniq Electric!
Hyundai will offer this innovative path to alternative-fuel cars, known as Ioniq Unlimited, in two term lengths: 24 and 36 months. Potential subscribers can also complete nearly the entire transaction online, as they can choose the car they like, select the subscription term, complete the credit application, and see their monthly payment all online. They only need to go to the dealership to sign some paperwork and pick up their car.
While this may sound like a glorified lease, it does have its unique features that set it apart. For example, the monthly payment includes everything… yes, everything! That includes the payment for the car, all maintenance, repairs and wear-and-tear items, unlimited mileage, registration, and even charging! What’s more, once the term is up, there is no turn-in fee, like most leases require. On the downside, there appears to be no buy-out option at the end of a term, so all your payments essentially go down the drain after 24 or 36 months.
Hyundai has yet to reveal what the rough pricing would be for this subscription process, but my guess it will be similar to lease prices.
The Ioniq subscription deal will debut in California in early 2017.
Stay tuned for additional details as we near the launch of the Ioniq Unlimited program.