Hyundai Evolve+ EV Subscription Program Offers Ioniq 5 For $899 Per Month
Hyundai is the latest automaker to offer a vehicle subscription service. No, we aren’t talking about monthly fees to use certain features of a car. This is a service to use the entire car for as little as 28 days, with everything bundled into a single fee. Hyundai calls it the Evolve+ EV Subscription Program.
As the name suggests, it’s only offered for electric vehicles and right now, that includes just two models: The Kona Electric and Ioniq 5. Prices start at $699 for the Kona, or you can step up to the Ioniq 5 for $899. The fee includes standard vehicle insurance, registration, roadside assistance, and covers any maintenance needs that might crop up. Hyundai ties it all into a downloadable app where people can search for vehicles, sign up for the service, and pay online. The only direct dealership contact comes with picking up and dropping off the car.
A handful of automakers are also experimenting with all-inclusive subscription services, but Hyundai says its Evolve+ is different because it requires no long-term commitment. As long as subscribers meet eligibility requirements, vehicles can be used on a month-to-month basis with the ability to cancel anytime. As such, Hyundai paints the service similar to that of a long-term rental, which can cost significantly more than the monthly prices mentioned here for the Kona and Ioniq 5.
For further comparison, Hyundai lists a monthly Ioniq 5 purchase payment of approximately $850, based on a six-year finance with good credit. A three-year lease works out to $609 per month, though neither figures include insurance costs.
To be eligible for Evolve+, a person must be at least 25 years old with a clean driving record and a credit score of 650 or higher. A 28-day subscription includes 1,000 miles, which equates to a typical lease term of 12,000 miles per year. Going over the mileage costs $20 for every 100 miles up to 1,500, at which point you’ll pay $1.00 for every mile beyond that. Folks who stay under 1,000 miles and opt to continue the subscription will have the unused miles rolled into the next month.
For now, Evolve+ is only offered in seven US cities and through select dealerships. Hyundai says those locations are available to see in the Evolve+ app.
Source: Read Full Article