MUMBAI: The latest cars on subscription? At least one company - Mahindra & Mahindra - wants to make that a reality for customers at a time when the demand for automobiles has plummetted in India.
Starting Thursday, the auto major has opened up a subscription-based vehicle ownership scheme in eight cities - Delhi (NCR), Mumbai, Pune, Bengaluru, Hyderabad, Kolkata, Chandigarh and Ahmedabad.
The subscription starts at Rs 19720, the company said in a release.
The scheme covers the company's models - KUV100, XUV500, XUV300, Scorpio, TUV300, Marazzo and Alturas G4.
"We are introducing an all-new subscription model for retail customers of our personal vehicles. With this flexible, affordable offering, we hope to help our customers fulfil their aspiration of driving their desired vehicles without necessarily owning them," said Veejay Ram Nakra, chief of sales and marketing at M&M's automotive division.
The yearly fee, including maintenance and insurance, for the base variants of the various models are as follows:
- Mahindra KUV100 NXT - Rs 19,720
- Mahindra TUV300 - Rs 25,870
- Mahindra XUV300 - Rs 26,230
- Mahindra Scorpio - Rs 31,230
- Mahindra Marazzo - Rs 34,860
- Mahindra XUV500 - Rs 37,840
- Mahindra Alturas G4 - Rs 87,390
The kilometre limit has been set at 2083. Subscribers will have to pay Rs 11 extra for each extra km.
Interested customers have to make a refundable security deposit varying from Rs 20000-25000.
Included in the offer are zero down payments, no road tax, zero risks on the resale value of the vehicle, and a fixed amount that includes routine maintenance costs, the company said in the release.
Subscribers have the flexibility to move to another model after a minimum subscription period, the company said in its press release.