BMW, Mercedes-Benz, and Lexus all announced or launched subscription programs this month underscoring the growing financial trend of more flexible all-inclusive pricing.
While some details still remain sparse, all three seem to be focused on higher-end luxury consumers. For example, Toyota Financial Services is launching the Lexus program in conjunction with the release of the UX compact luxury crossover.
“When the UX goes on sale in December of 2018, there will be a new option for ownership in addition to the usual purchase and lease processes,” a Toyota Financial Services spokesman told Auto Finance News in a statement. “The subscription service gives consumers additional flexibility throughout the ownership experience. Lexus is opening a new gateway into the brand with the all-new UX compact luxury crossover.”
No pricing details or term requirements have been released yet.
Mercedes-Benz and its financial arm are also jointly jumping into the subscription fray with the program dubbed Mercedes-Benz Collection, set to launch in June across Nashville and Philadelphia.
While no pricing details have been released for this U.S. program either, the OEM’s European program called Mercedes me Flexperience announced in March that the program would include the option to drive up to 12 different vehicles for a year on a fixed monthly installment fee. The plan includes insurance, service and repairs to tires, and driving rights for up to 36,000 kilometers (22,369 miles) a year.
Access by BMW has revealed more details than the other two as it joins the luxury tier with a starting price of $2,000 a month and can go as high as $3,700 a month for the brand’s top-tier cars. Like the Mercedes program, the price includes maintenance, servicing, and insurance costs into one monthly bill, and consumers will have the ability to swap out multiple cars when they desire.
Mercedes-Benz will be going up against BMW directly as both have chosen Nashville as their launch location. BMW has one dealership in Nashville’s Brentwood neighborhood while Mercedes boasts two Nashville area stores for the program.2 - Readers Like This Post