Subscription models offer relief from buyer remorse as 1 in 3 car buyers have regrets

Subscription models offer relief from buyer remorse as 1 in 3 car buyers have regrets

Time Stamp: August 8, 2023 7:05 AM
Source Node: 2201962

‘Try before you buy’ could help make buyer remorse a thing of the past, according to research from insurer Churchill Expert.

It found that over a third of car owners regret certain aspects of their car and that around three quarters of that number would consider changing their vehicle as a result. Young drivers are even more likely to have regrets with 88% of those rethinking their purchase considering buying another car.

Nicola Richmond, head of Churchill Expert’s flexible fleet partnerships, said: “Our latest findings show that a lot of people who purchased their car outright have regrets about certain aspects of the vehicle. In fact, most of those with regrets said that they would consider changing their car, given the issues they have had with the vehicle.”

A third (34%) of drivers would in fact consider subscribing to a car to help find the best car for them, rising to 58% among drivers aged 18–34, while two-thirds (64%) said they would prefer to try out a vehicle before buying.

Around a third also believed a subscription offered flexibility, allowing them to switch cars according to changing needs with 31% attracted by the cost savings offered by a fixed monthly fee.

A similar number said they would like to experience the latest features and technologies such as driver assistance systems, electric vehicles and connectivity options with over a quarter valuing the lower upfront costs and easier budgeting provided by a monthly subscription fee.

Richmond said vehicle subscriptions could allow motorists to use different car models for a period typically ranging from a month to three years with payment of a flat monthly rate that generally covers rental, breakdown cover, roadside assistance, tax, insurance and routine maintenance.

“With the growth of the ‘rental mindset’ vehicle subscription provides an efficient way for motorists to properly try out a car and reduce the risk of regret,” she said.

“If the car is the wrong choice for them drivers can switch to a different vehicle. It’s also a great way to trial an electric vehicle if a driver is considering making a switch from a petrol or diesel car. At Churchill Expert, we are ready to support car subscription and flexible vehicle fleets looking for an insurance partner.”

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