The subscription-based economy continues to grow in products as diverse as media, healthcare, food and cars. When it comes to the car industry, the subscription economy enables consumers to acquire cars through agreements that allow them to rent to own with no credit score. What is the subscription-based economy, and why is it so popular?
What is the subscription-based economy?
The subscription-based economy is a system of buying and selling in which companies focus on recurring billing business rather than individual sales. The aim is to monetise ongoing customer relationships in conjunction with established product development and market competition strategies. This approach also gives customers greater flexibility and choice. Instead of committing to a particular product, they have the option to try something out for a short period and change course if they prefer. As long as companies can provide a product and ongoing service that customers like, they will retain subscribers and secure steady revenue.
Why consumers prefer subscriptions and rent-to-own cars
From the customer’s point of view, the primary benefits of the subscription model are affordability and convenience. Monthly subscription fees are far more manageable than upfront purchase prices. At the same time, companies that work on consumer models gain a competitive advantage by a convenience that customers wouldn’t find elsewhere. For example, it could be the benefit of having quality content streamed to your devices, with automatic suggestions honed to your personal preferences. Most subscription services also offer the benefit of easy cancellation without obligation, which gives the customer increased freedom of choice and movement.
Own your car at the end of the rental period
Businesses that provide rent-to-own cars work on these same subscription principles. Customers can drive quality used vehicles without having to worry about their credit scores. They can keep the car as long as they are paying the monthly fees – and can even return it if they choose. At the end of the rental period, they become the owners of their cars.
If you want to enjoy the benefits of the subscription model as a motorist, and get a rent-to-own car with no credit score, Earn-a-Car is the place to go. We provide quality cars on convenient, flexible terms. Contact us today for more information.