Subscription plan allows you to enjoy the benefits of owning a new car, with comparatively lesser hassles
In global markets, leasing of cars is quite a common phenomenon and this concept has also entered the Indian automobile markets in recent times. In India, the car renting and leasing system was at around 4 percent in 2019. However, with the onset of the COVID-19 pandemic and commuters hesitant to take cabs, car pooling and other forms of shared mobility, the concept of car leasing is taking on a new meaning.
Recently Maruti Suzuki initiated the car subscription and leasing service in Delhi-NCR, Bengaluru, Pune and Hyderabad offering on all its vehicles sold via Arena and Nexa outlets. Currently, similar subscription schemes are also being offered by Toyota, Volkswagen, Skoda, Hyundai and Jeep in India.
Tata Motors has also introduced the Tata Nexon EV subscription plans, starting at Rs.34,900 per month and is for a period of 12, 24 and 36 months. To offer more insight into this Tata Nexon EV subscription plan, we bring your five of the most asked questions regarding the Tata Nexon Electric Subscription scheme; and their answers for a better understanding.
1 – Subscription plan details
The Tata Nexon EV XZ+ variant via the subscription can be used for upto 1,500 kms per month and 18,000 kms per year. It comes with an 80 km/h speed limit. The company offers this model with an EV charger box and installation at the users home or office premises with 15 meters of wiring.
All registration, road tax, road side assistance, insurance and maintenance / service charges are included in the monthly rentals. However, this does not include any expenses which could occur due to driver’s negligence. The company arranges for door-step pick up and drop facility and the user is entitled to access to petrol/diesel cars and discount coupons. All expenses with regard to road tax and registration, insurance renewals, servicing, maintenance, etc, will be undertaken by Tata Motors for which it has partnered with Orix Auto.
2 – Subscription plan tenure and costs
There are three tenures for this subscription plan. The Standard monthly subscription rates stand at Rs.41,900, Rs.44,900 and Rs.47,900 for the 12, 24 and 36 month plans respectively. These have been recently revised to 34,900, 37,500 and 41,500 respectively. These prices are inclusive of taxes. Revised rates are valid only till 30th November.
It is to be noted that Tata Motors is offering special revised rates only to the first 100 subscriptions, valid till 30th November 2020. Under this special scheme, the 18 month tenure can be selected at a monthly subscription rate of Rs.41,500 while the 24 month scheme can be had at Rs.37,500 and the 36 month plan is for Rs.34,900. These also include a 5 percent GST charge.
3 – Refundable deposit
Those opting for the Tata Nexon EV subscription plan will have to pay a refundable security deposit of Rs.50,000 and a token amount of Rs.5,000 for the subscription application. This token amount will be adjusted against the refundable security deposit while the monthly charges have to be paid a day prior to delivery of the vehicle.
4 – Buy-Back option
While other automakers offer the user a buy back option at the end of the lease tenure, Tata Motors does not offer this benefit to its customers. The company, however, allows the customer to extend the subscription period.
5 – Target Customers For Nexon EV Subscription Plan
Tata Nexon EV subscription plan will benefit corporate users who lease company vehicles. It is also designed for people who undergo frequent intercity job transfers while expatriates who visit the country for a particular tenure could also find benefit in this scheme. These users will be offered a brand new Tata Nexon EV on a monthly rental basis and will also not have to bother about expenses such as road tax, registration, insurance and service etc.
Buyers who prefer the outright ownership route can get the Tata Nexon EV XM variant at 13.99 lakhs, the XZ+ at Rs 15.25 lakhs and XZ+ Lux at Rs 16.25 lakhs. Prices were increased earlier this week by Rs 26k for the top 2 variants. Base variant price remain unchanged.