Hyundai is the latest automaker to offer a vehicle subscription service. No, we aren't talking about monthly fees to use certain features of a car. This is a service to use the entire car for as little as 28 days, with everything bundled into a single fee. Hyundai calls it the Evolve+ EV Subscription Program.
As the name suggests, it's only offered for electric vehicles and right now, that includes just two models: The Kona Electric and Ioniq 5. Prices start at $699 for the Kona, or you can step up to the Ioniq 5 for $899. The fee includes standard vehicle insurance, registration, roadside assistance, and covers any maintenance needs that might crop up. Hyundai ties it all into a downloadable app where people can search for vehicles, sign up for the service, and pay online. The only direct dealership contact comes with picking up and dropping off the car.
A handful of automakers are also experimenting with all-inclusive subscription services. Hyundai says its Evolve+ is different because it requires no long-term commitment, though Porsche does offer monthly options as well. As long as subscribers meet eligibility requirements, vehicles can be used on a month-to-month basis with the ability to cancel anytime. As such, Hyundai paints the service similar to that of a long-term rental, which can cost significantly more than the monthly prices mentioned here for the Kona and Ioniq 5.
For further comparison, Hyundai lists a monthly Ioniq 5 purchase payment of approximately $850, based on a six-year finance with good credit. A three-year lease works out to $609 per month, though neither figures include insurance costs.
To be eligible for Evolve+, a person must be at least 25 years old with a clean driving record and a credit score of 650 or higher. A 28-day subscription includes 1,000 miles, which equates to a typical lease term of 12,000 miles per year. Going over the mileage costs $20 for every 100 miles up to 1,500, at which point you'll pay $1.00 for every mile beyond that. Folks who stay under 1,000 miles and opt to continue the subscription will have the unused miles rolled into the next month.
Our Take On Kona And Ioniq 5:
For now, Evolve+ is only offered in seven US cities and through select dealerships. Hyundai says those locations are available to see in the Evolve+ app.
Source: Hyundai