You’ve heard me wonder aloud on the air why there are so many people getting rid of low mileage Teslas. Well, it appears someone figured out a way to put them to use.
A California company is launching a new Tesla Model 3 EV subscription service that will offer low mileage models. It's being launched under the name Autonomy, which was recently acquired by NextCar Holding Company which is rebranding under the new name.
The company's website describes the program as "the cheapest, fastest, easiest way to get a Tesla Model 3". Plans start from $550 a month, but you do also have to pay a security deposit and various 'start fees'. As for availability, the service is only available in California for now, where Autonomy says EVs account for about 10% of overall sales and 42% of U.S. EV registrations. However, the company says it plans to rapidly expand to other markets as well as offer more Tesla models in the future.
The company says the subscription service will allow people who are curious about EVs a "flexible and affordable way" to drive and test out an electric vehicle. It also points out that it gives EV manufacturers and legacy OEMs a new distribution channel for their vehicles.
"Electric vehicles have reached a tipping point, and it's clear that the Tesla Model 3 is this generation's Prius," said Scott Painter, founder and CEO of Autonomy. "Financial responsibility and the avoidance of debt is also at an inflection point and subscriptions have become a pervasive, sustainable business model and a cornerstone of modern digital life."
How It Works
After a 90-day minimum contract, you can go month to month. You can drive 10,000 miles a year (prorated monthly.) You do have to provide your own proof of insurance along with of course a valid driver's license. Customers can order their vehicle in 10 minutes and then have it delivered or pick it up in under twenty minutes. Customers can manage their entire vehicle subscription digitally through the mobile app if they'd like.
Autonomy Subscription Program for Tesla Model 3:
- Subscription Pricing: All subscriptions include routine maintenance and roadside assistance. Consumers have flexibility to customize their monthly payments to as low as $550 a month (with a $5,500 start fee) up to $1,000 per month (with a start fee as low as $1,000). A $500 security deposit is required when the subscription is activated.
- Reservation: Fully refundable $100 deposit (applied to security deposit at activation).
- Term: Month-to-month with a three-month minimum.
- Availability: In California with new markets opening soon.
- How to Subscribe: Reservations can be made at Autonomy.com.
To support the launch, the company recently raised $83 million in debt and equity financing.
In its press release, Autonomy says the launch comes on the heels of the Biden administration's recently passed infrastructure bill, which earmarked $7.5 billion dollars to create a national charging infrastructure to support EV adoption, and following last August's presidential executive order establishing a target for zero-emission vehicles to make up half of all new vehicles sold in 2030. The company says these factors create an opportunity for consumers and support the economics for operating a large fleet of electric vehicles.
"The future of transportation is zero emissions vehicles. At Autonomy, we are accelerating the shift toward sustainable mobility by giving consumers flexible access to electric vehicles at affordable monthly payments," said Georg Bauer, co-founder and president of Autonomy. "Vehicle subscriptions reduce the barriers to adoption of electric vehicles, providing a low-commitment option with lower upfront costs. It is perfect for people who are interested in EVs but are not ready to make a long-term commitment due to concerns around cost or range anxiety."
For more details on the subscription service visit Autonomy.com.
