Hyundai Launches Subscription-Based Service For EVs
Insurance, maintenance, road tax, repairs and roadside assistance are all included under a single monthly fee.
Hyundai’s Mocean will launch later this month in the UK © Credit to Hyundai
- Hyundai’s Electric Subscription Model
- Change Your Vehicle Every Six Months
- Other Car Brand Subscription Models
Hyundai’s Electric Subscription Model
The costs of buying a new/used EV weighing you down?
Well, Hyundai is giving you an eco-friendly lifeline through a new monthly based subscription deal for its electric models.
Mocean is the name of the service, and the price to subscribe starts at £339 per month on contracts that last for three to 24 months, depending on your own preferences.
The benefits of signing up to a subscription-based service, especially one tied to EVs, are obvious. Still, Hyundai has gone a step further, assuring that additional costs (i.e. insurance, tax and repairs) are all covered under this fee.
Mocean will give those on the fence the chance to dip their toe in electric vehicle waters at a somewhat affordable price.
Change Your Vehicle Every Six Months
When you buy an electric car outright, you’re tied to that vehicle alone. With Mocean, you can switch out your current model for a different one every six months.
We should point out that any of Hyundai’s hybrid, plug-in hybrid, or all-electric models can be selected, giving drivers a lot of options right from the jump.
You can also cancel your subscription as long as you give 30 days notice if you’re left unsatisfied or decide to buy one of these vehicles outright after giving it a decent test run.
The service will launch in Greater London later this month before rolling out to other cities in the UK.
Other Car Brand Subscription Models
Hyundai isn’t the first automaker to offer leasing of this nature — although they have experimented with a subscription-based model in other countries before announcing the UK-orientated Mocean.
The South Korean automaker has actually launched a similar strategy in the US in 2018 (Hyundai PLUS). Granted, this didn’t apply to EVs, but it has more than likely influenced how they approach a model like this in other markets.
Furthermore, Hyundai has also tried an Ioniq-exclusive subscription program — a program it will revive whenever the new Ioniq 5 EV rolls out.
Tesla has also launched a subscription service tied to its advanced self-driving features.
Could they extend this option to vehicles? Second-hand/refurbished models maybe, but it’s highly unlikely given the automaker’s direct-to-consumer model.
Leasing has been a part of the automobile industry for as long as we can remember. This just feels like an evolution of that. But what do you think of Hyundai’s Mocean? Will you be subscribing?