Mahindra & Mahindra in partnership with Revv, has announced a subscription based ownership experience for its customers. This will cater to an audience which does not want to buy or own a vehicle. With this launch, Mahindra has made the ownership experience of its vehicles more flexible, affordable and convenient. The offer begins at a subscription price starting from ₹ 19,720 per month, inclusive of insurance and routine maintenance charges.
The customers get benefits like zero down payments, no road tax, zero risk on the resale value of the vehicle, and a fixed amount that includes routine maintenance costs. Of course one can even change the vehicle model after a certain minimum subscription period. Once the subscription period is over, the person can return the vehicle to the company without the hassle of selling it, and get a new vehicle.
The announcement comes at a time when the automotive industry is in crisis. Sales have slumped to a two decade low and clearly the company thought that the best way to tackle this is by offering innovative services. It was just a couple of days ago that the Finance Minister, Nirmala Sitharaman, said that the sales for the auto sector are down because of millennials not buying cars and so the timing could not be more apt to introduce a subscription based ownership plan which has no strings attached in terms of ownership, resale or even maintenance.
Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, Mahindra & Mahindra Ltd said "With this flexible, highly affordable offering, we hope to help our customers fulfil their aspiration of driving their desired vehicles without necessarily owning them. This in turn will also attract a whole new set of customers to brand Mahindra. It also aligns with our larger vision of transforming the face of mobility in India."