Southeast Asian automotive marketplace Carro is launching a subscription-based car service in Singapore.
The move targets customers who are increasingly disinclined towards car ownership due to the availability of ride-sharing services such as Grab and GOJEK.
According to a statement, subscribers will pay a flat monthly fee covering all the costs associated with car ownership such as insurance, road tax, warranty, 24-hour assistance, and maintenance costs.
Carro is offering three plans – Daily, Roomy and Fancy – which vary according to vehicle size and brand. Subscribers may upgrade their car without the hassle of selling it or waiting for the full duration of ten years to purchase a new one.
“A typical person takes nearly six years to pay off their car loan, two thirds of them even trade in their vehicle before they’ve paid it off, picking up yet another loan. Car ownership in Singapore has reached an inflection point and this offering is going to revolutionise car ownership in the country,” said Carro founder and CEO Aaron Tan.
Carro’s subscription prices range from $885 to $1475 (S$1,199 to S$1,999) a month.
According to Carro, the company transacted over $500 million worth of cars across Singapore, Thailand and Indonesia in 2018.