New research has found that 9.2million British drivers would consider car subscription* when looking at ways to own their next vehicle.

The research, commissioned by Wagonex, also found that car subscription would be the first choice for around half a million Brits when looking for their next vehicle, citing flexibility, no deposit and not having to worry about servicing or maintenance as the top considerations.

Wagonex, the B2B and B2C car subscription platform, commissioned the research to find the potential of the car subscription market. The survey questioned 2,000 people aged over 17 about their thoughts on car ownership and subscription.

Car subscription allows drivers to access cars for a month to 3 years, and allows them to change cars, and do so with all maintenance costs covered.

Car Subscription is a flexible and more accessible alternative to leasing, where you can swap, or cancel your subscription at any time, and except for fuel costs, everything is covered in the subscription – with an all-inclusive monthly fee for the car, road tax, breakdown cover and maintenance and servicing.

Growing interest in subscription as a form of car ownership can also be seen online, with Google searches for ‘car subscriptions’ peaking in February 2023, and has since remained four times higher than in 2018.**

Toby Kernon, CEO of Wagonex, said:

“Over the past six years we have seen that the car subscription market is really gaining momentum as a flexible and digital first way to have a car. The survey validated this by showing that as well as being able to meet the needs of an individual’s lifestyle, the subscription model can take away any servicing or maintenance worries. As you pay for the vehicle monthly there are no nasty surprises if something goes wrong.

“While still in its early stages, we believe we will see further advances in this market this year with more innovations emerging that will help to bring subscription to the fore as a mainstream way to own a car.

Toby continued:

“We already work with some major car manufacturers, enabling them to provide their own subscription services with our technology. Alongside the Wagonex platform, we also offer our own website where consumers have a choice of car subscriptions across several different brands, this also helps us provide further insights to our partners.

“The traditional car industry is coming under increasing pressures, from online sales to the phasing out of ICE vehicles, so it’s no wonder that all players in the car industry, as well as consumers, are looking seriously at subscriptions. It offers an additional route to market that is easy to manage and quick to implement. While for the consumer it offers no hassle maintenance and the flexibility to exit more easily than most other types of vehicle contracts.

“And, with the growing movement towards low-pollution zones, we believe EV car subscriptions will increase in popularity, allowing drivers to make the transition to electric cars without having to fork out for private ownership or leasing of increasingly expensive vehicles.” Toby added.

Founded in 2016, Wagonex is a leader in the UK’s vehicle subscription market, giving consumers direct access to vehicle subscriptions of all shapes, sizes, and lengths. It specialises in building, launching, and growing vehicle subscription platforms for vehicle manufacturers and retailers.

Wagonex has a strong track record in the industry and already works with many big-name partners such as Renault Trucks and the latest subscription brand to the market, mycardirect.

Developed over six years, Wagonex’s advanced technology gives its partners a quick route into vehicle subscriptions, offering greater flexibility and an enhanced digital experience to a new generation of tech-savvy customers.