For most, after a house, what happens to be the biggest spend in our lives is generally a Car. Unless you’re loaded, one has to calculate how much to save for the down payment, how much would go towards taxes, and then, there are those monthly running costs. Oh and there’s the EMI too. What if there was another plan which allowed you to buy a car, asking you to pay just a monthly cost towards the car and its maintenance? Revv, a Delhi-NCR based shared mobility platform, has announced the launch of their latest offering – OPEN, which is a new way of owning a car, without any commitments or hassles of ownership.
OPEN allows aspiring car buyers to get a brand new car of their choice, without paying any down payment or road tax. Users will pay only a monthly fee, for any duration between 12 – 48 months, with an option to return the car anytime in the interim. The monthly fee will include maintenance, and Revv will provide doorstep pickup and delivery service for maintenance needs of OPEN users. Users will also have the option to acquire the car from Revv. The product is available in 6 cities which include Delhi NCR, Bangalore, Hyderabad, Mumbai, Pune and Kolkata, and 25+ car models are on offer, including those from all leading OEMs like Hyundai, Maruti, Mahindra, Nissan, Tata, Toyota, Honda and Ford. Nine more cities will join the list by the 1st week of December, 2018.
We checked their website and for a brand new Ford Ecosport 1.5 petrol Trend, all one has to pay is INR 36,603 as insurance for the first year, and INR 28,790 as a monthly fee for the car for 12 months. It comes down to INR 20,790 for months 13 – 48, in addition to any amount that goes towards insurance. There’s a 12 month lock-in period, post which, you may choose to acquire the car or return it.
Talking about the product, co-founders of Revv said, “Around 1.5 years back, we had introduced Switch, which was Asia’s first multi-brand car subscription product. The feedback from its users gave us fresh insights, which helped us craft OPEN. The new-age consumer is mobile and has dynamic preferences, with a rapidly evolving lifestyle. Hence, a product that lets you get a brand new car, without tying you down to it, and with the flexibility to own or return it at will. Another important aspect of OPEN is the fully online process for getting the car and also for maintaining it. A growing segment of users wants to get everything done online, and OPEN achieves exactly that. It takes the process of car purchase-finance-maintenance online, creating efficiencies that make the product affordable.”