voltage
Posts: 60
Joined: Tue Aug 09, 2016 8:16 pm

2017 Hyundai Ioniq Electric: how 'Unlimited' subscription really works

Sat May 06, 2017 10:27 pm

I still don't really understand what makes this different from a lease.

http://www.greencarreports.com/news/111 ... ally-works

To dig its teeth into California's crowded electric vehicle market, its Korean maker has rolled out an "Unlimited+" lease program for the 2017 Hyundai Ioniq Electric.

The plan mimics a subscription service, and adds unlimited mileage allowance, vehicle-charging reimbursement, and a cohesive maintenance plan to the standard lease terms, according to CarsDirect.

While most of the program is pretty cut and dried, there are a few catches that potential lessees should be aware of.

Unlimited+ could be considered a "lease with benefits," but in fact the program really is a subscription.

Monthly payments are based on the Ioniq Electric's trim levels: $275 for the Base, $305 for the Limited, and $365 for the Limited Ultimate.

The program does require $2,500 down, but that's neatly offset by the California Clean Vehicle Rebate, which is $2,500 for most buyers.

Still, as the article notes, interested lessees will have to come up with the $2,500 at first before the rebate is received.

A few taxes and fees are built into the payment as well: initial taxes, title, license, and fees.

These are all covered by the dealer and then reimbursed by Hyundai, but California sales tax is the responsibility of the lessee.


What about the mileage factor of Unlimited+?

This portion truly has no catch: Hyundai will let drivers clock as many miles as they want during the 36-month term. No overage charges—nothing.

The same can't be said for the charging benefit, though, which doesn't offer Ioniq Electric drivers unlimited charging.


2017 Hyundai Ioniq Electric (European spec), 2016 Geneva Motor Show2017 Hyundai Ioniq Electric (European spec), 2016 Geneva Motor Show
Instead, drivers will be issued a credit on their account each month for three years or 50,000 miles, whichever comes first.

Monthly use will then be calculated by monthly mileage, the vehicle kilowatt-hour-to-mile rating, and the cost per kwh in California.

It's better, but certainly not entirely "unlimited" as the program proclaims.


Finally, the maintenance benefit covers more items than you might imagine, but also isn't "unlimited" in the most expansive sense.

Drivers can rest assured that brake pads, wiper blades, headlamps, belts and hoses, fuses, and bulbs are all covered for three years or 50,000 miles.

There's also coverage for one 12-volt battery replacement during the term of the lease, if required.

While the program isn't entirely unlimited in all facets, Unlimited+ does provide a few exceptional benefits electric-vehicle owners will likely take advantage of.

How it will work for drivers depends in part on how much driving is anticipated; those who clock high mileage will benefit the most from the program's benefits.

With a 124-mile EPA-rated range, the Ioniq Electric is among the highest-range mass-priced electric cars that aren't the Chevy Bolt EV.

PluggedIn
Posts: 119
Joined: Mon Feb 20, 2017 6:16 pm

Re: 2017 Hyundai Ioniq Electric: how 'Unlimited' subscription really works

Sun May 07, 2017 5:48 am

From my reading, leasing is for a specific vehicle, while subscription allows you to change vehicles a number of times during the year. So you might switch from a car to a van, for example, if you're going on holidays, then switch back to a car.

However, the Ioniq subscription doesn't appear to follow that format.
From http://www.autoblog.com/2017/04/20/hyundai-ioniq-electric-unlimited-subscription-price/

The advantages to this program over a typical lease are in all the included goodies. The initial tax, title, license and fees are covered with the down payment, drivers have no mileage caps, and charging, service, and wear items are all covered for 50,000 miles.

PluggedIn
Posts: 119
Joined: Mon Feb 20, 2017 6:16 pm

Re: 2017 Hyundai Ioniq Electric: how 'Unlimited' subscription really works

Sun May 07, 2017 5:51 am

Another reference...

Ioniq Unlimited+ owners can enjoy their full driving experience worry-free, because there are no mileage penalties during the 36-month subscription period. The program also includes reimbursement for electricity used by the owner, based on the number of miles driven, up to the first 50,000 miles. This electricity credit will be applied directly to the owners’ subsequent monthly payment, for immediate monetary benefit to the customer. Even more, all service, maintenance and wear items on the Ioniq Electric are also included during the first 50,000 miles, further enhancing the worry-free experience. The Ioniq Unlimited+ program creates an entirely new means of mobility that addresses the major, well-known stress points associated with traditional automotive leases.


http://www.hyundainews.com/us/en/media/pressreleases/47712/hyundais-ioniq-unlimited-subscription-program-aligns-with-earth-day

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