Care by Volvo - Have your own car, without the hassles of car ownership

Hej everyone! We saw a clear customer need: many people want to have their own car rather than using car sharing services, but the experience of buying the car and owning the car is full of hassles. You have to negotiate with a dealer, and you're always worried you're paying more than someone else. You have to pay a lot upfront, and then additional costs pile on. And you're locked in -- if you want to change later or just get a new car, you have to do all this over again. Why couldn't having a car be as easy as having a phone? Why can't your car give you time back in your life? This led us to Care by Volvo. A simple monthly fee, that's the same for everyone nationally with no haggling, and that includes everything: the car and maintenance, and even insurance and taxes. A new car every 2 years, so you always have the latest and greatest. Occasional access to borrow a different car when you're going to the mountains for a weekend or have people visiting. When you need maintenance and repair, we'll pick your car up, do the work, and bring it back to you. You can even have your car fueled and washed while it sits in the parking lot at work. Another feature that I'm pretty excited about is that you can let a friend borrow your car without needing to exchange keys: enter their email address and the dates/times you want them to have access, and they can use their phone as the key. Pricing will be €699/month across Europe for the base XC40 small premium SUV. Pricing for the US will be announced at the LA motor show in November. We've been working hard to develop the concept and make it a reality, would love your feedback hunters! PS: we're looking for outstanding product people, to be based in Sweden or Mountain View (open to relocation). Let me know if you'd like to talk! https://career012.successfactors...

So this is what you've been working on, @atifatif. 😮 Very cool! Volvo just launched car ownership as a service. The integration of additional services like car care, fueling, and others is smart and allows Volvo to upsell and generate more revenue beyond traditional purchase or lease agreements.

It's an interesting concept. My question: how is car insurance going to work with this?

Interesting! The only thing that still seems a little vague is how the residual value is handled at the end of the 24 months. What happens if the vehicle is wrecked during the 24 months and the actual value of the car is not the same as the residual value predicted in the beginning of the 24 months?

Prices for Germany, including service, insurance (800€ retention) and some other goodies start at 699€ a month for 15,000km or 9,300ml a year. Can go up to 899€ a month if you want the R sporty model

I want this for Tesla!

This is so cool. I wonder what the pricing is going to be like — it sounds like EVERYTHING is covered, even insurance.

Somebody is bound to call this full stack leasing. Wait, I just did. Dang.

Love this and feels a natural progression to car non-ownership. I haven’t run the figures but this does seem expensive compared to lease or normal financing in the UK. 2 years also seems long for this type of deal, every 6 or 12 months or by mileage would be so much nicer and flexible. Question: would a credit search be done on the driver? Is it a contract lease deal marketed differently?

When will this be available in NY or NJ? And what is the subscription cost each month? @heyadamcrouch