Sydney, 9 April 2019: Carly - Australia’s first flexible car subscription has now launched in Sydney.
Carly is an alternative to saving for a deposit, leasing or borrowing money to buy a car. It offers access to a range of new and used vehicles including insurance, registration and maintenance packaged into a single monthly payment with no long-term commitments.
Carly provides the flexibility that many drivers and especially younger generations are now seeking, by removing the long term financial commitment required to buy or finance a vehicle - eliminating the need to lock into long-term debt, which is increasingly relevant with over 1 million Australian households suffering mortgage stress. The whole process can be performed online without the need to visit multiple dealers, negotiate a price and complete endless forms. Prices for a Carly subscription currently start from a very affordable $119 per week, making it highly suitable for a very wide range of consumers.
Carly spokesperson Chris Noone said: “Carly is fully online and we deliver the car to you. You can join today and drive tomorrow. A car loan or lease locks you into a car for about three years, but who can expect their life and car needs to stay the same for three years? You’ll likely change jobs, go on an extended holiday, need extra cash or start a family.
Carly lets you change your car to suit your life when you want, not when the bank tells you. If you like the idea of being able to start, change or pause your car subscription as your lifestyle changes and don’t want to be tied into a long-term car loan or lease, then Carly is a far better solution than ownership or leasing.”
With flat wage growth, tightening credit requirements and house values diving, over 31% of owner occupied borrowing households (1 million Australian households) are now experiencing mortgage stress. Since the Banking Royal Commission, car finance has gotten tighter and banks have been cracking down on lending. Carly is ideal for those who want the convenience of a car but aren’t able to obtain a loan, and/or don’t want to be locked-in to stressful long-term loan or lease repayments. Growing families,relocators, contractors and millennials who prefer experiences over ownership will benefit from the flexibility of a car subscription.
With the freedom to start or pause the subscription at any time, Carly is perfect for those who may be considering an extended holiday and don’t want the expense of car that is left idle at home. Similarly, if a subscriber is looking to save money for a few months, they can simply pause their subscription.
Once subscribed to the service, drivers can choose their first car, which will be delivered directly to their door. They can continue subscribing to that car for as long as they like or they can choose to switch to a different car each month.
Carly is now available in Sydney and coming soon to other capital cities. To find out more, please go to https://www.carly.co/.
‘A J.D. Power and Acxiom joint study asked customers if they would consider an "all-in-one" monthly subscription payment, and 59 percent said they "definitely would" or "probably would." Of that group, roughly 78 percent were in Generation Z, born in 1995 or later’ (AutoWeek 9 April 2018).
Overall new-vehicle sales across Australia declined 7.9 per cent 2019 YTD vs 2018 (VFACTS March 2019) indicating that Australians are re-considering the long term financial commitment involved in the outright purchase of a vehicle. This declining sales trend has continued from late 2018.
The implications of the Banking Royal Commission and restricted credit availability, mean that many people are unable to gain vehicle finance, despite a good financial standing. The launch of Carly is ideally timed to meet the needs of people who are not being satisfied by traditional finance products.