Loopit has released the second monthly report of the Vehicle Subscription Utilisation Index (VSU Index) for October 2022 that provides an in-depth analysis of vehicle utilisation across our network of car subscription providers.
Polestar has maintained its position as the most-subscribed battery electric vehicle on the Loopit car subscription platform for October, showcasing continued strong demand for the Polestar 2 in spite of Model Y supply improving.
The Tesla Model Y moved from fifth to second position in the BEV category as it arrived in bulk on Australian shores last month, but it still wasn’t enough to dethrone the Polestar 2 which enjoyed continued subscription uptake for the month of October.
“This is a strong result for Polestar. It was expected that Model Y would take the top spot once supply arrived, but it still hasn’t been enough to overtake Polestar 2 as the most popular electric vehicle on subscription today.” said Michael Higgins co-founder and managing director at Loopit.
Mitsubishi has overtaken Hyundai to claim fourth place in October in the overall manufacturer rankings with strong demand for ASX with Eclipse Cross, Express and Outlander all making an appearance in the top 20 most subscribed models for the month.
The top 10 most subscribed makes on Loopit almost exactly mirror the top 10 monthly sales rankings from VFACTS data published by the Federal Chamber of Automotive Industries (FCAI) industry body for October. These results support the idea that car subscription is fast emerging as a genuine mainstream alternative to traditional car ownership as buyers seek out more flexible and innovative ownership models beyond leasing or finance. This is emphasised by the fact that 68% of all vehicles subscribed in the month of October through Loopit were less than 2 years old, representing a significant overlap with new car buyers.
The opportunity to service business clients with subscription-based fleet solutions is growing with commercial vehicles such as Mazda BT-50, Ford Ranger and Toyota Hilux occupying eight places in the top 20 subscribed models above US$30,000 for October.
“These utilisation trends among commercial vehicles highlights that car subscription is quickly establishing itself as a viable solution for business fleets to operate effectively without any fixed or long-term financial commitments. This is especially important with the current financial uncertainty as it allows businesses to react swiftly to changing market conditions with their immediate fleet requirements.” said Higgins.
The Vehicle Subscription Utilisation Index (VSU) published by Loopit akin to VFACTS for car subscription aims to highlight the opportunities present for the automotive industry within the car subscription space, providing transparency around the types, make models and cost of vehicles utilised on subscription in Australia today.
The VSU Index measures vehicle utilisation on subscription rather than individual vehicle volume. Due to the inherent flexible nature of car subscription, vehicle utilisation is measured by considering the cumulative number of days in which any given vehicle is utilised within an active subscription during the monthly reporting period. In this way, we equally consider utilisation for individual vehicles being utilised across multiple subscribers, as well as individual vehicles that remain with the same subscriber for longer periods.
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