To kickstart the new year, the Vehicle Utilisation Index for January 2023 has seen the entrance of new electric vehicle models onto the Loopit global network:
In our 2023 Car Subscription Report, Loopit predicted that electric vehicles and subscription will go hand-in-hand with subscription-based ownership models providing an accessible and flexible way for consumers to trial an electric vehicle. This prediction is now coming to fruition, with the uptake of more electric vehicles from new OEM brands such as Volkswagen, Opel and BYD.
Loopit expects to see an increase in new electric vehicle models on our global network following our recent milestone moment where we hit the ground running in the United States with electric vehicle subscription provider Try Motor.
The shift towards car subscription as a short-term flexible option has been heralded by the increasing popularity of commercial vehicles. Here, we see seven commercial vehicles take the top ten spots in the Top Subscribed Vehicles over $30,000 USD category. As the economy continues to face significant and uncertain challenges, Loopit predicts that more businesses will lean towards flexible models that enable them to meet short-term needs that require lower upfront costs and without the constraints of a long-term commitment.
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.
Big Or Small, Loopit grows with your ambitions