Photo source: Holden
Photo source: Holden
Holden has become the first car brand to offer a monthly rental service direct to Australians, via its Maven subscription app and website.
Maven membership is free and consumers can rent a range of Holden vehicles from $225 per week.
In addition to the car rental, users can benefit from unlimited kilometres, 24/7 roadside assistance, scheduled servicing and insurance.
Users are only required to pay for fuel, tolls, fines and any wear and tear deemed ‘unfair’, while insurance is capped at $1,000 for drivers older than 25 and $1,500 for drivers between the minimum eligible age of 21 and 24.
There’s a minimum 28-day rental period when first renting a car, after which members have the flexibility to return the car, rent it on a weekly basis or swap for another Holden model.
There’s also a seven days’ notice required, should members wish to swap or take a break from their rental vehicle.
The service is currently available at Holden dealers in Melbourne, Sydney, Adelaide, Brisbane, the Gold Coast, the Sunshine Coast and Perth.
Looking to compare low-rate, fixed car loans for your new car? Below are a handful of low-rate loans in the market.
Data accurate as at 18 May 2020. Rates based on a loan of $30,000 for a five-year loan term. Products sorted by advertised rate, then by company name (A-Z). View disclaimer.
Maven targeting small business and millennials
Joanne Stogiannis, General Manager for Maven Australia said the service was in response to growing demand from start-ups and small to medium enterprises (SME’s) looking for mobility solutions to grow with their business.
“SMEs using Maven will enjoy the ease of access, comfort and the peace of mind that comes with the great range of Holden vehicles for their business without the worry of registration, insurance, maintenance and servicing costs,” Ms Stogiannis said.
“Since launching in October 2018 we have continued to grow our suite of flexible products and model range allowing our members to access premium Holden vehicles loaded with the latest connectivity, safety features and technology for a set weekly fee.”
Since launching to gig workers, Maven has more than 6,000 active members, a fleet of more than 2,300 Holden vehicles and an estimated 9 million ridesharing trips in its vehicles.
The service is helping Holden to market to a new customer base; nearly 80% of Maven reservations have been made by millennials.
The car manufacturer said that Millennials value experiences over possessions, with more than three in four of its young user base saying they would prefer to spend money on desirable experiences over buying goods.
Pricing and competition
Maven currently offers seven Holden models for rent; the cheapest is the Holden Trax LTZ for $225 a week while the most expensive is the Holden Trailblazer LTZ and Holden Colorado LTZ, both for $300 a week.
The Colorado LTZ. Source: Holden
Despite its already strong customer base, Maven faces stiff competition in the car subscription industry.
Hyundai announced it was partnering with car subscription service Carly in October, allowing motorists to subscribe to new and used Hyundai vehicles on a flexible basis Australia-wide.
The third-party subscription service currently offers a Commodore RS from $259 a week, with $3,000 insurance excess and usage limited to 1,200 kilometres a month.
While in June, Melbourne based car subscription service Carbar rolled out in Sydney, and announced a partnership with Jaguar Australia in September.
Carbar users can access a car for as little as $119 a week, but swapping cars will cost $150.
Car subscription services are emerging as a real alternative to traditional car ownership, as the costs of running a vehicle rise and new car sales plummet.
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
Some providers' products may not be available in all states.
In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*The Comparison rate is based on a $30,000 loan over 5 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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