New Pricing Plan Costs Less than Tesla Model 3 Lease
SANTA MONICA, Calif., March 23, 2022 -- Autonomy, the electric vehicle subscription company offering consumers the cheapest, fastest, and easiest way to get into a Tesla Model 3, is now expanding its vehicle subscription service to the San Francisco Bay Area, with pick-up locations planned in San Jose and San Francisco, the company announced today.
"Northern California is famous as an early adopter market that embraces disruptive new technologies that improve quality of life," said Scott Painter, CEO & Founder at Autonomy. "We launched commercially in Los Angeles in January and immediately saw a third of our demand from the San Francisco Bay Area. Our digital first and EV focused approach to mobility clearly struck a chord, so it made sense to expand our operations and footprint."
Autonomy also revealed new pricing, offering an even lower monthly subscription for a Tesla Model 3, which costs less than Tesla's own lease or a loan. Subscribers can reserve the Model 3 via Autonomy's app or website with a $100 refundable deposit. The new subscription price includes a flat monthly payment of $490 and $4,900 start payment. Consumers also have the ability to use Autonomy's payment dial to customize their payment structure from as low as $490 a month with $4,900 start payment to $1,000 a month and as low as $1,000 start payment. A refundable $500 security deposit is required at the time of subscription activation.
Autonomy's subscription includes traditional ownership costs, including annual registration and license fees, routine maintenance, roadside assistance costs, and tire wear and tear, whereas consumers would have to incur all of those costs for a lease or a loan.
The savings get even bigger if we factor in the fuel costs for a gas-powered vehicle. With average gas prices in California at $5.79, a consumer driving a 25 mpg ICE vehicle at 15,000 miles per year will spend $281 on fuel every month, or $3,376 annually. To compare, electricity expenditures on an EV are $0.248 per kWh, which results in $77.50 monthly, or $930 annually, a 72.5% savings on fuel. When you add the monthly payment to the monthly gas bill, as well as routine maintenance and other fees, an Autonomy Tesla Model 3 subscription represents a savings of about $500 a month.
In addition to the lower price point and savings, Autonomy offers consumers the flexibility to subscribe month-to-month after only a three-month hold period. Autonomy has vehicles in-stock and available for delivery today, so consumers do not have to wait six to nine months as they do for their Model 3 lease or loan.
"Cheaper, faster, and easier are values that resonate with every consumer," said Georg Bauer, Co-Founder and President at Autonomy. "Our new, lower prices are driving increased EV adoption and have set the stage for expansion into the San Francisco Bay Area today, as well as other markets outside of California in the coming weeks and months."
Founded by serial auto entrepreneurs Scott Painter, (CarsDirect, TrueCar, Fair), and Georg Bauer (Fair, Tesla, Mercedes-Benz, BMW), Autonomy is the first US company to offer a comprehensive monthly subscription for a Tesla Model 3 and soon other popular EV models and brands. Built on a quick, efficient customer experience, Autonomy's app allows customers to reserve a vehicle in as little as 10 minutes and schedule their delivery within a week.
Autonomy recently received $83 million in debt and equity financing in support of the expansion.
ABOUT AUTONOMY
Autonomy is a technology company on a mission to make access to mobility easy and affordable through car subscriptions. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. Autonomy is innovating through technology, finance, and insurance to power car subscriptions for the battery electric vehicle and zero emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide a benefit to both consumers and the industry. Autonomy represents freedom from long-term debt, freedom from long-term commitments, and even freedom from fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based in Santa Monica, CA.
Sources
AAA average gas prices in CA on 3/17/22: https://gasprices.aaa.com/?state=CA
Average MPG Nationally 2020 https://www.energy.gov/eere/vehicles/articles/fotw-1177-march-15-2021-preliminary-data-show-average-fuel-economy-new-light Average $/kWh in Los Angeles https://www.bls.gov/regions/west/news-release/averageenergyprices_losangeles.htm
BMW 330i base model MSRP of $42,245 + $85 Doc + $725 Reg (est.); Excludes sale tax
Average new car loan interest rate 2021Q5
Excludes Sales Tax
CA DMV Calculator: https://www.dmv.ca.gov/wasapp/FeeCalculatorWeb/newVehicleForm.do
Average BMW Maintenance cost https://repairpal.com/bmw/
Autonomy PR Contacts:
Shadee Malekafzali
Head of Investor Relations and Corporate Communications
shadee@autonomy.com
Asher Gold
Gold PR
asher@gold-pr.com
