Tata Motors has launched a new subscription plan for the Nexon EV by which you simply pay a rent to own the vehicle for a specified period of time and its actually cheaper than buying the Nexon EV or even maintaining an internal combustion engine car. Here’s how!
Tata Motors launched the Nexon EV in India earlier this year in January for a starting price of Rs 13.99 lakh, going up to Rs 15.99 lakh for the top-spec variant. However, in spite of its attractive pricing for an EV, the Tata Nexon EV hasn’t fared all that well in the market. We, for one, haven’t seen one on the road yet. Of course EV technology is in its nascent years here in India and we understand the buyers haven’t been able to warm up to the idea of an EV. In order to further motivate the use of electric cars, Tata Motors have come up with an interesting solution for the Nexon EV in the form of subscription plans.
If you do not want to commit to buying an EV already, Tata Motors has introduced a new subscription plan for the Nexon EV. With this subscription plan, you can keep and drive a brand new Nexon EV for a prescribed time and pay rent for it every month. For this, Tata Motors has partnered with Orix Auto Infrastructure Services and currently, this subscription plan is only available on the mid-spec ZX+ variant. Here’s a detailed look at the different subscription plans available with the Nexon EV for different periods of time.
| Tenure | Monthly Plan (Inclusive of taxes) |
| 18 months | Rs 47,900 |
| 24 months | Rs 44,900 |
| 36 months | Rs 41,900 |
If you do not plan to commit to an EV in the long term and if you want to use the Nexon EV for a limited time, then the subscription plans make a great case for themselves. The stated monthly rental fees is already inclusive of taxes, and apart from that you also save on the registration fees, comprehensive insurance, routine maintenance and road-side assistance, all of which are already included in the subscription plan. Along with that, you will also have the convenience of a charger set up at your home and the EV will even be delivered to your doorstep. What more can you ask for really?
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The reason why short term ownership of the Nexon EV on a subscription basis makes a great sense is evident by a quick calculation of the prices involved. For anything between 18 months to two years, you will be saving a considerable amount of money on your ownership of the Nexon EV with the subscription plan. Apart from your monthly rent, the only other price you would be paying for the vehicle will be for the electricity it consumes and that would any day be less than what you pay for fuel in an internal combustion car.
| Monthly Tenure Calculation | Total Amount Paid By The End Of Contract | Savings when compared to a Nexon EV XZ+ (Rs 14.99 lakh*) |
| 18 x 47,900 | Rs 8.62 lakh | Rs 6.37 lakh |
| 24 x 44,900 | Rs 10.78 lakh | Rs 4.21 lakh |
| 36 x 41,900 | Rs 15.08 lakh | – Rs 9,000 |
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If however you are planning to keep the car for more than two and half or three years, it is actually better to buy the car. The subscription plans are actually a great way for customers who want to warm up to the idea and usage of an electric vehicle, without having to commit one in the long run. Also, electric cars are a great option for your everyday commute in the city, from work to home or even your grocery run. When your subscription term expires, you either return the vehicle or you extend your tenure. In case you intend to buy the Nexon EV after your subscription tenure, you can do that too by paying a settlement fee. Subscription plans for the Nexon EV are currently available in Delhi/NCR, Mumbai, Pune, Hyderabad and Bengaluru. Considering that the cost of ownership literally boils down to zero as compared to a regular vehicle and you also save the environment in the process, its actually a great deal indeed.
