Loopit today released its September 2023 Vehicle Subscription Utilisation (VSU) Index. The monthly index identifies shifting consumer preferences in the car subscription market across Australia and globally.
A standout in the latest rankings is the rapid growth of Chinese auto brand Chery. While MG held onto the top subscribed make position, Chery gained significant ground.
The Chery Omoda 5 specifically took 4th place among the top subscribed models overall. This impressive debut sees Chery enter the monthly brand rankings for the first time, with just a single offering in market. It demonstrates expanding consumer acceptance of Chinese vehicles accessed through subscription.
Experts suggest Chery’s rise also shows the power of subscriptions for new automotive brands looking to gain market share. The flexible monthly plans allow drivers to trial vehicles with less commitment.
“For a new brand like Chery, car subscriptions provide crucial low-risk exposure to potential customers,” said Michael Higgins, co-founder and managing director at Loopit. “As subscription numbers grow, it’s clear Chery is finding an audience.”
While Tesla’s Model 3 also maintained its number one spot among subscribed electric vehicles, it was a similar story for BYD which closed ranks to finish in the top five for subscribed EVs with its Atto 3.
At the other end of the pricing scale, the September index also showed luxury brands continue gaining traction in subscriptions. Premium brands like Land Rover, Jaguar and BMW ranked among the top subscribed higher-value vehicles.
“Car subscriptions open the door for consumers to access aspirational vehicles that may be financially out of reach to buy or lease long-term,” Higgins explained.
Rounding out key trends, the Toyota Hilux again topped the model rankings as the most subscribed commercial model.
The full September VSU Index report from Loopit provides further subscription data and is available for free download online. With flexible plans and models, car subscriptions look to continue disrupting Australian and global automotive markets.