The first half of 2024 was marked by significant movements in the vehicle subscription market, which has been consolidating as a viable and attractive alternative for those seeking convenience and flexibility in car ownership. According to Milton, CEO of byecar, these changes reflect both the fluctuations in rental companies' strategies and the new demands of consumers.
Growth and Challenges in the Subscription Market
After a promising start to the year, with sales records and a heated market, the sector faced unexpected challenges. One of the main turning points was the change in credit approval criteria by the leasing companies. At the end of 2023, rental companies began to loosen approval rules to attract previously rejected customers. This strategy, combined with the introduction of new payment methods such as boleto and Pix, resulted in a significant increase in default.
According to data from byecar, the credit approval rate increased from 33% in the third quarter of 2023 to 54% in the first quarter of 2024. However, the high default rate forced the rental companies to review their policies, returning to stricter credit criteria and re-evaluating the payment options offered.
Changes in Contract Offers
Another observed trend was the change in subscription contract durations. Traditionally focused on long-term contracts, rental companies have started to encourage shorter plans, between 12 and 24 months, to meet a new customer profile. This change aims to attract first-time subscribers who prefer to test the model before committing to a longer contract.
Milton highlights that this flexibility in plans reflects a rental company's adaptation to consumer needs, who are increasingly seeking personalization and options that align with their lifestyle. "This change offers an opportunity for more people to try the subscription model, making it more accessible and attractive," he/she/they state.
Outlook for the Second Semester
With the arrival of the 2025 vehicle models in the second half of the year, the subscription market is expected to continue evolving. The expectation is that new technologies and innovations, such as more affordable hybrid and electric vehicles, will become the main focus, attracting consumers who seek not only practicality but also sustainability.
The vehicle subscription market is constantly evolving, adapting to new economic realities and consumer demands. The first half of 2024 brought important lessons for the sector, which is now preparing for a promising second half. For those who want to learn more about the trends and challenges of the sector, byecar provides a complete video on theYouTube.
