Socar has launched a long-term vehicle subscription service that allows contracts of up to 60 months.
On the 1st, Socar announced the launch of 'Sopick,' an automotive long-term subscription service that allows users to contract for a desired period ranging from a minimum of 12 months to a maximum of 60 months and swap vehicles without penalty during that period. With this launch, Socar has completed its lineup, offering products ranging from ultra-short-term car sharing in 30-minute increments to medium- and long-term vehicle rentals available for up to five years.
Sopick highlights the ability to use desired vehicles for the necessary duration under conditions more favorable than installment payments, leasing, or existing long-term rental cars. Socar designed the service by extending the vehicle subscription contract period to a maximum of 60 months, an industry standard, and securing vehicle inventory in advance to enable immediate delivery upon signing the contract.
With existing long-term rental cars, it is common to use the same car until the end of the contract. Changing vehicles midway requires procedures for contract termination or succession, and early termination penalties may apply.
Sopick allows users to swap to a different vehicle during the contract period while paying monthly subscription fees at the level of long-term rental cars. It is possible to change not only the model and brand but also between new and used cars, as well as upgrade or downgrade the vehicle grade.
Sopick subscribers can switch to another vehicle without separate penalties, excluding delivery and remarketing costs, after using the service for at least one month following the contract. The company explained that even if a small car was contracted long-term for commuting purposes, users can switch to an SUV or electric vehicle due to changes in circumstances such as marriage or childbirth.
Sopick vehicles are categorized into 'new cars' that have just been delivered, 'new-car-grade' vehicles that guarantee conditions similar to new cars like test-drive models, and 'used cars' with usage history. Inventory is disclosed by vehicle identification number for each car, allowing users to check mileage and vehicle condition before selecting their desired vehicle.
The lineup at the time of launch consists of a total of seven types. The new cars include two models: the Hyundai All New Avante and the Tesla Model Y. In addition, five new and new-car-grade used vehicles are included, such as the Volvo XC60, Range Rover Evoque, Kia The New K8, Hyundai All New Kona, and Genesis GV70.
Socar plans to supply vehicle models monthly based on customer usage data and other factors. Monthly fees vary depending on the contract period. At the time of Sopick's launch, for a 60-month contract, the All New Avante and All New Kona are priced at 420,000 won per month, while the Tesla Model Y is at approximately 730,000 won per month.
Sopick is available nationwide, excluding Jeju Island and some remote island areas. Users can specify a vehicle delivery period from one to five days after signing the contract. The entire process, including vehicle handover, is conducted non-face-to-face through the Socar app, similar to the existing Socar car sharing service.
Vehicles can be returned within seven days of handover regardless of the reason. There are no penalties for returns within this period. However, daily pro-rated fees based on actual usage and delivery costs will be charged.
To manage vehicle quality, Socar also operates a dedicated PDI center for Sopick. All vehicles available through Sopick pass through this dedicated center before being delivered to customers. Used cars are also scheduled to be remarketed at the center to maintain uniform condition.
Lee Jun-no, Shin Sa-eop-bon (Director) of Socar, stated, "We have launched a free 'my car' subscription product that retains the convenience and joy of car ownership while minimizing the burden." He added, "By concentrating our know-how from 15 years of operating car sharing services, we plan to introduce new vehicle models every month at industry-lowest prices and change the paradigm of the long-term rental car market."
in TECH
