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GoCar Subs lets you convert your existing car loan into a subscription

Car sharing platform GoCar has just expanded its car subscription offering and it’s now rebranded to GoCar Subs. Launched last year with the Renault Captur and Nissan Almera, the new revamped platform now offers a wide variety of vehicles from more brands covering sedans, compact hatchbacks, MPVs, SUVs and pickups. This is somewhat similar to Flux which also offers a wide option of vehicles and it comes with a door-to-door service.

Subscribe a car on contract up to 36 months

The cars offered on GoCar Subs aren’t brand new and majority of them are several years old with significant mileage clocked. The cars are offered with 12-month, 24-month and 36-month subscription options, and there are some vehicles that are also available for subscription on a weekly basis. According to GoCar, all of their vehicles are independently inspected to ensure that they are in good condition and meets the standards that customers are looking for.

The benefit of a subscription is that you won’t need to worry about insurance, road tax, maintenance and servicing as it is included in the monthly cost. By getting a car through a subscription, customers won’t have to fork out a large sum upfront for down payment and there’s no need to worry about long loan tenures and vehicle deprecation. However, do note that you’ll still have to pay a refundable security deposit during signup.

50% off for first 3 months

At the moment, GoCar Subs are running a promo for its 12-month, 24-month and 36-month subscription plans where you can get 50% off for the first three months of the subscription.

The 2019 Proton Saga CVT is currently listed at RM820/month for a 36-month contract. However, you’ll only need to pay RM410/month for the first 3 months with the current promo. The security deposit for the Saga is RM1,640.

Regardless of which car you pick, all cars come with a mileage cap of 1,650km per month, which is equivalent to 19,800km per year. If you exceed the mileage, the extra charge costs RM1.34 per km for the Saga which is pretty expensive. You can save more by pre-purchasing higher mileage or go for the unlimited option.

GoCar Subs also provides the option to upgrade your accident protection for RM99/month, add-on tinting for RM47/month and there’s also a Singapore Access which extends your insurance coverage to Singapore for RM8/month.

If you’re looking for a cheaper option, they also offer a 2014 Perodua Viva 1.0G at RM510/month for 36-months contract and you can enjoy the first 3 months at RM255/month with the promo. Since this is a cheaper ride, the security deposit is lower at RM1,020 and the excess mileage charge is RM0.72 per km.

If you need an MPV, they are offering the 2017 Nissan Serena 2.0 Hybrid for RM3,233 on a 36-month contract (RM1,617/month for the first 3 months). They also offer a 2011 BMW 523i at RM2,310/month (RM1,155/month for the first 3 months) with the same contract duration.

Another benefit of getting a subscription is that GoCar will take care of your car’s servicing needs. When it is time for a scheduled service, they will collect your car and return it to you when it’s done.

To subscribe a car, the process is more tedious than Flux as you would need to submit a copy of documents including your IC, driver’s license, 3 months pay slip, 3 months bank statement and your EPF statement. For non-Malaysians, you would need to provide more documentations including utility bill of your local residence, rental agreement and your letter of employment.

[ UPDATE 25/07/2020 17:53 ]: GoCar Subs has informed us that the subscription fee is charged to your credit and debit card via iPay88. It will be charged automatically on a monthly basis.

The mode of payment for GoCar Subs isn’t clearly mentioned on their website. When GoCar started offering subscriptions back in 2019, bank transfer was their only mode of payment. As a comparison, Flux works like a typical online subscription service where it will charge your upfront and monthly fees via credit card.

Sell your car to GoCar Subs

One of the interesting highlights about GoCar Subs is the ability to sell your car to them and continue to drive the car on a subscription. With this trade-in process, customers can get up to six-months of free subscription and they also get the option to subscribe other cars available from their garage.

According to GoCar Subs, this is comparable to having another six months extension on the moratorium and it frees up customers from loans and interest fees. It added that based on statistics from the Department of Statistics Malaysia, car loans are a major cause of bankruptcy in Malaysia. With the subscription service, customers can enjoy greater freedom without worrying about the impact of car ownership contributing to their CCRIS.

For more info, you can check out GoCar Subs.

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Alexander Wong