Inspired by the sharing economy, Canvas is setting a new precedent for car leases of the future. While there are plenty of short-term options for borrowing a vehicle, there are few sensible options for those who want to own a car part-time. Canvas is differentiating itself from other car-sharing services by offering a month-to-month subscription model.
Canvas charges its subscribers a base fee—that vary based on the selected model—which includes 500 miles of travel, plus insurance, maintenance and monthly roadside assistance. Alongside these basics, other packages can be purchased as needed as add-ons. Currently, a variety of off-lease Ford models can be temporarily leased through Canvas.
The demand for new services in the sharing economy has been greatly driven by the Millennial view of ownership, which sees many young people sharing or renting everything from clothing and electronics to small appliances, vehicles and cars.
Month-to-Month Car Leases
Canvas Offers Options for Flexible, Temporary Vehicle Ownership
Trend Themes
1. Month-to-month Subscriptions - Other industries can introduce a model of month-to-month subscriptions for customers who prefer flexibility.
2. Flexible Ownership Models - Industries that rely on ownership can explore more flexible models to appeal to customers who only need to use a product or service part-time.
3. Package Add-ons - Businesses can consider offering basic packages with optional add-ons to cater to customers with varying needs and budgets.
Industry Implications
1. Car Leasing - Canvas' model of month-to-month car leasing can be disruptive for traditional car lease providers, who can explore similar flexible models to meet consumer demand.
2. Ride-sharing - Ride-sharing companies can explore the possibility of offering temporary car rentals to their users, expanding their range of services while meeting consumer needs for car ownership flexibility.
3. Equipment Leasing - Industries that lease equipment, such as construction or agriculture, can introduce month-to-month subscription models for customers who only need the machinery part-time, offering a cost-effective and flexible solution.