Fisker introduces a new way for customers to lease an electric vehicle without all the pitfalls of a traditional lease option.
Fisker Flexee Lease, or Fisker Flexible Lease, is a revolutionary lease program for a company that wants to create the world’s most sustainable all-electric vehicles. The company has dedicated a couple slides in their investor presentation for this key differentiator. The Fisker Flexee Lease option is not like a traditional lease. It is similar to a subscription like Netflix, which most consumers are familiar. It’s an all-new worry-free ownership experience.
Consumers will be able to purchase a Fisker Ocean Sport for $37,499 USD (before any applicable tax credits). The same EV with a Fisker Flexee Lease starts at $379/month with a one-time $2,999 initiation and activation fee. Fisker plans to provide additional details later this summer. They will probably come out around the time the new Fisker Ocean configurator is available. That will help customers determine the cost for different trim levels.
What makes the Fisker Flexee Lease revolutionary?
The Fisker Flexee Lease does not have a fixed contract period like a traditional lease. This option does away with long-term commitments and includes a 30,000 mileage annual driving allowance. Unheard of in the auto industry. Fisker customers using the Fisker Flexee Lease will be given an option to return their Fisker Ocean at any time. It is similar to canceling a Netflix subscription. The only difference is the monthly usage fee already paid will not be prorated. This type of innovative lease option will be available first on the Fisker Ocean, likely in 2023 after Fisker sells out of the Fisker Ocean One to generate cash flow, and then second on the Fisker PEAR.
Designing a vehicle that will stand the test of time.
The Fisker Ocean boasts a timeless design which is good thing for the Fisker Flexee Lease program. The lifespan of each Fisker Ocean is 12 years. Then the electric vehicle will be recycled. Each vehicle in the Flexee Lease program will be reconditioned when it is returned by a customer. The EV will be freshen up before being leased to the next customer. Every new customer that takes possession of the same vehicle will be able to purchase software upgrades. For example, autonomous driving, navigation, streaming radio. This will create a recurring revenue stream for Fisker. Fisker talk a lot about this on the Q4 2021 earnings call.
However, leases are currently not as popular as they were four years ago. That might be due to the fact that the traditional lease is a several year commitment. Also, it restricts the amount of mileage that can be driven each year. Maybe customers are souring on this idea? According to Statista, about 1 in 3 newly-bought vehicles are on lease in the United States from Q1 2017 to Q3 2021.
The traditional lease is so yesterday, enter Fisker Flexee Lease.
The traditional lease is on the decline. This bodes well for Fisker as consumers discover the subscription benefits and 30,000 mileage annual driving allowance. Recently, we conducted a Twitter poll to find out what Fisker Ocean reservation holders plan to do later this year. We gave them the choice of owning or leasing. We asked our followers, “Are you planning to own or lease a Fisker Ocean?” The data falls pretty much in line with the industry. 66.7% of respondents will purchase their Fisker Ocean. 26.7% respondents will lease their Fisker Ocean. 6.7 respondents are undecided (sample size 30 respondents).
Benefits of the Fisker Flexible Lease
Here are the benefits to you the consumer and to Fisker. Think about it, no hidden costs. Your Fisker Flexible Lease includes all service and maintenance. There flexible terms with no long-term commitments. And best of all you get a high mileage allowance of 30,000 miles/year.
Reserve Your Fisker Ocean Now.
If the Fisker Flexee Lease option sounds interesting to you, you may want to reserve your spot today. It requires you to put down a $250 deposit to take possession of a Fisker Ocean in 2023. Alternatively, you can also get in line now for the Fisker PEAR. The Fisker PEAR will also have the Fisker Flexee Lease option available when deliveries start in 2024. As of the last earnings call, there were over 45,000 reservation holders for the Fisker Ocean alone. Well, this may be just what consumers want these days from the automotive industry, a flexible lease option. Fisker ($FSR) shares closed today at $11.94 +0.08 (+0.67%).
Please let us know what you think of the Fisker Flexee Lease option in the comments. What do you plan to do when it’s time? Lease or Own.
Reserve Your Fisker Ocean
You can reserve your Fisker Ocean or PEAR by visiting https://fiskerinc.com/reserve. Use referral code DDK87H.
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