Volvo XC40 SUV

Swedish automaker Volvo has introduced a new smaller SUV, based on their popular XC60 series, to be launched in conjunction with a new business model that pushes the envelope on the meaning of vehicle ownership.

The Volvo XC40 has many standard safety features such as front or all-wheel drive, 200 or 250 hp four-cylinder motors, and a hefty 8.3″ ground clearance. The navigation and infotainment systems are top-notch but it is the ownership options Volvo offers that take such a unique form. In addition to traditional lease or purchase methods, the XC40 SUV can be obtained with a monthly subscription service.

The new subscription service would include such standard features as insurance and maintenance costs, along with registration fees. The vehicle can even be loaned to an acquaintance at a scheduled time through the online app the company offers. Volvo is anticipating the subscription service to be popular enough, especially with younger consumers, that they may soon begin offering this type of purchase option on other models.