If subscription has no long-time lock, the optionality and the coverage of insurance are well worth the difference when the lease price alone is so high.
The fulfilling CBV dealers all opted in voluntarily. Volvo Cars America provided quite a nice incentive to do so. Lol.
What is the major difference between xc40 and xc60?
Size. Engine choice(s). Options.
I’m curious what the insurance coverage looks like. The Care by Volvo site says “at or in excess of state requirements” which could be minimal liability protection in some states.
3 Likes
Great question, especially for uninsured motorists. The states I have lived in all treat UIM differently (in NY there is no such thing, some states have a risk pool, etc).
And a reminder that Care isn’t available in 8 states last I checked
I’ll have to look into it more seriously.
This would be absolutely absurd in the “old” market, but with the current conditions, potentially offers a short term break-even solution to hold over for between 5-12 months (I am in IL, so it’s a 12 month minimum) until things get back to normal, if they ever do.
1 Like
I hate being a New Yorker lately! No MSDs on several brands including my own, full tax on EVs unlike NJ, $50 camera ticket if I dare go over 36 MPH, and “alternative” (probably much worse) subscription offers.
https://www.volvocars.com/us/care-by-volvo/faq/
New York Residents: Care by Volvo, as described on this website, is not available for NY residents. An alternative subscription offer, not including insurance coverage, is available at New York Volvo retailers. Please contact 1-800-550-5658 for additional details.
1 Like
Wow, not available in three of the four most populous US states. Bummer.
1 Like
Wow, unless you have near zero net worth probably not a good idea to sign up for this. It’s very likely incompatible with my umbrella coverage which requires 500k liability coverage on the auto plan (in addition to 300k on homeowner/renter).
1 Like
I’m am proud to be from NY, but I haven’t lived there since 1999 (even though I commuted there 45+ weeks a year in 2018, 2019, and until March 2020), zero regrets.
If I’m peddling free advice: if you ever decide to leave, skip the border states. It’s a big country.
#truth
The life-changing car accident I had in 2017: the other driver (in an X5) was only insured to the minimums. 75% of the settlement I received was from my insurance, not hers.
If something like Care was available in CA, I would consider it, but I would need to get into the insurance coverage AT LEAST as much as I ever did my own.
1 Like
I feel like it’s a toxic, love-hate relationship with NYC. I don’t want to leave, but if/when I do I probably won’t go far. NJ is the best looking candidate at the moment.
1 Like
I’m actually pretty close to pulling the trigger myself on a Care by Volvo XC40 M at $625+taxes=$680/m. It makes a lot of sense in a lot of different circumstances, and mine happens to be one of them.
Weird for guys who hang out all day on a forum that was built to help ppl not get ripped off at a dealership then not see the worth of a system like this. You know how it absolutely sucks to get a car? Yeah. You know how going into a dealership is hell? Yeah. You know how all those things have gotten even worse? And now with the bubble every bullshit middleman is tryna up their margins, shit is thunderdome out there.
Now, imagine that you’re a nursing student whose credit isn’t perfect, living in a large city. CBV presents a value here in three ways: 1, a non prime credit score eliminates a great deal on the market. 2, insurance on a city car is INSANE, especially if you’re under 25 and 3., the mileage allotment (1250/m) is a lot higher than most luxury brands even sniff, and all the Volvos are luxury cars. There’s lot of people for whom of or two of those factors make CBV awesome.
Furthermore being able to do this entirely online with transparent pricing, no additional fees and only first months DAS, with the ability to pay with a credit card or venmo or goddamn apple pay is very useful for a wide variety of ppl and reasons.
Care by Volvo, is so successful it’s already causing a reckoning within the dealerships, as discussed above. We all know dealerships are scum who live off bullshit markups and scams, so this is good news. A direct to consumer sale is great in this market.
Fuck, go look at Cody Carter’s deals right now: the cheapest rav4 available is going for 500+ a month, just the base cost from the best volume econobox seller in the country. Or find an Audi q5, 500 a month with 3000 down and $4000 in MSD due with 600 miles a month in the marketplace here after weeks of working on it. Can you really not understand why CBV works??
2 Likes
In my case, it was directed to liberty mutual for the insurance info, like drivers, your current insurance coverage and etc. It is like a pretty standard insurance application. And the liberty mutual has to approve your insurance application and the premium should be within the limit, I guess.
The final coverage is pretty standard, just like my current Mercedez lease required coverage, 100K/300K, 500 deductible for collision/comprehensive, uninsured, and etc.
The insurance is from Liberty Mutual and it is quite similar to my current one. And you could further buy Umbrella from Liberty Mutual directly, which I have not tried yet.
Have you verified you are eligible for an umbrella with only a low liability limit on the primary auto policy? That’s not standard.
1 Like
I have an umbrella right now and my current auto insurance is 100K/300K, which is not low I think.
No, 300 isn’t low but my GEICO policy requires 500. I read that Allstate also requires 500. If you aren’t certain the minimum requirement it’s worth double checking.
1 Like
Agreed. I’ve pulled off some great hacks, coming off my wife’s X2 that was something like $175 a month effective. But man… this current climate is just not fun.
While you do pay for the convenience, and I love a good hustle for a great lease hack same as everyone on here. For a short term play with little downside (aside from the extra $200-300 a month more over a year ago) to wait out this crappy market seems like an upside.
Looking at this from the XC40 standpoint. If I purchased a new $45k T5-Mom, would have to pay the sales tax in IL, dealer fees, registration, etc. and would come out to nearly $50k. Assuming kept it for 2 years (almost all my leases are 24 months cause I like to switch it up), and assuming that the market gets back to normal within then, looking at a trade in value of potentially $26-30k (kbb shows $30-32 at current market rate). So almost $20-24k to own the car for two years, not including maintenance (which I hear brakes are fairly common on these), tires, or insurance. Assuming insurance is roughly $100 a month for my wife, that’s an additional $2400 for the ownership. So $22.5-26.5k divided by 24 months comes out to around $930-1,100 a month effective.
Ooof. Yea… that CBV is looking enticing in that regard. At least to wait out a year and see if leases have gotten way better in Sept/Oct 2022 (lease on the bmw is up in october, so thinking about stuff now).
1 Like
Could be state specific?
GEICO requires a minimum bodily injury limit of $300,000/$300,000 and a property damage limit of $100,000 or $250,000/$500,000 and a property damage limit of $100,000 on your auto policy to qualify for an umbrella policy. Homeowners/Renters Personal Liability coverage of $300,000 is also required.
1 Like