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Luxury car lease swaps | |||||||||||||||||
Disclaimer: Professor Nalebuff referenced a similar concept in class, though I had come up with this specific idea on my own a few years ago. Rather than purchasing a lease on an individual car, customers would purchase a lease on a pool of cars that fit roughly within the same luxury category. Customers could then swap in and out of cars at their leisure so long as their aggregate mileage stays within their contract limits (since we are mainly concerned with depreciation on leases). This program would target high-end sports/luxury car enthusiasts who might not want to be tied into a single vehicle for 24 - 36 months. Example: A customer would purchase a lease on a group of cars say in the 90~100K range : 911, M5, M6, S55, 760Li, etc. They would pay a premium (e.g., 15%) for the option of being able to switch between vehicles. They could also pay an additional premium to drive a higher-end vehicle for a specified period of time (e.g., pay an extra $500 to get into a Ferrari 360 for the weekend). I realize that this concept focuses on a niche customer. However, having lived in Southern California (and having recently returned from Miami), I am pretty confident there would be a market for this idea.
olivier Muyshondt, Jan 24 2008
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It's not too different from renting. Insurability would be an issue.
This is an interesting idea. I have heard of a business based on a similar concept that exists in Greenwich, CT. It's basically a luxury car club. The company owns a group of very high end brand new sports cars (Porsches, Ferraris, etc.). These cars are worth serious money ($150-$350K). Members pay a yearly fee ($25,000?) and gain the right to a certain number of hours (or maybe it's miles) driving these cars throughout the year.
To address the insurance concerns, if you "pool" enough vehicles together, I reckon that the company could work with an insurance firm to insure all the vehicles (kinda like group healthcare coverage). I believe that insurance premiums are already built into car leases in Europe.
That's an awesome idea. You are a genius!