Zevvy is a startup that aims to make used (secondhand) electric cars accessible to people who need them the most. They intend to make electric vehicles available to the millions of Americans who drive tens of thousands of miles each year.
These employees often cannot afford a new electric car and cannot lease one since they would exceed the mileage limit. As a result, they wind themselves in the secondhand automobile market, where they pay exorbitant prices for petrol and maintenance.
Based on proprietary analytics, Zevvy has developed a new sort of finance solution. Drivers may sign up for a lease with a six-month minimum commitment.The monthly bill combines a fixed fee of several hundred dollars plus a variable fee of “only a few cents for every mile they drive.
The essential element is that there is no monthly mileage limit. The set charge is calculated by Zevvy to be less than a monthly loan payment, and the per-mile fee should result in drivers saving money as compared to the cost of gasoline.
The best thing is that the more they drive, the more money they save. The driver has three alternatives at the conclusion of the first six months:
- No questions asked, return the automobile.
- It can be renewed on a month-to-month basis for up to 60 months.
- Purchase the automobile and subtract each per-mile payment from the purchase price (Zevvy partners offer loan financing for this).
The model is based on Zevvy’s unique underwriting procedures created by the corporation. The company searches for clients who will save money by riding on battery power rather than just credit score and income. Currently they only provides the Chevy Bolt and the Tesla Model 3, and its market is confined to the San Francisco Bay Area.
This is the stuff that causes market disruptions. Lower the river rather than raising the bridge by reimagining an alternative funding model to harness the benefits of electric cars not only for individual drivers but also for the broader welfare of society.
MaC Venture Capital led the $5.4 million seed investment round this week.
Reference- Businesswire Feed, Clean Technica, Zeevy website, Inside EVs, Canary Media