Nissan is set to shake up the Irish car market with the launch of a monthly subscription service which will allow motorists to own a new car for as little as €356 per month without having to pay a deposit.

Motorists signing up to Nissan’s new ‘Subscribe & Drive’ service will also have the opportunity to trade in their old car and to cash in on its residual value as part of the new subscription model.

“Nissan is making it possible for Irish motorists to drive a brand new car for a price they can afford and to potentially put money back into their own pocket while doing so. It is a win-win service for motorists,” said James McCarthy, CEO of Nissan Ireland.

“Our subscription service is made for anyone who wants to release the equity in their old car and to drive away with a new one, without paying a deposit, for a fixed payment that fits within their monthly household budget,” he added.

“Customers just need to sign up as a subscriber. They can then drive the car for an agreed term and hand it back on completion without any other obligation. It’s that simple,” said Mr. McCarthy.

“The subscription model is changing the way we drive and own our cars and we providing customers with a service that meets their needs,” he continued.

Motorists signing up to Nissan’s ‘Subscribe & Drive’ model will have the choice of paying their monthly subscription fee over a 24 month or 36 month term, subject to finance approval, with the monthly cost of the car they choose varying accordingly.

Subscribers opting for a 36 month term can expect to pay  €356 per month for a Nisan Micra, €543 per month for the best-selling Nissan Qashqai crossover or €605 per month for the 40 kWh fully electric Nissan LEAF

Monthly subscription fees will also vary depending on the number of kilometres driven per year. Customers can choose annual limits of up to 10,000, 20,000 or 30,000 kilometres after which a charge per kilometre will apply for excess mileage. Optional service and maintenance fees can also be incorporated into their monthly subscription fee.

The Nissan ‘Subscribe & Drive’ service is available to customers, whether or not they have a car to trade-in, although the opportunity for motorists to release the equity in their current car and to become a monthly subscriber is something that Nissan believes will be especially attractive to motorists.

“This is the best opportunity in the market for consumers to own a brand new car. And if you have a car to trade-in it is the best opportunity to release the money that is tied up in that car. Money that could potentially be put to use to finance your monthly Nissan ‘Subscribe & Drive’ fee,” said James McCarthy, CEO of Nissan Ireland.