Socar said on Wednesday it has launched 'SOPICK', a long-term car subscription service that allows contracts of up to 60 months. Subscribers choose a term of 12 to 60 months and can switch vehicles during the contract period without a penalty.

Socar has extended the contract term to 60 months, the industry standard. The company explained it redesigned the service to secure vehicle inventory in advance and deliver cars immediately upon signing the contract. Under conventional long-term car rentals, it is typical to keep the same car until the contract ends. Switching vehicles mid-term can require cancellation or transfer procedures and may result in a penalty.

SOPICK subscribers can switch to another vehicle without a penalty after using the car for at least 1 month, excluding delivery fees and reconditioning costs. The company said customers can change models and brands, switch between new and used cars, and move up or down vehicle grades. A customer can, for example, subscribe to a small car for commuting and then switch if an SUV or electric vehicle becomes necessary due to marriage or childbirth.

Vehicles are divided into new cars, near-new cars in a condition comparable to new such as test-drive vehicles, and used cars with usage history. The launch lineup includes 2 new models such as Hyundai's The All New Avante and Tesla's Model Y, and 5 new and near-new used models including Volvo's XC60, Range Rover Evoque, Kia's The New K8, Hyundai's The All New Kona, and Genesis' GV70. Monthly fees on a 60-month contract are 420,000 won for the Avante and Kona and 730,000 won for the Model Y.

SOPICK is available nationwide, excluding Jeju and some island and mountainous areas. Subscribers can set a delivery date 1 to 5 days after signing a contract, and the entire process up to vehicle handover is handled without in-person contact through the Socar app. Customers can return the vehicle within 7 days of taking delivery regardless of the reason. In that case, there is no penalty and only pro-rated charges for the actual usage period and delivery costs are billed.

Socar operates a SOPICK-dedicated PDI center to inspect vehicle conditions before delivery. All SOPICK vehicles go through this center before being handed over to customers. The company plans to recondition used cars there as well to keep conditions consistent. Socar plans to supply new models every month based on customer usage data and present monthly fees at the industry's lowest level for the same model and driving distance.

Junno Lee (이준노), head of Socar's new business division, said, "We launched a 'free my-car subscription' product that leaves the convenience and enjoyment of car ownership while minimizing the burden." He added, "We plan to change the paradigm of the long-term car rental market by rolling out new models every month at the industry's lowest level, drawing on the know-how accumulated over the past 15 years of running a car-sharing service."