When real interest rates and inflation are low, recurring revenue looks really attractive, because the NPV is high. That makes sense and I see how that drives subscription models for everything from movies to phones to car seats. But now interest rates are rising and inflation is high, I can't help but think BMW have missed the boat and are pursuing a model that would have been a great idea in 2008 but with hindsight will look dumb when 2030 people look back at us.