July 21, 2024

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Important Factors to Consider About Car Leasing in Singapore

Important Factors to Consider About Car Leasing in Singapore

You might ask yourself why Singapore has the highest cost of car ownership in the world. The reason is very simple – since Singapore is a small country that has limited space, the Singapore Government must control the number of cars that are present on the roads. If they didn’t do this, the traffic would cause chaos and congestion.

Since the Singaporean public transport system is very well-developed and modern, people do not lease a car very often. The metro system and public buses can reach pretty much any place on the island. One of the main reasons people would lease a car is to go on a family trip, or maybe a road trip to Malaysia.

Leasing a vehicle can be simply defined as “the use of a car or vehicle for a certain amount of time at an agreed amount of money”. Leasing a car can be one of the best ways to drive the car of your dreams without spending a large quantity of money.

In Singapore there are around 130 different companies that offer car leasing. You can be absolutely sure that there is a wide variety of options, meaning you can choose from a very big array of models and car services. You will definitely have a hard time settling on a vehicle to drive.

When choosing a vehicle to lease in Singapore, you need to make sure that you do the following:

  • Make sure that you know your needs of transportation.
  • Select your budget.
  • Don’t settle for the first deal you find. Please make sure that you compare multiple different offers given to you by separate car leasing companies.
  • Inspect your vehicle and be sure of its capabilities and potential.

You might ask yourself, what are roughly the prices of car leasing in Singapore? Well, a normal sedan, such as Mitsubishi Lancer can cost somewhere around $70 a day. Prices for hatchback such as Honda Jazz can cost around $80 a day. These are relatively cheap prices compared to the usual range, which is somewhere in between $100-$120 a day.

However, many people will question their decision to lease a car in Singapore. Certain individuals think that it is a lot more efficient and effective to just buy your own car in Singapore, be its only owner and drive it as much as needed. However, this can be relatively expensive and committing.

You should know by now the essentials of car leasing in Singapore. However, you might still be unsure if you should do that for yourself. Well, we can look at a few reasons why car leasing can be a lot more attractive than buying a car. Car hiring gives:

  • A lot of flexibility – you can choose to lease a car for a period of 1, 3, 5 or 7 years. This means that you can set aside your big savings for something else.
  • Full control of your budget – car leasing can be very budget friendly. You have no extra expenses for repairs or maintenance, no worries about car insurance or road tax. All of this is covered by the leasing company.
  • You will never get bored from driving the same car – since new cars are coming out with the latest technologies and newest designs, you will be able to drive some of the latest models in the market. If you buy a car, you will usually have to wait for a period of 5 to 10 years to get your hands on a new car.
  • If your vehicle breaks down, or maybe you met an accident. Guess what – the leasing company will provide any necessary assistance.

I hope this article taught you enough about car leasing in Singapore. Should you visit or live in the Lion City, you will have the necessary knowledge to choose the best option for yourself to receive the privilege of transportation most optimally for yourself.