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 Singaporean Government must control the exact amount of cars that are currently on the roads. If the Government doesn’t do this, traffic will cause chaos and the roads will be full of cars.
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 hatchbacks 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.
Therefore, you should by now know the basics about car leasing in Singapore. Yet, you still aren’t sure what should you do yourself. I will state below a few reasons why car leasing can be a lot more price worthy than buying:
• 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.
• You have 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. There is even in-house financing by the car dealership if you ever require it.
• 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.
• Imagine your vehicle breaks down, or maybe you have an accident. Guess what – the leasing company will provide any necessary assistance.
I hope this article taught you enough about car leasing in Singapore. Next time you visit the Lion City in Asia, you will have the necessary knowledge to choose the best option for yourself to receive the privilege of transportation most optimally for yourself.