Why You Should Lease A Car in Singapore
Sungei Buloh Wetland Reserve, Singapore, by cattan2011
Car ownership comes with many perks––the freedom to drive anywhere you want at any time, the ability to ferry your family to all their appointments, and the comforts of a private vehicle. On the other hand, for some people, the sheer commitment of owning a car is neither viable nor practical for their lifestyles. Not to mention, owning a car in Singapore is particularly expensive––it’s quite literally the most expensive place in the world to own a car!
But what if you could own a car in Singapore... without owning a car? What if you could enjoy all the benefits of having a private vehicle without the huge financial outlay, or the hassle of servicing a depreciating asset?
Well, you’re in luck. You should consider leasing a car.
Essentially, this means “renting” a car from a dealership for a specific length of time and/or amount of kilometres driven. Much like renting an apartment, you pay the dealer a monthly fee, and in exchange you’re allowed to drive the car for the length of your contract. Short-term and long-term contracts are available at most dealerships, and with many providers in Singapore, you should be able to find one to suit your needs.
To lease or not to lease, that is the question
Leasing may or may not be the right solution for your needs. If you’re considering it, these are the questions you should ask yourself:
・How long are you staying in Singapore?
・What does your lifestyle require?
・Are you driving alone, or with family members?
・Will you need a large car for work, trips, or carrying equipment? Or will a small car do?
・Will you need to drive to Malaysia? (Some leasing companies don’t allow this. We do!)
・What’s your budget?
・What kind of perks are you interested in?
Getting a grip on your needs will help you figure out whether leasing is right for you. At ST Auto, we sell cars and lease them out to customers––we don’t discriminate! Some of the cars we’re leasing include the Corolla Sport Hybrid, Camry Hybrid, Camry Sport Hybrid, and BMW X1 Petrol.
To help you decide, here are some reasons people choose to lease rather than buy a car.
You won’t have the responsibility of owning a car
There’s a reason cars are included in the 5Cs of yore. (For younger readers, this stands for Cash, Car, Credit Card, Condominium, and Country Club.) If you can afford one in Singapore, you’ve basically made it in life––or so everyone thinks.
But let’s face it, owning a car is a big commitment. Being able to drive your own car anywhere you want is convenient, but you’ll also be responsible for everything to do with it––maintenance, servicing, repairs when you get into an accident, insurance, road tax… that’s a lot of paperwork and time spent on maintaining what is ultimately a depreciating asset.
Leasing, on the other hand, is pretty damn convenient. You pay a monthly fee, which typically includes insurance, and the car is yours to drive as long as you’re under contract. No bidding for COEs, or registering for tax––the dealership takes care of all of that. If you get a flat tyre, or run into car issues, just call your dealer––they’re supposed to take care of all the little irritations that accompany car ownership. (At ST Auto, we offer 24-hour breakdown assistance for leased cars––in Singapore, as well as when you’re driving in Malaysia! How cool is that?)
If you like what you’re driving and want to stick with it after your contract is up, just renew it. If you don’t, you can switch to another car––and you won’t have the hassle of trying to find a buyer for it, because you don’t actually have to own a car!
Besides, everyone knows car ownership is crazy expensive in Singapore. Which leads us to…
Wouldn’t you rather spend your time watching flamingos at the bird park than Googling a repair center? Photo by John.
Leasing is often cheaper than buying a car
Now, we know this isn’t always true. For some people the cost of leasing, especially long-term, may prove more expensive; in some cases, buying second hand could work out in favour of someone’s budget and needs. But in general, paying a flat fee per month to lease a car is generally going to work out cheaper in the short and mid-term. This is especially true if you’re not interested in the newest models, and just want something affordable that suits your needs.
One compelling reason leasing is cheaper than owning a car is how much time you’ll save. Think about how much your time is worth, and how much time you won’t spend dragging your car to the repair center, or keeping track of maintenance schedules, or dithering over COE bids, or going to register for road tax, or trying to figure out who to call when you get into an accident… time is money, and leasing can help you save time––which you can then spend doing more important things, like driving your kids to the safari again.
You don’t know how long you’ll be in Singapore
This is an important factor to consider. If you’ve immigrated here (with or without family) and you have no idea how long your company’s going to keep you in Singapore, it doesn’t make sense to shell out for a car, only to have to sell it in a hurry should your circumstances change. If you’re new to Singapore, finding a trustworthy repair center for car maintenance is also going to be a huge pain.
Leasing will ease the logistical burden of car ownership, so you can focus on what’s important––working and enjoying your life in Singapore. And, if your company will cover the cost of leasing (which they often do), so much the better!
The new Toyota Camry, available for leasing!
You want to try different cars
This isn’t necessarily the main reason to lease a car, but it sure doesn’t hurt. Some dealerships allow you to try out different cars every month or every other month as part of your contract. Not only can you test out some cars you might not otherwise be able to afford, it’s great for when circumstances demand larger or smaller cars. For example, you might have friends visiting, and you want to be able to drive them around!
Whether you’re looking to lease or buy, ST Auto has some of the most competitive prices on the market! Call +65 6464 9098 or email us at email@example.com