Even though having a car is one of the most sought-after dreams by many after buying a house, owning one is pretty expensive. Besides the upfront downpayment, there is a monthly premium, routine maintenance, and fuel cost. Luckily, Singapore has now car leasing.
What Is A Car Leasing?
In Singapore, car leasing means the practice of renting a car. Those who want to rent a car have two options: short term lease and long term car rental in Singapore.
The difference between these two options is that the former can be as short as one day, while the latter can last for one to seven years.
Regardless of your choice, in Singapore, car leasing has required qualifications that you must meet. Otherwise, you will not be able to rent a car.
Below are the standard eligibility criteria for getting an ordinary or luxury car rental in Singapore.
Make sure to remember that, in Singapore, some car leasing companies require those who want to rent a car to become their registered member besides the standard eligibility criteria mentioned in the infographic.
5 Advantages Of Car Leasing
If this is your first time getting a car rental, here are some car leasing advantages that you need to know.
1. No Down Payment
When it comes to car leasing, the overall cost you need to pay upfront is relatively cheaper than buying a car. Thus, those who want to rent a vehicle usually do not have to pay a downpayment. They can pay the car rental fee in whole and the exact amount.
2. Upgrade Every Few Months Or Years
Since you are only leasing the car, you can get an upgrade as often as possible. Whether it is an old model or a brand-new one, you can get them as long as you give the car leasing company ahead of your upgrade. It will give them time to prepare the brand and car model you plan to rent next.
3. Free From Routine Maintenance
Whether short term or long term car rental in Singapore, you are free from routine maintenance. The car leasing company of your choice will cover the expense for you. Just guarantee that you do not breach any of the points written in the agreement contract for car rental, so there will be no problem.
Nevertheless, double-check this information with your chosen car leasing company to guarantee that you are free from routine maintenance. You have to know those car leasing companies rarely offer this in their car leasing service.
4. Access To Luxury Vehicles For Affordable Prices
To own a luxury car, you need to pay thousands of dollars. That is only the upfront cost. If you were to include the routine maintenance, fuel cost, COE renewal, and several others, chances are you will need to break the bank to pay for all those expenses, not unless you are filthy rich.
5. No COE Renewal
Another advantage of monthly car leasing is that you do not have to mind the COE renewal. Since you are only responsible for the vehicle for a month or a specific time, the renewal of COE still belongs to the car leasing company.
4 Disadvantages Of Car Leasing
Like most things, car leasing also comes with disadvantages. Here are some of them below.
1. Mileage Restrictions
Whether long term or short term car leasing in Singapore, there is always mileage restriction. It refers to the allowable distance you can drive using your chosen vehicle.
If you exceed the given mileage restriction, expect to pay an additional rental fee from your chosen car leasing company.
2. No Ownership
Another disadvantage of car leasing is that there is no car ownership. Even though you can drive the car nationwide, you cannot change its interior or exterior however you want.
3. Recurring Monthly Payments
This disadvantage of car leasing only applies to long term leases. Those who get a long term plan of car leasing have to pay a monthly rental fee, which is relatively cheaper than the monthly premium when you buy a car.
4. Less Freedom
Less freedom means you cannot bring the vehicle abroad or across borders. For example, you cannot drive the vehicle you contracted for a monthly car leasing and travel to Malaysia.
You can only use a car rental to cross the borders from Singapore to Malaysia once you ask for permission. Informing your car leasing company is necessary so they can extend the coverage insurance warranty to Malaysia.
3 Things To Take Note Of Before Car Leasing
The next thing you need to know is what you should do before driving away the car you plan to lease. Here are some of them below.
1. Have All The Paperwork
The first thing you need to do before driving the rented vehicle is gather all the paperwork. Ensure to read, including the fine print. It will help you determine if there are no hidden costs that you have to pay afterwards.
2. Inspect The Interior And Exterior Areas
You also have to check every part of the vehicle to guarantee that there are no pre-existing damages that you will have to shoulder once you return the car later.
3. Test Drive Before Driving Away
Like buying appliances, test driving the vehicle will help you determine if the engine is in good condition. While doing that, consider asking the car dealer how to use it, including the unique feature the car has.
Are You Ready To Get A Car Rental?
Now that you know the advantages and disadvantages of car leasing and the things you need to do before renting a car, you are ready to get a car rental.
Whether long term or short term car rental in Singapore, you can get any vehicle from MyCarriage! Check out their website today to find out what type of vehicle you can get for personal or business use.
If you need help looking for an affordable luxury car rental in Singapore, contact MyCarriage at 6251 8880 or leave a message on their website. You can also get in touch with them on their Facebook and Instagram business pages.