What is Car Leasing?
Car leasing refers to renting a vehicle for a period of time, during which you only need to pay the monthly rent and an initial payment for security deposit.
Over the past few years, there has been an increase in leasing demand for both locals and expats in Singapore.
Here are a few reasons why leasing a car is a better choice compared to purchasing a car:
1.) When you need a car urgently and rather not fork out the hefty down payment
Purchasing a car requires an initial payment of 30-40% of the total cost, which is why some people who urgently need one might not be able to obtain this sum within a short period.
When you lease with Wearnes, you will only need to pay for the security deposit, which is equivalent to a 3-month leasing rate. What’s more, the security deposit is refundable after the lease term.
2.) Expenses are usually inclusive
One of the advantages of leasing a car is that most expenses such as annual road tax and insurance are already inclusive. This saves you the trouble and process of making payment for these bills and having to constantly worry about them every year.
Furthermore, these inherent expenses accumulate even more over the course of your ownership.
3.) Service and Maintenance are inclusive
Although, free servicing may be offered during the purchase of a car, wear and tear items are not inclusive. These costs should not be undermined.
On the other hand, this portion is taken care of if you lease a car, and you need not fork out a single cent from your own pocket.
4.) Short-term stay in Singapore
Buying a car is not ideal and cost-effective for those who are only staying in Singapore for a few years. Aside from shelling out huge cash, there are ownership risks that come along with purchasing a vehicle.
When you decide to lease instead, you won’t have to worry about depreciation risks and it saves you the trouble of having to sell your car which could be a tedious process and may result in a loss.
5.) Intention to stop driving in the near future
Whether it’s because of old age, retirement or whatnot, you need to consider this as a huge factor before deciding to buy your own vehicle. Many would rather invest in buying a house, insurance for your children, and so on.
6.) You want to experience a luxury car
If it is just for the experience, it may not be most ideal to purchase such expensive vehicle which requires a long-term commitment.
Leasing period ranges from 3 to 7 years, after which you may opt to switch your current rental car for a latest model simply by topping-up the difference if applicable.
If you’re interested in leasing a car from us, simply contact us at 6876 5063 or enquire now for more information about leasing.