Should I Buy a Used Car or go for Car Leasing from a Car Dealer in Singapore?

Car dealer in singapore

Buying looks to be a first choice among renting, leasing and buying a vehicle in Singapore. Under conditions such as busy schedules or when you have a large group of family members, it is more convenient to move around with a vehicle compared to taking public transport or taxi. However, other expenses like road tax, maintenance, insurance, and service charges should be taken into consideration too.

Hence, before you decide to buy a vehicle, you will need to be able to afford the monthly payments of the vehicle. There are 3W1H that you might consider before buying or renting a vehicle.

  1. “WHY”, Why do you need a vehicle?
  2. “WHAT”, What is your budget for the vehicle?
  3. WHICH”, Which vehicle type do you need? But last but not least,
  4. “HOW”, How frequently you drive?

If owning a vehicle would give you financial burden, car rental will be a good choice for you. Well, renting a vehicle is a good idea for anyone who wants to drive, have a hassle free and less stressful process. It is suitable for those who want to drive but at the same time not needing to own a vehicle. Renting a vehicle is charged at one-time pricing and the costs are a lot more transparent. It would still be more affordable than buying and maintaining a vehicle (applicable for a short period of time). Interested drivers can check with the car rental company for its reputation and customer service before renting a vehicle.

Pros Of Car Rental In Singapore

It is affordable for drivers who use the car occasionally as they just need to pay a comfortable amount of money upfront for that period of usage. On top of that, all-in-one pricing means that the price is including rental, road tax, insurance and maintenance. Also, you have a variety of vehicles to choose from rather than just driving one particular model. You will be able to switch your rental vehicle if you wish to try something different upon contract expiry. Some of the car rental company even have in-house workshop for servicing and repairing. Click here to see the list of available vehicles for rent now!

Cons Of Car Rental In Singapore

If you drive daily, it is less cost-effective in the long run say a period of 5 years. Besides that, some car rental companies might have a limited range of vehicle models. They might not have the model that you particularly like or want. Additionally, you must return the vehicle in the same place where you take it and make sure it is in the same condition.

Pros Of Buying A Used Car In Singapore

It is cheaper in the long period of 5 years if you drive daily. You might be able to sell off the vehicle at a good price. Owning a vehicle would make you feel happy and proud, which leads to greater satisfaction in life. Furthermore, you are able to choose your own car model and vehicle type. Having your own vehicle means you can customize your vehicle (eg vehicle coating, build body kit, adding some accessories). Click here to see the list of vehicles we have for sale!

Cons Of Buying A Used Car In Singapore

Large upfront payment as you might reconsider about buying a vehicle. Moreover, you will have monthly commitment to pay to the finance. You need to bear costs like servicing and maintenance fees. And you might not get a good price for selling it after a few years due to depreciation and current market value of the vehicle.

In conclusion, there is no right or wrong for renting or buying a vehicle. It really depends on your situation. We cannot doubt that buying a vehicle for a few years’ usages is cheaper than renting a vehicle. However, as a smart consumer, we need to consider the large upfront payments, insurance premiums, and other extra costs.

-Kon S.L.