Leasing a car is a great way to provide transportation for a short time without making the initial financial investment of buying one. It’s the ideal option for drivers who just want to be behind the wheel for a few years but require a long-term automobile rental substitute. To learn more, Click here. If you’re wondering about the price of leasing a car in Singapore. Check out this article. Consider these four things before you sign a deal with the best prices in town.
A waiver of the collision damage portion of insurance
This refers to the extra amount (excess) required of you as the policyholder if a claim is filed.
What does the car leasing deal include?
The majority of auto leasing firms offer more than just leasing; they also provide add-ons and additional rights, although at slightly higher costs.
Clear pricing, warranties, and no additional fees
Hidden expenses can cause a hole in your wallet if you’re not careful, so always read the tiny print and understand what you’re signing for.
Regarding mileage restrictions, you should also examine your automobile lease agreement to see if your automobile has one. Unless you want to rent an exotic or supercar, most leasing businesses in Singapore don’t set a mileage restriction.
Is Singapore automobile leasing a good investment? Let’s compare some numbers first.
According to current COE prices, a 1.6A Toyota Corolla Altos is priced at $93,000. (June 2019). The maximum loan term is 7 years, and if you obtain the maximum credit of 70% predicated approximately $20,000 OMV, you would be borrowing $65,100 at a rate of interest of 2.78% annually.
This indicates that you will make an initial down payment of $27,900 and subsequent monthly payments of $926. You would have paid $105,659 in auto loan installments at the end of the seven-year loan term, or $77,759 monthly.
If you’re wondering about the price of leasing a car in Singapore | To Sum up
Leasing is indeed a great choice to think about if you are young and have not had the luxury of amassing sizable savings but making a significantly better and healthier monthly salary. It allows you to pay for your lease with your monthly income without depleting your already meager savings, which you’ll likely wish to utilize for a new place, relationship, or kids.