What is car leasing?
Car leasing is renting of a motor vehicle, a car in this case, for a fixed period of time at a stipulated amount of money. In Singapore, the typical car lease period is between two to five years.
Is it expensive to lease a car in Singapore?
There is no denying that purchasing a car in Singapore is an expensive investment. Given that you will need to pay thousands for a Certificate of Entitlement (COE) which then gives you the right to own a car, and adding on the actual cost of the car itself, most of us would eventually succumb to public transport or perhaps GrabCar and taxis to get around.
However, some people may still prefer to have their own personal transport in order to have that flexibility to get around. Others may need a car simply for work purposes. Leasing a car then becomes a cheaper alternative as opposed to owning your own car.
If you are purchasing your own car, you will have to pay a 30% to 40% downpayment on the car depending on the car’s Open Market Value (OMV).
Assuming that a standard 1.6L Toyota Corolla Altis costs SGD93,000 including COE, this means that you will have to pay a downpayment of approximately SGD27,900 upfront. If you were to lease the same car model, you may only need to pay around SGD1,600 per month depending on the car leasing company that you sign with.
Bear in mind that car leasing costs for the same car model may vary across various car companies. As such, it is advisable to get quotations from multiple car companies before deciding on which car company to go with.
Costs to consider when leasing a car in Singapore
While leasing a car may appear to be the cheaper alternative upfront, we all know that the true costs of owning a car is not about the upfront costs. It is about the upkeep of the car. This means that when you are deciding between purchasing or leasing a car, you will have to take into consideration the following costs on top of your monthly leasing fee:
- Road Tax
- Insurance
- Parking
- Petrol
- Servicing & Maintenance
- Car Repairs
Besides the upfront costs and recurring expenses, leasing a car comes with a long list of terms and conditions. Car leasing companies are likely to have their own set of terms and conditions when you sign the leasing contract with them.
Similarly, a car lease contract is similar to any typical contract in which they are likely to come with termination policies. Before signing your car lease contract, read in detail on the car leasing’s termination policy. Are you allowed to return the car in any condition? What is the notice period that you have to give the car leasing before you want to end your car lease contract?
Ensure that you clarify on all the terms and conditions clearly and have it accepted in writing before you sign your car lease contract.
Reasons why you may want to consider leasing a car in Singapore
With the accumulated costs, it may seem as if purchasing a car is just slightly more expensive than leasing a car in Singapore. However, there are various reasons as to why you may prefer or need to lease a car in Singapore.
You need to use a car urgently and cannot afford the downpayment
Are you a financial advisor that needs to get around and meet clients? Or perhaps a student that is unable to get a room on campus? Leasing a car is a quick way to get your own private transport without having to fork out a large sum of cash for that hefty downpayment.
You are considering purchasing a car and want to test out several models first
With the plethora of car brands and models available, you may be undecided as to which car brand and model to purchase. Leasing a car for a short period of time, such as three to six months, allows you to test out the various car models. This can help you better decide which car model suits your lifestyle and driving preference.
You are not staying in Singapore for long
If you are an expat who will be staying in Singapore for just a couple of years, it would make more sense to leasing a car as opposed to purchasing it. After all, there is no point in getting all educated about Singapore’s car purchasing process only to end up selling it after three to four years.
Given that the monthly cost of leasing a car typically includes the road tax, insurance and servicing, leasing a car requires minimal effort in terms of the administrative matters.
You intend to drive for only a few years
Owning a car is a long-term commitment. Most people purchase a car and keep it for at least five to ten years. Perhaps you are planning to start your own business but still need a car for transport purposes or planning to retire in the next 3 years and thinking about how long you intend to drive for.
If you do not intend to drive for a long period of time, it might be better to lease a car instead. This is especially crucial if you find that your revenue stream is slowing and you cannot afford to pay the downpayment upfront.
You want to indulge yourself and drive a luxury car
If you have always wanted to own a Lamborghini or a Bentley, you may never be able to afford the 30% to 40% downpayment. However, that does not mean that you cannot pretend like you own it.
Regardless of whether you simply want to feel how it is to drive your dream car or need a luxury car to impress your clients, leasing a car is definitely a cheaper option. If you are an aspiring businessman, leasing a luxury car is certainly a low-cost commitment to impress your clients while making it seem as if your business ventures are profiting.
Intending to lease a car? Here are some car leasing companies in Singapore
Car Leasing Company | Tay Automobiles |
| Speciality | We cater to all arrangements; from Daily rentals, to Monthly packages with our wide range of vehicles ranging from MPVs, Hatchbacks to Sedans. If you are a delivery driver on the various delivery platforms, look no further as well, to take advantage of the increase in demand of contactless delivery services for extra money making opportunities! Leave us a message and wait no longer to secure a vehicle for yourself, and your family! |
| Website | |
| Address | 100 Jalan Sultan, #02-13 Sultan Plaza, 199001 |
| Telephone | +65 9006 1789 |
| Operating Hours | Monday-Friday: 10am-630pm |
| Review 1 | Been renting vehicles from them since 2019. Service by Bensly and Edy are superb. They will accommodate customers based on budget and their response are fast. |
| Review 2 | Bensley and Eddie are super patient and explain everything in detail, and they’re very accommodating. Great experience with them! The cars are always well-maintained and sparkling – so sparkling you wouldn’t have guessed the cars were rental cars! |
Car Leasing Company | Fulco Leasing Pte Ltd |
| Speciality | ‘Fulco Leasing Pte Ltd is the leasing arm of Fulco Group of Companies which have more than 30 years of experience in the motor industry. Led by a strong management and dedicated team of staff, Fulco is fully committed to providing our clients with the most comprehensive packages coupled with the most competitive pricing. Fulco’s customised rental programmes will deliver solutions to suit our clients’ needs. With its own full-fledged workshop and 24 hours recovery services, its fleet of vehicles are always well maintained to give clients the peace of mind for a smooth drive. At Fulco Leasing, we take pride in continuing our proud tradition of providing the very best service to our clients.’ |
| Website | |
| Address | 22 Ubi Road 4 Fulco Building, 408617 |
| Telephone | +65 6743 6266 |
| Operating Hours | Monday-Saturday: 9am-530pm |
| Review 1 | Highly Recommended. Very good rates & top class service. Had the perfect experience leasing from Fulco and would definitely lease again. Always ready to help me and went the extra mile. Wide range of cars to choose from. |
| Review 2 | Awesome experience renting from Fulco Leasing the past year. Hassle free and no hidden costs. Will definitely be back if i require another vehicle for rent! |
Car Leasing Company | ECO Automobile Leasing |
| Speciality | We provide Car rental for Personal Use, GoJek & GrabCar Drivers, Corporate leasing and Long Term leasing at attractive and reasonable rates. |
| Website | https://www.facebook.com/eco.autoleasing/ |
| Address | 13 Kaki Bukit Rd 4, #03-29 Bartley Biz Centre, Singapore 417807 |
| Telephone | +65 9386 3210 +65 8861 6188 |
| Operating Hours | Monday-Saturday: 9am-630pm |
| Review 1 | Great company to work with. Staff are very friendly especially Alvin. Prices are reasonable. Cars are reliable. |
| Review 2 | One of the lowest rental rates as compared to others. Not as particular when returning car. Enjoyed renting from them. |
Car Leasing Company | Global Advance Leasing |
| Speciality | Car Rental Singapore – Established since 2001, Global Advance Leasing (GAL) is your trusted choice for a pleasant car rental Singapore experience. We offer a variety of car rental options, customised specifically to your hiring needs. All our cars are immaculately maintained to the highest safety standards and our personalised car leasing and car rental services ensure that all your car leasing needs and requirements are promptly attended to. We are committed to doing things the right way: right car, competitive prices, attentive car rental services.
|
| Website | https://www.gal.com.sg |
| Address | No. 1 Defu Lane 6, Singapore 539365 |
| Telephone | +65 6100 0425 |
| Operating Hours | Monday-Friday: 830am-6pm Saturday: 830am-1pm |
| Review 1 | Rented a Toyota Camry for my dad – great car, great service! Would definitely recommend friends and family to rent/lease! |
| Review 2 | More reviews to be found on their Facebook here. https://www.facebook.com/rentalcarsg/reviews/?ref=page_internal |
Car Leasing Company | JM Auto Rental Pte Ltd |
| Speciality | Brand New Hybrid Cars For Just $75-90 / Day !!! Uber, Grab, Long Term Personal Use Are Welcome! Rent a car here https://sg.carousell.com/jm.auto.rental/ |
| Website | https://www.sgpbusiness.com/company/Jm-Auto-Rental-Pte-Ltd |
| Address | #08-47. [email protected], 25 Kaki Bukit Rd 4, Singapore 417800 |
| Telephone | +65 8153 6262 |
| Operating Hours | Monday-Sunday: 8am-6pm |
| Review 1 | Smooth transaction. Helpful and friendly sales personnel. |
| Review 2 | Friendly Staff with no hidden cost. Best customer service as they handle every issue very professionally without giving me headaches.. Thumbs up! |
Car Leasing Company | Think One Leasing |
| Speciality | ‘Established in 1992, THINK ONE LEASING has become one of Singapore’s leading one-stop centre for automobile needs. Whenever you are thinking of renting or leasing a vehicle, think “THINK ONE”. For the complete satisfaction of our clients THINK ONE provides: ✅24 Hours Break Down Services ✅1 Hour Response Time ✅Island wide Coverage The THINK ONE success is attributable to these three mottos that we live by: Customers’ satisfaction is the main key of our success To be a one-stop solution to meet all your motoring needs Whatever your requirements, our aim is fulfil it for your complete satisfaction’ |
| Website | http://tol.com.sg |
| Address | 20 Ubi Rd 4, Think One Building, Singapore 408622 |
| Telephone | +65 9689 8966 |
| Operating Hours | Monday-Friday: 9am-6pm Saturday: 9am-1pm Closed on Sundays. |
| Review | Great experience. They provide me good service!! recommend it!! |
Car Leasing Company | Bolt Car Leasing Pte Ltd |
| Speciality | BOLT is the leading provider of car leasing and rentals in Singapore and the preferred choice for individuals and businesses alike. Whether you need to meet a strict corporate schedule or want to get the most out of your family holiday, our team can offer a highly competitive package that suits your needs. We have revolutionised the industry by breaking down every aspect of the leasing and rental process; everything is designed to be quick, straightforward and completely stress-free. When you choose our car rental service , you can have full peace of mind as you select from a fleet of new and pre-owned MPVs, sedans, luxury cars and SUVs to suit any budget. We offer a wide range of options for both locals and internationals. Whether you have booked your daily vehicle in for repairs, are travelling to Singapore on business or need a vehicle for any other reason, BOLT is the only provider you need. |
| Website | |
| Address | 3 Hoy Fatt Rd, Singapore 159504 |
| Telephone | +65 6472 2222 |
| Operating Hours | Monday-Friday: 9.30am-5.30pm Saturday: 9.30am-12.30pm Closed on Sundays. |
| Review 1 | Sold my car to their parent company, Hin Lung Auto before I went for a holiday and came back with a car (on lease arrangement) to drive off. Very efficient process and hassle free. Recommended! |
| Review 2 | Full compliments to Jeannie Seow- Bliz Developmt Manager of BOLT Car Leasing for her professionalism and ethical customer handling with precise and clear explanations. A trusted Car Dealer and esteem HQ Background . I will continue to use her service. Good luck ..! |
Car Leasing Company | Ace Drive Car Rental |
| Speciality | ‘Ace Drive Car Rental is the #1 car rental and car lease company in Singapore that offers the widest range of luxury, sports and exotic cars from Audi, BMW, Mercedes-Benz, Mini, Volvo to Porsche and Maserati. It also offers rentals for Toyota & Honda Cars. What separates us from the rest are our unparalleled car rental and car leasing services, good local and international reputation and well-maintained premium rental fleet in Singapore. Some of our services include Short Term Car Rental, Weekly Car Rental, Monthly Car Rental, Yearly / Long Term Car Rental, Budget Car Rental, Car Leasing, Wedding Car Rental & Limousine Hire Services. Looking forward to providing you the best car rental, leasing and limo service in Singapore!’ |
| Website | https://www.acedrive.sg |
| Address | 50 Ubi Avenue 3 Unit #05-06, Frontier Building, 408866 |
| Telephone | +65 6585 5555 |
| Operating Hours | Monday-Saturday: 9am-6pm |
| Review 1 | I want to record my many thanks to ACE particularly, Eileen who provided excellent customer service to me from the time when I first visited the showroom to my collecting the car. Also, to Jack, for your professionalism, your punctuality in collecting and delivering the car pre and post servicing and for making the whole process easy for me. Lastly, to Kaylan, for continuing and maintaining the good service , even though I only interfaced with you at the tail end of the lease contract. And also, the Malay lady (sorry I forgot your name) who was the first person I spoke to whenever I called in. You answered all my calls cheerfully, and patiently attended to my queries and requests for assistance with reassuring tone, politeness and competence. One the whole, my experience as a customer with ACE has been a pleasant one. I felt reassured that ACE’s excellent customer service is not exclusively confined to one particular department but it permeates every department in the organization. Thank you guys for the two wonderful years! |
| Review 2 | Good service and fuss free from the car rental company. We rented a car for our wedding and found out that we got an upgraded version of the car (coupe) that we wanted due to availability on collection. Good gesture but will be good to be informed before hand as customers may have particular reason for wanting the specific model/version. Overall highly recommended! |
Car Leasing Company | Budget Car Rental by Dream Car Leasing |
| Speciality | Budget Car Rental in Singapore | Dream Car Leasing We are offering cheapest and budget friendly car rental services, designed to accommodate our client’s unique needs. Find out more here. Long Term & Short Term Car Rental Services | Dream Car Leasing Leading cheap car rental service provider in Singapore for both long term and short-term car rental needs at the most reasonable rates. Check out our rates. Weekday & Weekend Car Rental Rates | Dream Car Leasing We are offering the cheapest car rental price in Singapore. Check out our weekend & weekday rates, and weekly & monthly rates.’ |
| Website | |
| Address | 155 Kaki Bukit Ave 1, Level 2 Shun Li Industrial Park, Singapore 416012 |
| Telephone | +65 6748 9747 |
| Operating Hours | Monday-Friday: 10am-7pm |
| Review 1 | Quick responses and cars offered at great rates. They check the car thoroughly with you before driving off. Their cars are really clean and well maintained. Pick up at 6pm, return at 5pm. Easy process. No deposit needed! |
| Review 2 | Superb service, p-plate friendly, and no-fuss return! Will definitely be renting from them in the long run. They even provided the p-plate! Car was clean and working well too. Very happy dealing with them. Thanks Dream Car Leasing, Frankie and team. |
Car Leasing Company | Wagon Mate Pte Ltd |
| Speciality | ‘Driven by Passion we are Singapore no.1 car dealer, buying and selling all kinds of cars, vans and lorry. Instant quotation and door step services. We pride ourselves as new modern professional, honest car dealer. Listening to your needs and adding value is at the core of our business. Check our testimonials or context us directly at 90055132 today.’ |
| Website | http://www.wagonmate.com |
| Address | 61 Ubi Avenue 2, #04-10, Automobile Megamart, 408898 |
| Telephone | +65 9005 5132 |
| Operating Hours | Monday-Sunday: 9am-6pm |
| Review 1 | It was a great experience , my gf and I have been looking for a car for the past 2 weeks . Finally we managed to get our Mercedes Benz E200 from wagon mate, the boss Ralph Koh was very friendly and down to earth , non judgemental kind of business man are rare today ! I will come back in two years times for my s300 thank you Wagon mate |
| Review 2 | First class service. Ralph has great attitude and it was a pleasure dealing with them. |
Car Leasing Company | Car Rental Singapore |
| Speciality | Singapore Car Rental offers a wide range of budget, cheap cars for rent on a daily, weekly, monthly basis Long term, airport, wedding car rental available here. |
| Website | https://opengovsg.com/ |
| Address | 61 Kaki Bukit Ave 1, Singapore 417943 |
| Telephone | +65 9180 9295 |
| Operating Hours | Monday-Friday: 10am-8pm |
| Review 1 | We rented a Honda fit invoice AC01626 for 6 days. Vehicle was in good and cleaned condition. We don’t carry a cash card so we asked if they could borrow us one cash card and we will return the cash card when we returned the car. They agreed and even passed us a few parking coupons. Very impressed with their service. Well done guys. |
| Review 2 | I rented a Honda fit on Monday and I just return the car. I am very impressed with their service and also rates. I will surely rent from you guys again. |
Car Leasing Company | Ecube Car Rental Pte Ltd |
| Speciality | Trusted in its field, Ecube Auto Pte Ltd specialises in leasing commercial and passenger vehicles. Catering to all car rental needs since 2015, our diverse fleet ranges from luxury rides to more economical offerings. We only offer the best – whether in imported models, used cars, or even getting the best price for the ride you want to sell. At Ecube Auto, you are assured that all our vehicles have been fully inspected and are well-maintained. And by working with key finance partners and manufacturers, we are able to provide the most competitive prices in the market. |
| Website | http://ecubeauto.com/ |
| Address | 11, #01-11 Lor 3 Toa Payoh, Jackson Square Block B, 319579 |
| Telephone | +65 6257 5757 |
| Operating Hours | Monday-Friday: 9.30am-5pm |
| Review | Replies really efficiently and quickly, very good customer service too where they will suggest the best timing so that we can make full use of the hours, they are also flexible with the hours. We rented a toyata hiace van for 4 days and it served us well. Rental fees are also affordable and reasonable. Would come back again in the future. |
Car Leasing Company | Alpine Car Rental |
| Speciality |
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| Website | http://alpinecarrental.com.sg |
| Address | 7 Ubi Close, Alpine Centre, Ground Floor Annex, Singapore 408604 |
| Telephone | +65 6553 2122 |
| Operating Hours | Monday-Friday: 9am-6pm Saturday: 9am-12.30pm |
| Review 1 | The service rendered by Sandy was impeccable. She’s extremely efficient and friendly. I was really happy with the car, the customer service, rates, and their flexibility. I highly recommend it. |
Car Leasing Company | Edmund Vehicle Rental |
| Speciality | We are a vehicle leasing company established since 1996. We specialize in commercial rental services long or short term. Reliable and versatile with a range of vehicles such as lorries, vans, cars and pickups,we can cater to all your needs. Our vehicles are certified road worthy before being rented out.
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| Website | https://edmundvehiclerental.com.sg/ |
| Address | 279 Balestier Rd, #02-27 Balestier Point, Singapore 329727 |
| Telephone | +65 6250 3339 |
| Operating Hours | Monday-Friday: 9am-6pm Saturday: 9am-1pm Closed on Sundays. |
| Review 1 | Very reliable. Vehicles are always in good conditions. Very friendly staff and owner. Reasonable pricing. I have been renting vehicle from edmund vehicle rental and was never disappointed |
| Review 2 | Dear Jacqueline Gerald Pillai |
Car Leasing Company | Avis |
| Speciality | Avis Car Rental and its subsidiaries operate one of the world’s best-known car rental brands with approximately 5,500 locations in more than 165 countries. Avis has a long history of innovation in the car rental industry and is one of the world’s top brands for customer loyalty. With a combined fleets of over 500 vehicles with a range of 91 different models from 19 car manufacturers are available, Avis remains a key provider of car hire services to corporate and leisure travellers looking for a trustworthy car rental partner. |
| Website | https://www.avis.com.sg/leasing.php |
| Address | 390A Havelock Road, #01-07 Waterfront Plaza, Singapore 169664 |
| Telephone | 65 6737 1668 |
| Operating Hours | (Monday to Friday) 9am – 5pm, (Saturday) 9am – 1pm |
| Review 1 | Had the pleasure of working with Avis during my car leasing selection and contracting process. The staff is knowledgeable, efficient and easy to work with on the sales side. Service staff handled a flat tire very quickly without me needing to do anything, and the accounting staff are helpful and attentive to client needs. |
| Review 2 | Given our lifestyle, Avis’ flexible monthly lease worked really well for us. When we were caught with a situation, the customer service was great as well |
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