Curious about car leasing in Singapore? Or want to know the benefits of car leasing in Singapore?  Well, look no further! Car leasing offers a flexible and cost-effective way to drive your dream car without the high price tag of ownership.

In this blog by Drive lah we will look at all things related to car leasing in Singapore, from understanding the concept behind it to exploring the various types of packages available. So, if you are a first-time driver or looking to upgrade your current vehicle, read on to discover why car leasing might just be the perfect solution for your needs.

Benefits of Car Leasing in Singapore

Car leasing in Singapore offers a range of benefits that make it an attractive option for many individuals. One of the main advantages is the lower upfront costs compared to purchasing a car outright. With leasing, you typically only need to make a small down payment and pay monthly installments, making it more manageable for those on a budget.

Another benefit of car leasing is the ability to drive a new vehicle every few years without worrying about selling the car later on. This allows you to enjoy the latest models and technologies without being tied down to one vehicle for an extended period.

The other benefit is maintenance and repair costs are often included in the lease agreement, providing peace of mind knowing that unexpected expenses can be minimized. Leasing also gives you flexibility as you can choose different terms and mileage options based on your needs, whether it's for personal or business use.

Why tie up a large sum in purchasing a vehicle when you can enjoy the flexibility and financial ease of leasing? Here’s a closer look at the current trends of this growing market.

Economic Viability

Want to drive a car without the financial burden? As expenses are rising related to buying and maintaining a car, the rising COE, leasing offers a cost-effective solution. It allows individuals to drive a car without the hefty initial investment. In fact, leasing can be up to 30% more cost-effective over a five-year period compared to owning a vehicle.

Eco-friendly Options

Due to environmental concerns now, leasing companies in Singapore are expanding their fleets to include more eco-friendly vehicles. This aligns with the city’s green initiatives. 

Customization

Leasing companies are tailoring their services to meet diverse customer demands, offering everything from short-term leases for visitors to long-term options for residents. Its important you realize your specific need before moving ahead. 

Competitive Market

Increased competition among leasing firms means better deals for customers. Companies are motivated to improve their offerings and pricing to stand out.

Financial Limits For A Car Leasing

In Singapore, the minimum term for car leases starts at one year. If you require the vehicle for a shorter span, then you need to take a long-term rental, or we can say it as a mini-lease, unless you prefer using Singapore's highly efficient mass rapid transit (MRT) system.

What is your spending limit?

Car leasing companies will typically inquire about your financial plan first. Be clear about how much you can afford to spend each month on a vehicle lease, including insurance costs.

The wait time for new vehicles can vary significantly, so it’s wise to start your search early to secure the vehicle when you need it. If the vehicle is in stock, the typical wait time from signing the lease is about 1 to 2 weeks. However, vehicles that need to be ordered from the factory might take anywhere from 3 to 6 months.

Deciding Between Car Leasing and Buying A Car In Singapore

Leasing offers the flexibility of driving a new vehicle without the long-term commitment of ownership. So, it can be a cost-effective option for those who prefer to upgrade their cars frequently.

On the other hand, buying a car provides the freedom of full ownership and no mileage restrictions. However, it typically requires a larger upfront investment and ongoing maintenance costs.

You need to consider these points before taking any decision:

Budget

Driving habits

Long-term plans


In our opinion leasing may suit individuals who prioritize convenience and lower monthly payments, while buying appeals to those looking for equity buildup and long-term savings. It all depends on your financial situation, lifestyle needs, and preferences. If you are thinking of Long term rental consider Drive lah Flex plus.

One significant advantage of Flex+ over traditional leasing is the absence of hefty deposits or down payments. Drive lah's monthly prices are transparent and competitive, providing you with a clear understanding of the costs involved. By comparing Flex+ with leasing options, you can appreciate the financial benefits and convenience offered by Drive lah's flexible car subscription service.

​Rent a car on lease with Flex+ in Singapore

FAQs

1. What are the requirements to lease a car in Singapore?

To lease a car in Singapore, you typically need to be at least 21 years old with a valid driver's license and proof of income.

2. Can I terminate a car lease early?

Yes, with Flex plus you can give a 30 day advance notice and cancel the lease without any penalty. If your are leasing from some other company it is best to check your leasing agreement for details on early termination fees or you may ask them directly aswell.

3. Do I need to pay for maintenance and insurance when leasing a car?

Most leasing packages include maintenance and some form of insurance coverage, but it is essential to verify this with the leasing company before signing any agreements.

Wrapping Up

​For car leasing in Singapore, it is important to consider all the factors before making a decision.

Before committing to a long-term car lease agreement, carefully review the terms and conditions to ensure they align with your budget and lifestyle. Remember that each option has its pros and cons, so take the time to weigh them against your personal circumstances.

Do you need a car in Singapore? Drive lah makes it easy. Pick your dates, choose from our great selection of cars, and you are ready to go. Join Drive lah community today & Be free, Go places with Drive lah

​Also read: 
Flex+:The Ultimate Solution For Your Monthly Vehicle Lease
How Much Does a Car Rental Cost in Singapore? A Comprehensive Guide