Some people often argue whether to buy a vehicle or to rent one. Buyers already know the advantage of owning a car. However, for those who are financially conscious, making a decision will not be an easy process. You might juggle your thoughts between should I purchase a car or try vehicle leasing in Singapore? Although both are good options, what will determine your decision is your lifestyle, financial situation, and preference. After examining them, you’ll be able to pick the correct choice for your life.

If you’re unfamiliar with vehicle leasing, it’s like renting a car, but you’re paying to use the vehicle during the leasing period. Your monthly payment will vary depending on the company. So, talk with your car agent to understand the price better. Although there are many options like car refinancing and a refinance car loan in Singapore, it’s helpful to know the advantages of leasing so you can convince yourself to try this option.

The Advantages of Vehicle Leasing

Keep in mind that in leasing, you don’t own the vehicle. It’s like renting an apartment, so you only pay for the duration of your usage. If this seems right for you, then learning the advantages of vehicle leasing is better. It may be a good option for people who move from city to city, unsure whether they will live abroad, or perhaps someone who can rely on commuting without a car.

There are many reasons why vehicle leasing is a good option. So, make sure to know the advantages before getting into this option.

1) Affordable Monthly Payments

Yes, monthly payments are much cheaper in leasing than owning a car. There are different calculations of the total amount if you’re planning a vehicle leasing. It’s rent plus tax only. When buying a car, you must cover all the necessary expenses and the maintenance. It will also be a wasted investment if you purchase a vehicle and find no reason to use it. You still go to commute.

But, with commercial vehicle leasing in Singapore, your usage will be more fruitful because you’re only paying for the time of your renting duration. Other than that, you’re free from charge. It’s also the same with other options like a refinance car loan. Just ask the agent about the agreements to know what you should do.

2) Less Shouldering on the Maintenance Costs

When you own a car, you will shoulder the maintenance costs even if you’re not using it. You will also pay the parking fee. There are many things to consider when buying a vehicle because of the monthly financial needs. Luckily, with vehicle leasing, you can rely on the company to finance the maintenance costs. Ask them if they can shoulder the fees or if you need to add this to the total payment.

Before signing any contract, clarify with the agent company about the payment inclusions to avoid conflicts in your business transaction. Otherwise, you may face more financial problems as you use the vehicle.

3) More Vehicle Choices

For sure, everyone has a dream car to drive. You may not get the car you want when buying a vehicle because of the high price. Fortunately, when you try the option of vehicle leasing or car refinancing in Singapore, you may have more comprehensive options to choose from different models. In leasing, you will have more expensive cars and enjoy using them in your renting period.

Instead of waiting to accumulate the money you need to purchase the vehicle, you can better try renting or leasing to test drive your car. If you like it, you can buy it in the future. If not, at least you’ve tried it in the meantime.

4) Try New Cars After One or Two Years

Leasing has a limit of 24 to 48months. After this period, you can try another car model. It’s an excellent way to test different drive models, especially if you’re not yet ready to own a vehicle. Once you experience driving other models, you can discover which type of vehicle is the best option for your lifestyle, financial situation, and preference.

It’s a hassle-free option, especially if you need to replace the car. All you have to do is to go back to the dealership company and choose your next vehicle.e However, read the contract carefully before saying yes to the vehicle leasing option. If, for instance, you’re planning to get the lorry leasing in Singapore, you can ask the dealership to change your model after the contract ends.

5) No Need to Resell the Car

After the end of your contract, you don’t have to worry about reselling it. You can return it to the dealership once you don’t need the car. Unlike owning it,  it will be a problem because you have to think about how you can adequately sell it or give it to a new owner. You won’t have to worry about posting it in the online market because you can simply return it to the dealership when you choose the option of vehicle leasing.

Remember, in commercial vehicle leasing, it is not your responsibility; it’s the company’s, so you can let them arrange the entire process after your usage. It will be a hassle, especially if you’re moving abroad and don’t know where to relocate your car.

6) You’re Not Driving Used and Old Cars

Another benefit of vehicle leasing is that you’re not using used cars. It means you have the option to use a new vehicle because it is considered in the contract. You can also check the vehicle quality after using it as it can damage the overall quality. So, before returning it to the dealership, call your car agent and check whether you need to do some repairs. Better yet, ask the dealership if they can cover this in their expenses.

If you need a car, you can partner with Think One Automobile & Trading, which offers options like vehicle leasing, car refinancing, and refinance car loans. You can visit their website to know more about other options.