Inflation is a scary word, especially for car lovers. With the automotive market in Singapore experiencing significant inflation recently, owning one seems like a distant dream for many. The sudden hike in prices definitely got everyone reconsidering their plans to purchase a car. But, don’t let this bring you down! If you still need a vehicle to drive around town without breaking the bank, long-term car leasing in Singapore might just be the solution for you.
Learn More – Is It Better To Lease Or Buy A Car In Singapore?
Why long-term car leasing?
1. No Down-Payment Needed
Leasing is a wonderful option for those who may not have the financial resources to make a large down payment when buying a car. A lease agreement allows you to drive off with the vehicle of your choice with low upfront payment. Instead, you can pay a manageable monthly fee which is often more affordable than taking out a loan, giving you the freedom to keep your finances flexible and invest it in other important areas of your life.
2. Never Worry About Depreciation Rate Or Re-Selling Price
Cars are notorious for losing their value fast which can be quite challenging if you are planning to recoup your investment later on. In fact, it’s estimated that a new car can lose 15-25% of its value every year until it reaches the five-year mark. After that, the car’s value can plummet even further, losing up to 60% of its initial value. This may be a financial liability, leaving many car owners feeling trapped and frustrated.
On the other hand, choosing to lease for a certain period, enables you to enjoy the luxury of driving a new car without having to stress about its resale value or how much it would depreciate over time. Once the long-term car rental period is up, you can either return the car, purchase it based on the price that was initially agreed upon or renew the agreement without any obligation or worries. Leasing also presents the opportunity of driving a newer car with the latest features and technology, ensuring access to the best that the car market has to offer.
3. No Maintenance Costs
One of the biggest financial burdens of owning a car is the cost of maintenance and repairs. Whether it’s a routine oil change or a major repair, these expenses can add up quickly, leaving you with a hefty bill at the end of the day. However, by leasing one, you get the peace of mind that comes with knowing that you won’t be responsible for any unexpected breakdowns or maintenance costs.
Leasing usually comes with complimentary service and maintainence that covers the cost of any repairs that are necessary during the whole period. This means that you can drive with confidence, knowing that any mechanical issues that arise will be taken care of without any extra expense on your part. You can sit back, relax and enjoy the ride with a well-maintained car thanks to this service.
Car leasing during inflation can be a smart choice for those who are in the market for a new car. Reliable and cost-effective, leasing makes for the perfect solution for your transportation needs, both now and in the future.
Do check out Hertz Singapore for all your leasing needs or contact us today for more information.