Is it better to buy or lease a car now given high COE prices??

[Meemoosaa]

Don’t support leasing companies la.. u lease they profit . Buy up more cars and coe quota. New entrants to profitable business, in future harder to own cars

Not like it's any easier these days. Lol

Provide leasing service, for sure need to profit right ? Not like car sellers doing charity work, haha !

The issue isn't the leasing companies, it's the policy makers of COEs. They should have divided it into 2 separate COE pool but I guessed from their perspective, they simply measure it as total number of cars on the road. If cannot afford to buy car at the high COE bidding prices, then catch a ride on all the leased PHV out there on the road. That's their mindset I believed.

 

[Meemoosaa]

no worries about a huge downpayment, COE bidding, or vehicle downtime due to maintenance service and repairs associated with vehicle purchase & ownership.

car lease options in Singapore offer zero downpayment, zero depreciation risk, and with only a flat monthly fee

all-inclusive leasing package covers:

• Comprehensive Insurance
• Road Tax
• Servicing and Maintenance
• Drive to Malaysia
• 24/7 Roadside Assistance
• Replacement Vehicle
• Pick-up / Drop-off Service

What’s more, get to choose from flexible long term lease packages between 1 to 7 years.

1. Affordability: Long-term car leasing typically involves lower monthly payments compared to purchasing a new vehicle outright or financing it. Since you’re essentially renting the vehicle for an extended period, you’re only paying for the portion of the car’s value that you use during the lease term, making it a more cost-effective option for budget-conscious individuals and businesses.
2. Access to Newer Models: Leasing allows you to drive a newer vehicle with the latest features, technology advancements, and design updates. With long-term leasing, you can upgrade to a new model every few years without the hassle of selling or trading in your current vehicle, ensuring that you’re always driving a car that meets your preferences and needs.
3. Flexibility: Long-term car leasing offers flexibility at the end of the lease term. You have the option to return the vehicle and lease a new model, purchase the leased vehicle at a predetermined residual value, or simply walk away. This flexibility allows you to adapt to changing lifestyle or business needs without the long-term commitment of vehicle ownership.
4. Risk Mitigation: Long-term leasing helps mitigate the risks associated with vehicle ownership, such as depreciation, resale value fluctuations, and unexpected repair costs. With leasing, you can transfer the responsibility for these risks to the leasing company, allowing you to enjoy predictable costs and financial stability throughout the lease term.

Is this something you have tried already ?

Actually the fuss free concept is very alluring. Sure pay more on lease, but no need to spend timing dealing with all the paperwork, maintenance and workshop trips. Also, life circumstances can change. We may feel like owning a car and driving for now, but a few years later ... who knows kena retrenched, pay cut, increased expenditure on other commitments etc.. means can easily just let it go easier fast hand fast leg.

Time = money + energy too.

So far, still bo lang report that they have tried it ah ? Sinkeis really all very rich hor. Lol

 

[bioinformatics]

I used to service with the bmw forum site sponsors. Bring my own oil and filter (can get from stockist). They just charge labour S$60-80. Workshop usually will tell me what needs to be replace during the usual servicing and then I go get spare parts from stockist and then make appointment to go change at later date.

Last time (Sinkapore) Jap cars say oil change every 10k. Conti 15k.... ???? Engine oil can tell which country of origin of the car meh? Oil change is relatively cheaper compared to overheated engine troubles, so I follow most conti enthusiast to do oil change every 10k

FYI it was 7 years ago after I changed ride to another due to end of COE. But now also same, just bring my own stuff and go workshop after the free AD servicing ended. Don't really bother with the warranty

Don't get me wrong, it is perfectly all right to go back to AD for servicing but after so many years of owning a ride, its just ridiculous (for me) to overpay for such basic services, simply because the brand is BMW.

"Peace of mind" is what these AD usually advocate, but with a little bit of auto knowledge and google searching, "peace of wallet" is more palatable for me

Thanks. Thanks.

Jap ish 10k/6 month.
Conti ish 15k/1 year.

I AD supporter for servicing, but when see merc pricing, i fall off my chair...

Might follow your method, do service outside...

 

[virtualape]

Bro the BMW 318i is S$288,888 now super good deal!

$28k a year depreciation a year, think take grab cheaper. Each day can take $76 worth of grab.

 

[bioinformatics]

no worries about a huge downpayment, COE bidding, or vehicle downtime due to maintenance service and repairs associated with vehicle purchase & ownership.

car lease options in Singapore offer zero downpayment, zero depreciation risk, and with only a flat monthly fee

all-inclusive leasing package covers:

• Comprehensive Insurance
• Road Tax
• Servicing and Maintenance
• Drive to Malaysia
• 24/7 Roadside Assistance
• Replacement Vehicle
• Pick-up / Drop-off Service

What’s more, get to choose from flexible long term lease packages between 1 to 7 years.

1. Affordability: Long-term car leasing typically involves lower monthly payments compared to purchasing a new vehicle outright or financing it. Since you’re essentially renting the vehicle for an extended period, you’re only paying for the portion of the car’s value that you use during the lease term, making it a more cost-effective option for budget-conscious individuals and businesses.
2. Access to Newer Models: Leasing allows you to drive a newer vehicle with the latest features, technology advancements, and design updates. With long-term leasing, you can upgrade to a new model every few years without the hassle of selling or trading in your current vehicle, ensuring that you’re always driving a car that meets your preferences and needs.
3. Flexibility: Long-term car leasing offers flexibility at the end of the lease term. You have the option to return the vehicle and lease a new model, purchase the leased vehicle at a predetermined residual value, or simply walk away. This flexibility allows you to adapt to changing lifestyle or business needs without the long-term commitment of vehicle ownership.
4. Risk Mitigation: Long-term leasing helps mitigate the risks associated with vehicle ownership, such as depreciation, resale value fluctuations, and unexpected repair costs. With leasing, you can transfer the responsibility for these risks to the leasing company, allowing you to enjoy predictable costs and financial stability throughout the lease term.

Bro, can share what is the termination condition?

Say after 3 years you want to terminate, how?

Also if the car got accident and totalled, how huh?

 

[Unic0rn]

$28k a year depreciation a year, think take grab cheaper. Each day can take $76 worth of grab.

I think so until I see the grab per trip cost easily $16 to $36 price fluctuations and I need at least 4 trips daily

 

[sglandscape]

With this type of servicing schedule, no wonder all the 2nd hand bmw on sinkapore roads all chui and problematic

Ya then if you go Malaysia also can see often it's a BMW would have engine issue especially if they stress it at higher speeds.

All spend one time big on the car but don't want spend on servicing

 

[sglandscape]

I think so until I see the grab per trip cost easily $16 to $36 price fluctuations and I need at least 4 trips daily

One of the month rain a lot, your one trip can easily be 40-50 already

 

[Unic0rn]

One of the month rain a lot, your one trip can easily be 40-50 already

yes and grabpet to send my wife’s pet dog will cost even more at least $38+++ so our own car is a necessity

 

[ghregular]

usually car owners talk abt depreciating value
if you can absorb at
10k pa then it's abt 800+
20k pa then it's double
so on and so forth

work on that, its simple.

 

[tessss]

if buy, buy new ba, during dealer special promo.
if second hand, maybe lease better, since no need worry maintenance. in case you bought a lemon.

i feel coe will not drop too much in near future.

coe money is a huge cash cow
lta already bring forward quotas from the future. they have learnt from past coe crashes, and they want to mitigate it by playing around with quotas depending on market

 

[swenson]

Thanks. Thanks.

Jap ish 10k/6 month.
Conti ish 15k/1 year.

I AD supporter for servicing, but when see merc pricing, i fall off my chair...

Might follow your method, do service outside...

if you are regular car user of 12-15k /year, just go by mileage rather than by months. Of course if its a new car that still have free servicing, by all means go back to AD, since all these are already added to the cost of the car.

With the current laws in place, they will still honour the warranty even if you perform servicing in outside workshops, just don't tune or change brakes/suspension or other funny stuff. Keep it as stock as possible, until the warranty over, at least. lol lol.

Go join the facebook/telegram forum of the car brand and get tips from the lao jiaos there... but don't get poisoned!!! lol

 

[bioinformatics]

2.5l roadtax ex?

Around $1792/year

 

[AikiBoy]

Will coe drop next month?

 

[Unic0rn]

Around $1792/year

similar to parking $150 per month

 

[Acetone]

Any market expert can advice?

Given the high COE prices now and I have a need for a family car for the next 2-3 years

If can afford Down payment - buy. If cannot then lease.

 

[Acetone]

Best is buy new, pay in cash in full if you can afford it, it'll give you the cheapest cost per year.

You take loan, 4% interest cost on the 60% you loan.

You take lease 14-15% effective interest cost, but then you don't need worry about road tax, insurance and maintenance.

Pick your own poison based on your cashflow.

Yea… leasing is just a workaround for those who cannot tank the 30% DP.

 

[RyanJ]

Just as an example.

Sauce : https://mercedes-benz-fleetmanagement.com.sg/car/c-180-amg-line

436800 - 488400 for 10 yrs for basic C class trim depending on lease package chosen.
( Basic lease has No service and maintence, No wear and tear replacement etc )

Current price $316,888
Sauce : https://www.sgcarmart.com/new-cars/listing/search?q=C180

Of course I am simplifying the math.

So in theory if the vehicle somehow manages to clock 50% cost of car for service and maintence and parts replacement then "wu hua" /s

 

[Lolicious]

buy la. lower interest rate, free servicing. coe crash? scrap the car, cas out balance COE, get back car body value, = brand new car again.

 

[louisoh]

lease car cannot mod.. put saki rims, bodykit, spoiler, tune, etc.