Leasing vs Owning

[teoth76]

someone did point out in the event of an accident with a leased car, is there a huge penalty and are u at the mercy of the leasing company to determine how much liability is laid on you. Basically similar to other types of car rental

 

[wwenze]

You can buy a 10 year lease

 

[Firestorm1978]

Would leasing companies require income statement? My friend told me that he leased from a company and they simply checked his credit rating and they don't require income statement. Is it possible? Reason I'm asking is I am semi-retired now but can definitely show them my credit rating status.

 

[Firestorm1978]

someone did point out in the event of an accident with a leased car, is there a huge penalty and are u at the mercy of the leasing company to determine how much liability is laid on you. Basically similar to other types of car rental

Would there be an 'excess' or cap to what happens if an accident occurs?'

Saw this article

https://www.sgcarmart.com/articles/...before-signing-a-car-lease-in-singapore-30984

 

[dc10000]

Saw this:
https://dicksongroup.com.sg/brand-new-car-leasing-scheme/

Driving your dream car will no longer be just a dream!

You choose.
We buy.
You lease at cost.

We help you buy your dream brand new car at the price you want and lease back to you with zero mark-up on the price. Based on your preferred tenure, we will work out a reasonable monthly leasing fee which makes driving your dream car no longer just a dream. A refundable deposit equivalent to 3 months’ leasing fee will also be collected upfront.

✔ Does not affect your TDSR
✔ No down payment
✔ Fixed low monthly fee
✔ 24/7 Emergency Assistance

Terms and conditions apply.

This scheme allows you to drive off a brand new car of your choice (Distributor or Parallel Import model) without having a need for any down payment. Monthly instalment will include road tax, insurance and GST which have been calculated within your budget.

Benefits:

• Maintain your existing NCD and Build up NCD as you drive.
• Option to buy over at a guaranteed Sell-Back price with no money down.
• You choose, we buy and lease to you at cost.

From their website

confirm way way higher than buying your own car and even renew COE.

rental company price in COE, maintenance, insurance, tax and then markup for you.

what so holding u back on renewal? tts e most cost efficient way. or u backside itchy hehe

 

[LoUsyGamER]

Do you own math.

You need to consider also any accidents, how much will the leasing company charge you.

If really tight in budget, can consider not driving a car. It is more financial prudent.

For me, own or dont own a car, no lease.

Anyway, new does not mean the car is problem free. New toyotas are problematic too.

 

[Roadster01]

Do not live in the past. It will never be back To those lower levels.

high COE is free and easy money to Govt on pretext of controlling car population. Why would G hope COE will come down when every bidding is full take up rate?

IMO, been watching the bidding amount and sequence, the jump in bid prices seems to be artificially bidded up to this level by AD and others. After all, buyers pay for it.

 

[alvincy]

We deserved all these **** the gov planned and throw at us.

Some car owners with B&B cars chiong to showroom and bought new B&B car when COE dropped $2k when their cars still have a good 4-5 years to go.

So we deserved all these **** right?

 

[Johnpierpontmorgan]

Time to buy condo. Car nt much use

 

[beano]

Suggest you renew COE and cont driving.

 

[Firestorm1978]

confirm way way higher than buying your own car and even renew COE.

rental company price in COE, maintenance, insurance, tax and then markup for you.

what so holding u back on renewal? tts e most cost efficient way. or u backside itchy hehe

I worry that I will have issues selling my car in future as it is bought with a 100k+ COE price tag. If COE drops considerably in the future, then I will be 'tied down' to my ride or sell at a huge loss. For leasing, I can just walk away once my leasing period is up (with many companies offering different notice period) and proceed to buy another car. Of course, I understand that leasing is still definitely much more exp.

 

[Firestorm1978]

Time to buy condo. Car nt much use

Boh bian. Need to ferry family members and due to my leg condition, can't really take public transport (esp if it requires standing).

 

[Firestorm1978]

We deserved all these **** the gov planned and throw at us.

Some car owners with B&B cars chiong to showroom and bought new B&B car when COE dropped $2k when their cars still have a good 4-5 years to go.

So we deserved all these **** right?

DAMN SIAN! Especially when you see the Malaysian cars......driving into Singapore with their new car models.....while many of us still stuck with cars registered in 1990s and 2008 etc etc!

 

[Firestorm1978]

Do not live in the past. It will never be back To those lower levels.

high COE is free and easy money to Govt on pretext of controlling car population. Why would G hope COE will come down when every bidding is full take up rate?

IMO, been watching the bidding amount and sequence, the jump in bid prices seems to be artificially bidded up to this level by AD and others. After all, buyers pay for it.

Ya........my car was bought with just 40k+ COE at that time......probably COE is going to be around the 80k to 100k+ range for the many years to come!

 

[Firestorm1978]

Do you own math.

You need to consider also any accidents, how much will the leasing company charge you.

If really tight in budget, can consider not driving a car. It is more financial prudent.

For me, own or dont own a car, no lease.

Anyway, new does not mean the car is problem free. New toyotas are problematic too.

New Toyotas have issues? Really? Was it mentioned in previous threads? Only saw threads on BMWs.......

 

[NightGhost]

Leasing is gd but not sure how if is under accident.
Usually not the renting fees issue is the 1 when accident happen.

 

[Zorroh]

Thank you for the link. Hmm, it's a 2021 thread. Just wondering as the current COE now is 100k+ as compared to 2021 back then...I definitely would choose buying if it's still 2021. But now........

Leasing will obviously be a bit more expensive because the leasing company needs to make a profit. The good thing about leasing is that you can get out after 1 or 2 years and the COE should have dropped somewhat.

 

[Laneige]

Hi all,
My car's COE is due soon (2026). I am considering getting a new car. But with the current crazy COE prices these days, is it better to lease a brand new car rather than to make a downpayment for a $100k COE new car price (as compared to just 40k-60k in the past)?

if leasing is cheaper than why or how will the leasing co earns?

 

[Philipkee]

I am buying for the long term. Will leasing be a more viable option if COE remains high at 100k+?

Buying will be more viable then

But you need to do your sums

let’s say you get a car for $2k a month leasing. In 5 years you spent $120k on that car. And you get nothing back

if you bought the same car, if it costs $150k but after 5 years you can sell for $80k, you would have spend $70k a year plus another $10k for the insurance and maintenance. So it’s $80k. You have saved $40k. But if coe crashes let’s say 5 years later and you can sell for only $30k, you would have spent a total of $130k so you lose money

All numbers are just pulled out of my head. You need to see what is current leasing price and the price of a new car that you want and the price of a second hand car that you want (second hand car comes with risks like poor maintenance and shorter lifespan) and you also need to calculate how long you want the car.

 

[Philipkee]

if leasing is cheaper than why or how will the leasing co earns?

Leasing is cheaper if you only need the car for let’s say one year before migrating. The fees for one year is unlikely to be more than the first year depreciation of a new car