It is a FACT! Car ownership in Singapore is EXPENSIVE

But if you really must have a set of 4-wheelers, here are some options :
1. Buy
2. Lease or Rent
3. Time Share
4. Help the Needy ?? 

1. Buy
Pretty straight forward. You pay the down-payment and service the monthly instalments thereafter. Catch is that you'll have to take care of the rest all by yourself (ie. routine servicing/maintenance, road tax, insurance, breakdown, insurance claims, etc) .

2. Lease (or Rent)
These terms have been loosely used albeit its accounting significance. Leasing companies nowadays have gotten so competitive that you can have a brand new car without paying deposit! The best part is... EVERYTHING is taken care of by the car rental co., including a replacement car if yours breakdown or involved in an accident. But hey..., nothing is free really. Everything is included in your monthly rental fee.

3. Time Share (or Co-op)
Gaining in popularity. Pay-as-you-use method. You pay a initiation fee, book/reserve a car of your choice (don't expect anything fancy other than your regular 1,600cc sedans) via the internet, gets a confirmation from the operator either by email or sms, pick up the car at a designated carpark nearest to you and that's it!

4. Help the Needy. Be a Good Samaritan
With the economy in its doldrums and no one can actually predict when we are going to come out of the woods. Many (and i mean literally, MANY!) car owners will find it hard or impossible to service their car loans. Many can't sell because they're in the negative, ie the loan outstanding > the market value of the car, thanks to the lure of easy credit. So look around for these opportunities to do some "good".

To summarise, if you think you can do better than the legendary Jean Paul Getty J P Getty, then don't follow his infamous quote "Buy if it appreciates, Lease if it doesn't".

(For your thoughts...)

Have a safe ride!

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Keith Lim
Deputy Group Director
CEA Licence No.:
L3009250K / R008928E
+(65) 9450 7174