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Need a new set of wheels but aren’t keen on the idea of buying a car? Or perhaps you’re not in Singapore long enough to need a vehicle full-time. Whichever is the case, a handy solution could be monthly or long term car leasing in Singapore.
In this guide, we’ll cover all the essentials you need to know as an expat about car leasing in Singapore. This includes a look at a few of the main providers, and how to go about arranging a short or long-term lease.
Arranging a car lease from outside the country, and need a cost-effective way to pay for it? Open a free Wise multi-currency accountbefore you move to Singapore, and you can send money overseas for low fees and the mid-market exchange rate. This could make it much cheaper to lease a car, or pay for any of your other relocation costs as a newly arrived expat.
But first, let’s look at some of the benefits of leasing rather than buying a car in Singapore.
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Buying a car in Singapore can be enormously expensive. There’s not only the price of the vehicle and the cost of insurance to worry about, but you’ll also need to bid for a Certificate of Entitlement (COE). There are registration fees, as well as servicing and maintenance costs to pay over time.
All things considered, leasing a car in Singapore can be much cheaper - especially if you have your eye on a luxury model. It can also be more straightforward, with just one monthly payment and hardly any paperwork to spend your precious time on.
Singapore has a fantastic public transport system, but if where you live isn’t so well connected or you prefer the convenience of driving, leasing a car can be a good option.
As an expat, leasing helps you get out on the road right away, without having to shop around for a vehicle to buy. And as lease contracts tend to be within 2 and 5 years, there’s the option to upgrade to a newer model every few years.
Lastly, there’s car leasing for those who aren’t quite ready to commit to buying a vehicle outright. Perhaps your savings won’t quite cover the upfront cost, or you need a flexible transport solution in case you move house or get a different job.
If you’re not planning to stay in Singapore for a long time or just want to keep your options open, some providers will offer monthly rental. For example, the Avis Flex service¹ offers monthly car leasing for Singapore visitors working on short-term projects or visiting family.
But when it comes to the cost, you’re likely to get a better deal if you can commit to a minimum lease term of around two years².
Ready to find your perfect car and get a great price on a lease contract? It all starts with doing a little homework. To help, let’s take a look at some of the best options for expat car leasing in Singapore.
You can lease directly from one of the big car brands or dealerships, or go through a dedicated car leasing company such as these below:
One of the most popular car leasing options for expats, Avis Singapore has a choice of vehicles of all sizes - including sedans, SUVs and MPVs. You can take your pick from models, colours and capacity, and all cars are either brand new or less than 5 years old¹.
Avis leasing contracts are available for long and short stays, or you can choose its Complete Car Leasing Solution². This includes car insurance, road tax, unlimited mileage, 24-hour breakdown assistance and even the option to drive the car in Malaysia.
BizLink Rent-a-Car³, based in the Ubi Car Mall, has a dedicated expat car leasing service - complete with both short and long-term lease options. There’s even a chauffeur drive service, plus options for corporate car leasing. You can choose from saloons, SUVs or MPVs, and all vehicles come with comprehensive insurance included.
Evergreen⁴ offers both short term rental and long term leasing, and has a wide range of new and used vehicles to choose from. Packages include unlimited mileage, comprehensive insurance, regular maintenance and a 24-hour emergency breakdown hotline.
And if you opt for a minimum rental period of 2 years, you can even have your lease car delivered.
Operating across many countries including Singapore, the UK, Australia, Malaysia and China (which could be handy for expats), ComfortDelGro Rent-A-Car⁵ has a choice of sedans, SUVs and MPVs available for hire. You can opt for daily rental, or a monthly or long-term lease. All rental rates include insurance coverage, unlimited mileage and vehicle maintenance.
Requirements to take out a car lease in Singapore
So, you’ve found the perfect car to lease and you’re ready to sign on the dotted line. But what conditions will you need to meet as an expat?
The rules and requirements will vary between leasing companies, but generally speaking you’ll need to tick the following boxes:⁶
- At least 23 years old (some companies also have an upper age limit, such as 65 years old⁵)
- Have a valid passport or NRIC
- Have a valid driving licence - for short stay leases of less than 12 months, you should be able to use your existing driving licence if it's in English. For longer leases, you’ll need to convert your foreign driving licence to a Singapore licence.
- Have a valid debit, credit card or other accepted payment method.
Arranging your car lease ready for a move or trip to Singapore? If you’re outside the country and pay your deposit or initial monthly payment through your bank, you could be hit by international transfer fees and currency conversion costs. Plus, you’re likely to get a terrible exchange rate.
Instead, open a free Wise multi-currency account. This allows you to quickly, easily and securely send money to Singapore and all over the world, for tiny fees and the real, mid-market exchange rate.
You can even pay for your car leasing in Singapore using your linked Wise debit Mastercard, which automatically converts currency to SGD using the fairest exchange rate - for just a tiny fee, or free if you already have SGD in your Wise account.
So, that’s pretty much it - everything you need to know about expat car leasing in Singapore. We’ve covered reasons to lease, long and short term lease contracts and a few of the major providers to choose from in Singapore.
Just remember to check all the costs and small print before signing any lease contract, just to make sure it all works for you. Good luck and happy driving!
Sources used for this article:
- Avis - How to choose the right car?
- Avis - Car Leasing That Safeguards You
- Biz Link Rent A Car - Short Term Car Rental Singapore | BizLink
- Evergreen Rent A Car
- ComfortDelGro - Rental Car Policies
- Avis - Driving requirements in Singapore
Sources checked on 30 April 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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