Difference between Renting and Buying a car in Singapore
1. What are the upfront costs?
- Buying A Car On Finance
At least 10% of a car's purchase price as down-payment. The remaining 90% may be repaid over 3 to 10 years.
- Renting A Car
Usually a low deposit, depending on duration of rental; fully refundable.
2. How do the monthly payments compare?
- Buying A Car On Finance
Comparing equal periods, say 3-yr financing versus a 3-yr rental, the monthly payments are higher, assuming that 90% of the car is financed.
- Renting A Car
Lower monthly payments.
3. Who owns the car?
- Buying A Car On Finance
You own the car as long as you keep up the installments, and you get to keep it after the financing terms.
- Renting A Car
The Rental Company owns the car. You pay to use it, but at the end of the rental period, you must return it.
4. Who pays for road tax, servicing, inspections, spare parts, wear & tear, insurance and so on?
- Buying A Car On Finance
You do.
- Renting A Car
The Rental Company does. But these costs are built into your monthly lease payments.
5. Why should I keep the car in good condition?
- Buying A Car On Finance
Because it will affect the resale value later on.
- Renting A Car
Because the Rental Company may charge you for damage beyond what they consider normal wear and tear.
6. How do I get rid of the car later?
- Buying A Car On Finance
You sell, scrap or trade the car in.
- Renting A Car
At the end of the rental period, you hand the keys back to the rental firm.
7. What if I get sick of the car and want to switch?
- Buying A Car On Finance
You must settle the outstanding loan amount with the finance company, which you can usually do by selling, scrapping or trading in
- Renting A Car
You can easily return the existing car and rent another one if there is no contract.
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