3 Benefits of Renting a Car Over Buying One
The debate on whether it makes financial sense to buy a car in Singapore has been a popular one recently, with the rising costs involved in buying a car. There is the cost of the car itself, plus insurance, parking, upkeep and repairs. With all that added up, it’s no surprise that many are increasingly turning to used cars for sale, or to car rental services instead.
Car rental is a process in which you hire a car from the company owning it at a fee, for hours, or the number of days needed for use. Although our public transportation system in Singapore can take you literally anywhere in the country, car rental can also be a feasible option for business purposes, convenience, or to enjoy a drive at an affordable cost. Torn between buying a car or renting one for your personal use? We share some of the benefits of car rental over buying one; read on to learn more.
Owning a car means paying for it all year round regardless of whether it gets used. This inevitably leads to a recurring expense for what is one of the fastest depreciating products, where simply driving the car causes it to lose value exponentially. But with renting, you pay only for the days you need the car for, without having to worry about years on years of commitment down the road. Additionally, there is no upfront deposit that is often required when buying a car. Without needing a loan to finance a rental car due to cheaper costs, interest expense from auto loans can be avoided. Renting a new car model is also more affordable than buying one and it eliminates the hassle of selling your existing car if and when you decide to switch up to a new model.
More options to meet your every need
Car rentals allow you to choose your vehicle depending on the specific needs you may have. Whether you require a van for your business operations, or a bigger vehicle such as an 7 seater car for large family trips, renting provides greater freedom in accordance to your needs. This key aspect is often lacking when it comes to car ownership. With car rental, you get to try out a new car every time and make a switch as often as you’d like based on your preferences. It also allows you the opportunity to try driving premium models that would otherwise be very expensive to own.
Avoid the hassle
Most of the time, renting a car with a firm would mean that you get to avoid worrying about the nitty-gritty details since they would all be taken care of for you. These include maintenance works associated with owning a car, road tax renewals, regular servicing, and vehicle inspections, as the car hire company would be in charge of bearing these costs and responsibilities.
Renting a car in Singapore can make a ton of financial sense overall, helping you to save costs in the long run. At Edmund Vehicle Rental, we specialise in a range of vehicle services, ranging from car rentals to 2nd hand cars for sale. Reach out to our team to find out more!