With the skyrocketing costs of Certificate of Entitlement (COE) prices, more drivers are opting for used cars for lease in Singapore instead of brand-new vehicles.
The cost of a COE, which is required for a person to own and drive a car in Singapore, has been on the rise, making it difficult for many people to afford a brand-new vehicle. Data from the latest bids show the highest quota premium for all CATEGORY
As a result, many drivers turn to used cars for lease as a more cost-effective option. Hong Seh Leasing offers the best deals for used car leasing in Singapore. All you need to do is meet the affordable monthly payments.
We discuss our used car leasing scheme below.
Many drivers in Singapore are already finding it difficult to renew their COEs once they expire. The costs are too high, not to mention petrol fees, maintenance expenses, and other miscellaneous costs associated with their vehicle.
Our used car leasing deal eliminates the burden of owning a car in Singapore. We will offer to buy out your pre-owned car and lease it back for you for a certain monthly fee.
Whether you want to sell off your used car to us or want to lease a pre-owned car with our help, pre-owned car leasing offers several advantages:
We will determine the market value for your qualifying vehicles and lease them back to you for a specific period that suits your business or lifestyle needs. If your fleet of used vehicles is getting old, you can replace it with newer and more reliable models at the end of the lease.
When you buy a new car, you have to worry about costs like road tax, COE, insurance, and maintenance — the list is endless. But when you lease a pre-owned car, all you ever need to pay for is the monthly payments. Our pre-owned car leasing packages are tailored to your driving needs and monthly budget.
TSDR or Total Debt Servicing Ratio for anyone loaning or borrowing money from a financing institution must be lower than or equal to 55%. The good news is that used car leasing does not affect your TSDR and credit standing. If you have other debt obligations from purchasing property and other significant investments, rest assured that leasing a pre-owned car won't add further financial burden.
All vehicles in Singapore should have motor insurance coverage. This is needed for the entire road tax renewal period before you can renew the road tax. But with used car leasing, you no longer have to worry about getting your vehicle insured before road tax renewal. Our car leasing packages cover insurance, so you don't have to. We will scour for the right insurance plans for your vehicle needs.
You have two options at the end of the lease period: buy back the vehicle again from us, or renew the contract. If you don't have too many financial obligations and decide to buy the vehicle, you may do so with our pre-owned car leasing package.
Pre-owned cars generally have higher upkeep. Aside from needing regular servicing, they tend to wear out faster than new cars. But if you don't have adequate financing to meet all the obligations of owning the car, rest assured we will do all the legwork. We will cover all maintenance requirements when we buy out your car. You only need to concern yourself with keeping it in good condition and avoiding accidents or collisions that may cost additional fees.
Putting up your used vans for lease through our sale and leaseback agreement significantly lessens your administration duties. Terms & conditions applied. We will handle everything needed to maintain your fleet, whether taking the vehicle to a servicing centre or ensuring proper documentation. You have much more time to focus on core activities, such as running your business or creating more value for your clients.
Yes. Brand-new cars aren’t the only ones available for leasing. You can also lease a second-hand car. It’s considerably cheaper and more practical than a new car lease.
Yes. If you’re eyeing lower monthly payments, go for pre-owned cars. The used car’s value at the beginning of the lease period and its residual value once it ends will be much lower. This is worth considering if you’re planning to repurchase it in the future.
The decision to buy or lease a used car depends on your circumstances. If you think renewing the road tax, bidding for COEs, and paying for other fees associated with buying a used car in Singapore is worth the trouble, go for it. But if used car ownership seems impractical, leasing is much more financially friendly and results in lower out-of-pocket costs.
Used car lease payments are considerably much lower than loan repayments because you only pay for the vehicle’s depreciation during the lease period, additional interest charges, and other related fees. Upfront costs of leased used cars are also much lower than the down payments for financing used vehicles.
Yes. Hong Seh Leasing provides the best-value used electric van leasing plans in Singapore. Request a quote from us, and we’ll get back to you as soon as possible.
Pay only 10% downpayment and save by tax relief for a brand new electric van with our lease to own program.
Pay less, save more to expand your business!
Headquater: 10, Fourth Lok Yang Road S629926
Showroom: 237, Alexandra Road #01-06 Alexier S159929
Contact Number :
(65) 6338 8444 / 9838 0222