Singapore drivers turn to long-term rentals and leasing as car prices spiral

[SINGAPORE] More individuals and companies in Singapore are renting or leasing cars as the cost of buying and maintaining a car – especially due to record Certificate of Entitlement (COE) prices – continue to climb, said industry observers.

Multiple companies The Business Times spoke to said they had observed an uptick in longer-term car rentals or leases in Singapore in the past 12 months.

Longer-term car rentals refer to those lasting from a month to a year, while leasing involves longer periods of at least a year and where the hirer is given the option to purchase the car afterwards.