Leasing an automobile is comparable to renting an apartment but requires a shorter-term commitment. The monthly cost of getting a car rental from reputable Singapore firms may be less than purchasing one with an auto loan. However, there are some drawbacks to consider, such as the fact that you must still pay for the car. Leasing might cut your payments, but it can also be too expensive if you do not read the fine print. The following are three frequent blunders to avoid if you decide to lease your next car.

#1 Excessive Upfront Payment

Premium car rental firms around Singapore promote cheaper monthly lease payments on new vehicles. However, you may have to spend thousands of dollars to receive that low payment. Putting nothing down and including all of your fees into the monthly leasing payment may make sense in some scenarios. If something occurs to the car before the end of the term, the leasing company will not receive most of your money.

#2 Skipping on Gap Insurance

Do not forget to get gap insurance if you get a luxury car rental in Singapore. You may have to pay the difference between the lease contract’s residual value and the genuine market value. It is what they call the gap. Getting gap insurance will cover the difference and help you avoid paying out of pocket. It will help you avoid going beyond your budget for a car you do not own. The dealer may give you gap insurance, but you may be able to obtain a better rate with a standard insurance firm.

#3 Extended Leases

Check if the lease time matches or is shorter than the vehicle’s warranty period before getting a luxury car rental in Singapore or abroad. If you maintain the automobile beyond the indicated warranty period in the contract, you may need to consider purchasing an extended warranty. In that case, it is generally best to buy the vehicle. Otherwise, you may be obligated to pay for upkeep and repairs on a car you do not own while still making monthly lease payments.

Hertz has over 10,200 corporate and franchise locations globally. Hertz Singapore’s expertise in fleet management and operational leasing enhances some of Darby’s regional distribution and assembly of motor vehicles. They are committed to delivering outstanding car rental options that fit your budget and needs. Visit their website for more information on their luxury and premium car rental services in Singapore.