7 Reasons Why Renting is the New Car Ownership

Car ownership has always been a Singaporean dream, but car leasing offers an attractive alternative. From Private Hire Vehicle (PHV) rental to personal and corporate car leasing, there is bound to be a suitable arrangement in the market for everyone. Drivers are now able to choose from a wide variety of options, such as long or short-term rental, different vehicle types, and rental rates according to their budget and needs.

With increased flexibility, the car rental industry is redefining the future of mobility. Leasing provides the benefits of a personal vehicle without the burdens of maintenance, depreciation, and ownership costs. Before committing to purchasing a car, let’s look at some of the advantages of renting one and why it may be the perfect option for you!

1. Significant cost savings

Owning a car is a hefty commitment, and yes, we are speaking in terms of your wallet. By leasing a car, you can shed off several costs that are associated with car ownership: insurance premiums, the yearly road tax, wear and tear coverage, maintenance and service costs, and telematics and DVR camera costs. Some rental companies also come with perks like petrol discounts and other services. These substantial savings do add up significantly over time, and leasing a car gives you the freedom to allocate your financial resources elsewhere. No more worrying about the much-dreaded downpayment for your car or perpetually rising Certificate of Entitlement (COE) prices!

2. Avoid car depreciation

One of the major drawbacks of car ownership is the unavoidable depreciation of the vehicle's value over time. Rather than spending so much on a depreciating product, why not free up your funds for other investments? By leasing instead of owning, you can avoid this risk, as you'll return the car at the end of the lease term, without worrying about its future value. Car rental also provides a full-service cost-effective leasing solution based on your needs, allowing you to enjoy a personal vehicle without breaking the bank!

3. Upgrade your life, upgrade your ride

Leasing allows you diverse access to a range of vehicles, from basic models to high-end luxury cars. This means you can have the option of driving, say, a brand-new Toyota or Lexus, without the burden of ownership costs. It also gives you the flexibility to upgrade your vehicle according to your life stages. Whether you are a busy professional, corporate user, young parent, or catering to a big family, car leasing ensures that your mobility needs are covered at every stage of life. You could choose from a range of car models & lease terms that suit your lifestyle needs. At Lumens, we have over 20 models of cars and 3000+ vehicles in our fleet for you to choose from. Browse a selection of our fleet to find your perfect match!

4. Maximize your income with private hire services

If you have spare time and want to make some extra money, car leasing allows you to maximize your income by providing hire services. With a brand-new range of 5-seaters to 7-seaters to choose from, you are sure to get the type of car you need, which could create additional income opportunities for you during the rental period.And it's not just about the car. You are joining a community of drivers to earn more and drive with peace of mind. Did you know that it was even reported earlier this year that PHV drivers can earn up to $6,000 per month? (AsiaOne, 2023). Our booming local ride-hailing industry is a guaranteed income booster if you wish to turn your vehicle into a source of revenue.

5. Well-maintained and greener cars

When you lease a car, the leasing operator takes care of servicing and maintaining the vehicle after each client's use. This ensures that the cars are often in good condition, offering you a hassle-free driving experience. Some cars set aside for long-term rental can even be brand new. Besides quality cars, greener vehicles such as electric and hybrid cars are also highly popular among car leasing companies to reduce the impact on the environment. Here at Lumens, we have the newest & greenest Fleet with over 95% hybrid vehicles. Quality and green vehicles will help drivers save fuel and have less wear and tear, which in turn ensures happier passengers and 5-star reviews when in the ride-hailing business.

6. A car for your daily needs

One of the major perks of leasing a car is that it guarantees access to a dependable vehicle that meets your daily needs. Whether it's running errands, commuting to work, or embarking on weekend trips to Malaysia with friends and family, you can rely on having a well-maintained vehicle available whenever you need it. It may be highly challenging of finding a rental car during peak or busy seasons, but such an arrangement ensures that you never have to compromise on your transportation needs. This reliability and convenience make car leasing a trusted solution for individuals and businesses, contributing to enhanced mobility and benefiting society as a whole.

7. Personalized and efficient service

It’s a whole package. Think car leasing is just about the car? Think again. It offers a one-stop solution for all your service needs, ensuring a hassle-free car renting experience and convenience at your fingertips. From initial inquiries and paperwork to 24/7 roadside assistance and car maintenance, you’ll be mind-blown at how comprehensive car leasing packages are. Lumens is one such company that prioritizes building people-centric connections on top of our products. We attach drivers to a dedicated Relationship Manager (RM) to handle their requirements efficiently and have a Driver’s Mobile App to serve them. Always by your side, for your peace of mind!

All the benefits of Car Ownership, None of the Stress

In conclusion, car leasing offers all the benefits of car ownership without large financial commitments and administrative stress. With our Lumens exclusive membership, you can experience the difference and enjoy a hassle-free driving experience.

At Lumens, we prioritize the well-being of our driver-partners. We offer a wealth of exclusive benefits curated specially for you, ensuring that you are well taken care of both on and off the roads. Drive safe and worry less, as our rental rates cover insurance, 24/7 roadside assistance, and car maintenance. Drive with us today!