While the status quo of transportation in Singapore is public transport, cars still make up a considerable portion of travel. But cars are no affordable alternative to public transportation as purchasing a car often requires a six-figure commitment. Thus, many people consider leasing rather than purchasing a vehicle.
What About Luxury Cars?One appealing aspect of leasing a vehicle is that you can get your luxury dream car for a fraction of the upfront purchase cost. Because drivers may want to consider leasing a luxury car as opposed to buying a more affordable sedan, we wanted to compare the cost of leasing and purchasing luxury vehicles. We looked at two BMW 5 Series models and found that purchasing can save you between 38-48% compared to leasing, over a 7-year period.
MethodologyTo make our calculations, we used a combination of publically available data and several key assumptions. Using SGCarmart, we were able to find the purchase price, lease price, COE, ARF and other key figures for calculating cost, depreciation and rebates. We then calculated the annual cost of purchasing and leasing a car. When it came to leasing, available data gave us an estimated deposit figure of 1-2 months of the lease price.
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