Car rental – an alternative to high COE prices

Written by Cheryl Tay on . Posted in Cheryl Tay Blog | Blog Post of Cheryl Tay 1 Comment

COE premiums are unfavourably high at the moment, leading to people thinking harder for a new car purchase, selling away their cars or seek another alternative such as car rental.

Speaking with Ng Lee Kwang, general manager of Goldbell Car Rental Pte Ltd, he shares how car rental is becoming more popular in times of high COE prices and also the advantages of car rental for individuals and car leasing for companies.

Q: What are the benefits of car rental?
A: Car rental allows you to have access to a wide range of up-to-date vehicles without worrying about the hassles of maintenance and servicing at a fixed monthly expenditure. Also, it provides protection from exponential insurance premium and reduces downtime with our guaranteed replacement vehicles. We also provide 24-hour breakdown assistance service.

For businesses, they can consider car leasing. This allows them to have sufficient cash flow, which is essential. Leasing helps improve cash flow as there is no heavy capital outlay and also aids financial ratios by being asset-light. In addition, it acts as an alternative financing option which frees up your bank credit lines for other uses such company expansion. With leasing, companies also have the flexibility in their asset portfolio allocation with removal of disposal losses uncertainties.

Q: Why should people rent cars?
A: Renting a car will be good for those who do not need a car every day, hence only getting it when you need to get around by car. That saves a lot of hassle and takes away things like depreciation, servicing and maintenance, repair issues, insurance premiums, road tax and more.

For those who might have short-term needs like an upcoming occasion such as wedding, events or even have guests coming to Singapore. They can consider our short-term car rental services, limousine service (with driver) or chartering our coaches.

Q: How much is it to rent a car?
A: Rental rates depend on the engine capacity and make of the car. For short term rental, it ranges from $85 onwards, but currently we’re running a promotion with rental rates as low as $60 per day with a minimum of three days rental. For long term, we’ll be able to customise a suitable leasing package based on customers’ requirement and budget.

Q: What are some of the misconceptions that people have about car rental?
A: People often think that car rental is expensive but that is because they did not consider the total cost of ownership. People often fail to recognise the additional costs they pay to service and maintain the vehicle, breakdown and repair costs incurred, opportunity cost due to downtime and many others.

Q: What are some things that people should know before renting a car?
A: Most of the time, people tend to focus solely on the price to decide their preferred car rental vendor. However, we would recommend that they read the terms and conditions carefully to avoid incurring additional charges on top of the said rental rate. One clause to take note of is the damage responsibility. If you’re intending to rent a car, please bring along your valid driving licence, a form of identification (I/C or Passport) and credit card. A deposit will be required.

Usual car rental purposes include weddings, festive occasions, corporate functions or events, but renting a car for daily use is becoming an alternative to the high costs of car ownership in this day and time.

Goldbell Car Rental is a wholly-owned subsidiary member of the Goldbell Corporation. Established in 2007, they cater to corporate and individual vehicle leasing needs, offering long and short term rental of passenger vehicles and light commercial vehicles of various models and makes at competitive prices, alongside limousine and fleet management consultancy services. They have clients from industries such as trading, retailers, manufacturing, engineering, logistics and warehousing.

Their main office is conveniently located at 47 Scotts Road #02-01 Goldbell Towers. Do follow them on Facebook!

Cheryl Tay

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Singapore’s only female full-time motoring and motorsports photojournalist. Independent automotive consultant and prominent local motorsports personality Cheryl Tay is uniquely passionate about all things cars and motorsports. She also has a strong passion to share her interest and knowledge, hence having a dream to become the ‘Oprah Winfrey of cars and motorsports’ and create a multimedia platform for her sharing. - A female in a male-dominated world, Cheryl Tay is Singapore’s only female full-time motoring journalist and motorsports blogger and she regularly writes for prominent titles in Singapore, Asia and internationally. (See full list of titles that Cheryl Tay writes for here.)

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