Summary
- Monthly EV leases in Singapore start from $2,400 for compact hatchbacks and run to $3,400+ for premium sedans and SUVs.
- All-inclusive lease packages bundle road tax, insurance, servicing, and 24/7 roadside support; fuel/charging and ERP are paid separately.
- Buying a car requires a much larger upfront commitment, often around $60,000 to $80,000+ when you factor in COE, ARF, registration fees, insurance, and a down payment.; leasing only requires a refundable deposit from $800.
- EV running costs are significantly lower than petrol cars. For every 350km, petrol refills can cost around $50 to $72 with discounts included, while EV charging typically costs around $15 to $20 thanks to up to 29% off at 4,000+ Velocity Leasing charging points.
Owning a car in Singapore has become a luxury many working drivers struggle to justify. Between the COE, depreciation, unexpected repairs and ongoing running costs, the real cost of car ownership is often difficult to predict.
Leasing offers a different deal: a fixed monthly cost, a refundable deposit, and no long-term financial exposure. Here is what the cost of leasing a car in Singapore actually looks like.
How Much Does It Cost to Lease a Car in Singapore?
Monthly car lease rates in Singapore typically range from $2,400 to $3,400+, depending on the vehicle and contract length. Longer contracts bring the rate down. Velocity Leasing’s plans cover short-term (one to 6 months) and long-term (one to 3 years) options, starting at $82.50/day.
The table below gives a sense of monthly rates from our current fleet.
Vehicle Type
Estimated Monthly Rate
Compact Hatchback EV (e.g. Dongfeng Box 2025)
From ~$2,500/month
Standard Hatchback EV (e.g. Dongfeng Box)
From ~$2,800/month
SUV EV (e.g. Dongfeng VIGO)
From ~$3,000/month
Premium Sedan EV (e.g. Dongfeng 007)
From ~$3,400/month
What's Included in a Car Lease Package?
An all-inclusive lease covers far more than the vehicle itself. It helps drivers manage their transport costs with a clearer monthly budget.
Most car lease packages include:
- Road tax
- Comprehensive R10 or Z10 insurance
- Scheduled servicing and maintenance at an islandwide network of approved workshops
- 24/7 roadside assistance
- The option to upgrade cars mid-contract, subject to package terms
At Velocity Leasing, we provide all of the above, along with a dedicated relationship manager throughout the lease.
What is not included: fuel or charging costs and Electronic Road Pricing (ERP) charges. Knowing what is included and excluded upfront helps you budget realistically before committing to a lease.
What Affects the Cost of Car Leasing in Singapore?
Several factors shape what you pay each month. Understanding these factors can help you compare car rental and leasing plans more accurately. The table below shows how each one affects the rate:
Factor
Effect on Monthly Cost
Vehicle type
Compact hatchback EVs sit at the lower end; premium sedans and SUVs cost more.
Lease duration
Short-term (one to 6 months) carries higher rates; long-term (one to 3 years) brings them down.
Vehicle condition
Recent model-year fleet vehicles with full manufacturer warranty may cost slightly more.
Add-ons
CDW or VDW raises the monthly cost but cuts financial exposure after an accident.
EV Leasing in Singapore: Does It Actually Cost Less?
For many drivers, EV leasing in Singapore can offer better long-term value than petrol car leasing. While an EV’s monthly lease rate may be similar to a comparable petrol car, the day-to-day running costs are often lower, especially for high-mileage drivers such as private-hire vehicle operators and daily commuters. Charging an EV typically costs significantly less than petrol, and electric vehicles generally require less routine maintenance because they have fewer moving parts and do not require oil changes.
Velocity Leasing makes EV leasing even more cost-efficient with up to 29% EV charging discounts at 4,000+ charging points across Singapore, helping drivers reduce their monthly driving expenses.
Side by side, the running costs for every 350km may look like this:
Running Cost
Petrol Car
EV
Refuel or recharge after discounts
$50 to $72
$15 to $20
Routine servicing
Oil changes, spark plugs, and exhaust
Fewer moving parts, no oil changes
Network discounts
Between 21% to 28%. Petrol discounts may vary by station and credit card
Up to 29% off at 4,000+ charging points
Leasing vs. Buying a Car in Singapore: A Simple Cost Comparison
Buying a car in Singapore is a serious upfront commitment. Category A Certificate of Entitlement (COE) premiums currently exceed $120,000, plus Additional Registration Fee (ARF), registration, insurance, and a down payment, with depreciation and resale uncertainty on top.
Leasing avoids the upfront exposure with a refundable deposit (at $800 with Velocity Leasing) and a fixed monthly fee. For flexibility and budget certainty, it is the more practical choice for most drivers today.
Here is how the 2 options compare:
Cost Factor
Buying
Leasing
Upfront outlay
COE, ARF, down payment, registration, insurance
Refundable deposit at $800
Monthly cost
Variable (loan, servicing, depreciation)
Fixed, all-inclusive
Depreciation risk
Borne by the owner
Borne by the lessor
Resale concern
Dependent on the market
None, return at contract end
Best fit
Long-term ownership
Flexibility and predictable budgeting
Skip the upfront commitment of buying. Velocity Leasing offers a refundable $800 deposit and a fixed monthly fee instead. Get in touch to talk through your options.
Who Is Car Leasing in Singapore Best Suited For?
PHV drivers on Grab, Gojek, TADA, Ryde, and Zig benefit most from leasing. Their income depends on keeping operating costs low, and EVs reduce fuel spending. Velocity Leasing’s PHV plans cover all major platforms.
Daily commuters gain a private vehicle without the long-term financial commitment of ownership. Expats on fixed-duration assignments avoid the awkwardness of buying and selling within a short window. Professionals and small business owners may also find leasing useful: predictable monthly costs are easier to manage, and the expense may be deductible (speak to your accountant for advice).
Lease Your Next Car with Velocity Leasing
Leasing with Velocity Leasing involves a refundable deposit from $800 and a fixed monthly fee from $82.50/day.
That fee bundles road tax, comprehensive insurance, scheduled servicing, and 24/7 roadside support into one monthly payment, and you drive away in a recent model-year EV from Dongfeng or BYD with full manufacturer warranty.
Whether you are a PHV driver, a daily commuter, or tired of car ownership costs, Velocity Leasing offers a practical alternative. Get in touch with us to find the right vehicle and package for your needs.
Frequently Asked Questions About Car Leasing Costs in Singapore
How much does it cost to lease a car in Singapore per month?
Monthly EV lease rates start from around $2,500 for a compact hatchback, up to $3,400+ for a premium sedan or SUV. Daily rates start from $82.50/day. Browse the current fleet to see what fits your budget.
What is included in a car lease package in Singapore?
Lease plans bundle road tax, insurance, servicing, and 24/7 roadside assistance into one monthly fee. You also get a dedicated relationship manager and can switch cars mid-contract. Fuel, charging, and ERP are paid separately.
Is it cheaper to lease or buy a car in Singapore?
For most drivers, leasing is more practical. Buying involves COE premiums above $120,000 plus ARF and other fees. Leasing needs only a refundable $800 deposit and a fixed monthly fee, with no depreciation risk.
How long is a typical car lease contract in Singapore?
Velocity Leasing offers short-term (one to 6 months) and long-term (one to 3 years) plans. Long-term brings the monthly rate down. Speak to the team.
Are there hidden costs in a car lease in Singapore?
Road tax, insurance, servicing, and 24/7 roadside support are bundled into the monthly fee. The only extras are fuel or charging, ERP, and optional add-ons like CDW or VDW.
Can I lease an EV in Singapore for personal use?
Yes. Velocity Leasing’s EV-only fleet is available to personal drivers, daily commuters, and expats, in addition to PHV operators on Grab, Gojek, TADA, Ryde, and Zig.
What deposit is required to lease a car in Singapore?
The refundable deposit is $800, significantly lower than the upfront cost of buying (COE, ARF, down payment, registration, insurance).
