Unless there is a need for you to travel long distances on a very frequent basis such as your workplace being very far away from your home, it may not be worthwhile for you to purchase a car. The money that can be saved from not buying a car can be channeled towards investment, which can reap additional profits down the road. However, some of us may wish to enjoy the perks of a car to drive occasionally, such as bringing your family out or going to a rather inaccessible place. Besides the option of buying an off-peak car, which may not be that convenient in the first place, due to the various restrictions being imposed on a off-peak car, one may consider the option of renting a car from a carpool instead.
Renting a car from a carpool has its advantages. Some of the carpools that are available in Singapore includes the NTUC Car Co-op and Whizzcar. Typically, these carpools operate a fleet of cars in car parks which are located in selected locations around the island. For a start, you will have to register with these carpools first. Subsequently, when you wish to use a car for a certain period of any day, you can book that specified period online or through the phone. Once this is done, you can go the a selected car park where these cars are parked in to collect your car and you are ready to drive. If you need to top up petrol, a card will be given to you at selected petrol stations so that the petrol that you have topped up will be charged to the carpool. At the end of the specified period that you have booked in, you will have to return the car.
The charges usually goes by the hour and with each hour, some amount of free mileage will be given to you. If you exceed this amount of free mileage, you will have to pay additional charges which often goes by per km. There may be special packages which are available such as a fixed rate for a 24 hours booking.
Thus the option of renting a car can be cheaper than buying a car if you do not use your car frequently. Furthermore, you will not have to worry about other fixed charges which are associated with buying a car such as insurance, maintenance and loan payments and still be stuck with a depreciating asset.
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