Buckle up: Car sharing firms gain ground in Singapore

Should car retailers be scared?

Just when you thought car prices in Singapore couldn't get any pricier, along came government's transport curbs. While car retailers are looking out for the next best move to cope with the recent measures, personal transport service firms are already basking in this sweet boom: car sharing.

Lai Meng, President for Car-sharing Association (Singapore), said "car-sharing is set to grow as the transport authorities, under the Land Transport Master Plan 2013, are working closely with the industry to provide more car-sharing locations and publicity to make it easier and more convenient for users and businesses to access the car-sharing service as a complement to the public transport."

Marvin Mohan, Marketing Manager for iCarsClub Singapore, also noted that "a steady rise in signups for both car owners and renters culminated in a huge spike (more than 300%) in numbers through the Christmas and CNY period. Just a year into our operations, we have reached more than 200 active car owners and 2000 car renters, despite the restrictions imposed by the Private Car Rental Scheme (PCRS)."

Meanwhile, another form of public transport service is gaining traction in Singapore—car rental. Adrian Lee, Co-founder at Drive.SG, said his company was started during the peak of COEs prices (2010-11).

"At that time, it made absolute sense to hirers to rent a car and used it when they needed it instead of owning it. Singapore Tax for new car prices was changed drastically in 2013. It made it very difficult for individuals who wish to buy cars because it was significantly more expensive to buy the same car in 2013 than in 2012. It made economical sense for drivers to lease cars that was 1-2 years old," he explained.

"We have seen a stronger female hirer demographic in the last 1-2 years. With the help of self-serve information in online web services and mobile booking apps, the female demography feel less intimidated to rent cars (traditionally a male made purchase)," he added.

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