Firm to offer various leasing schemes for high end cars

A combination of factors such as loan curbs, higher taxes and property curbs has slowed sales of high end cars. Luxury and sports car brands including Bentley, Ferrari, Rolls-Royce and Lamborghini have seen sales halved from that of last year.

And with an economic slowdown looming, things may worsen next year - despite a higher COE quota.

Many car companies have launched leasing to counter slowing sales. These schemes help buyers overcome the hefty initial outlay as no down payment is required.

Motorway Car Rentals, however, is going one step further with a new scheme that offers to buy over high end cars and leasing them back to their owners, and hence freeing up cash for owners. 

Speaking to The Straits Times, Chief Executive of Motorway, Michael Lim, says the scheme "frees owners from the uncertainty of depreciation." 

He added that a lease, which can be $15,000 a month for a Ferrari F430, also covers other substantial costs such as insurance, maintenance and road tax.

Motorway expects strong interest in the scheme, which will be launched soon.