High Demand for Car Rentals During Chinese New Year Despite Price Hikes

The Straits Times, 17 January 2023

Car rental firm Ace Drive said they are fully booked for this Chinese New Year. 35 percent of its 240-strong fleet is booked from Jan 18 to 27, with 33 percent of the bookings being for its seven-day rental package and 2% of the bookings being for the five-day package. 65% of the bookings were from rentals or leases that are beyond 7 days. 

The company’s executive director April Koh attributed the demand to various factors. For example, many potential car buyers have put their plans on hold amid the current high certificate of entitlement (COE) and loan interest rates.