Luxury car dealerships are offering buyers who do not wish to put down a hefty 50 percent downpayment an alternative - leasing.

Under the new loan curb by Monetary Authority of Singapore (MAS), car buyers can only loan up to 50 or 60 percent of the purchase price, depending on the value of the car. The repayment period is also capped at five years.

Dealting a double blow is the tiered ARF scheme - which exponentially increases the tax amount on cars which are worth more than $20,000 in Open Market Value (OMV).

With the high costs of new car ownership, consumers may now turn to leasing options.

Take for example, a Porsche Cayenne starts from $340,000 under a four-year lease, with a lease cost of $2,988 monthly (prices depending on COE, options and terms & conditions). A downpayment of $83,000 is required - which may be easier to part with compared to 50 percent of cost price. At the end of the lease, Porsche guarantees a buy back at around 50 to 60 percent of the car's original value depending on the condition of the car.