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Cost Guide To Buying An Electric Car In Singapore

With extensive government schemes to encourage the early adoption of EVs in Singapore, does it make financial sense to buy an EV car now?

To encourage the adoption of electric cars in Singapore, the Singapore government announced that as part of the Singapore Green Plan, every HDB town will be an EV-ready town by 2025. To support this transition, around 60,000 EV charging points are expected to be installed in Singapore by 2030.

On the flip side, the government also announced an increase in petrol duty that would make it more expensive to continue driving cars that run on gasoline (which will affect most cars in Singapore). Also, from 2025 onwards, new diesel cars and taxis will not be allowed to register in Singapore. All these are clear indications that cars of the future, in Singapore at least, are likely to be powered by electricity.

Read Also: Petrol Duty Increase & Road Tax Rebate: How Much More Will You Be Paying To Drive A Car In Singapore?

In this article, we will provide a breakdown of how much you can expect to spend if you wish to buy and own an electric car in Singapore.

Types Of Electric Cars In Singapore

First, it’s worth noting that there are three main types of electric cars that you can find in Singapore.

Battery Electric Vehicles (BEVs): These are cars that are fully powered by electricity only. They do not have an internal combustion engine and use no fuel, so there is no option to run them via gasoline. Most of these cars are also capable of both direct current (DC) fast-charge and the slower alternating current (AC) charge.

Examples of BEVs include the Audi e-tron (about $385,247) and Tesla Model 3 (about $104,000 excluding COE ). More affordable options include the MG 4 EV (about $195,000) and the BYD Atto 3 Electric ($179,000).

Plug-in Hybrid Electric Vehicles (PHEVs: These are cars that can run on both electricity and petrol. PHEVs can run on electricity for some distance being switching to gasoline when the electric battery is depleted. In some sense, they offer the best of both worlds. You can charge it at an EV charging point and yet, have the option of using gasoline as well to give you additional mileage without being worried about having to find a charging point.

Examples of PHEVs in Singapore include the Mercedes-Benz GLC-Class Plug-in Hybrid (about $414,000), BMW X3 Plug-in Hybrid (about $267,000) and the Volvo XC60 Plug-in Hybrid (about $335,000).

Hybrid Electric Vehicles (HEVs): While they have both an internal combustion engine and an electric motor, HEVs cannot be plug-in to charge the car. Rather, the battery is charged through regenerative braking. The result is that it gives you better fuel efficiency. If you don’t have regular access to a charging point, it might be better to consider a HEV.

Many popular car models today are HEVs such as the Kia Niro Hybrid (about $172,999) and the Toyota Prius Hybrid (about $208,238).

Prices Of Electric Cars In Singapore

When it comes to PHEVs and HEVs, there are many models available in Singapore. However, battery-only powered electric cars are still less common in Singapore though more cars. Here are some fully-electric car models that you can buy in Singapore.

All prices and information below are as found from SgCarMart or as reported by the manufacturers. COE prices as of the point of writing are $105,000 (Cat A) and $140,889 (Cat B).

Car Model Price (inclusive of COE) Maximum Range
Audi e-tron Electric $385,247 328 km
BYD Atto 3 Electric $179,888 565 km
Hyundai Ioniq 5 Electric $203,800 384 km
Kia Niro Plus Electric $199,999 427 km
MG 4 EV $195,888 450 km
Mazda MX-30 Electric $201,888 224 km
Nissan Leaf $186,800 311 km
Polestar 2 Electric $272,000 470km
Tesla Model 3 Standard Range $104,970 (excluding COE) 448 km
Volov XC40 Electric $283,000 425 km

Read Also: 5 Cheapest Electric Cars In Singapore

What Rebates Do I Get If I Buy A Fully Electric Car In Singapore Today?

To encourage the early adoption of fully-electric cars in Singapore, the government has introduced the EV Early Adoption Incentive (EEAI).

From 1 January 2021 to 31 December 2023, electric cars registered in Singapore will receive a rebate of 45% off their Additional Registration Fee (ARF). This is capped at $20,000, and also subject to a minimum ARF payable of $5,000. This minimum ARF payable of $5,000 will be lowered to $0 for electric cars registered between January 2022 to December 2023.

From 1 January 2024 to 31 December 2024, Electric cars registered in Singapore will receive a rebate of 45% off their Additional Registration Fee (ARF) with a lower revised cap of $15,000.

In addition, you also receive the Vehicle Emission Scheme (VES) rebate, which can be as high as $25,000 if the car qualifies for the highest band of A1.

In other words, the total rebate for ARF can be as high as $45,000 for electric cars in Singapore if you purchase it by 31 December 2023. In 2024, this will be reduced to a maximum of $40,000.

Read Also: Guide To Understanding Vehicle Emissions Scheme (VES) In Singapore

Road Tax Cost For Electric Cars

If you are buying an electric car, the road tax schedule is different from regular cars. Here’s how it’s calculated.

Source: OneMotoring

There is also an additional tax of $700/year for fully electric cars, since fully electric cars do not pay fuel excise duties. This will be phased in over the next three years.

For example, a car that has a power rating of 100 kW will incur 6-month road tax of $430 [$475 + $7.50 (100-90)] X 0.782], or $860 a year. After adding the additional road tax of $700, the annual road tax for the car is $1,560.

Charging Points Access And Price

While the annual road tax that you pay is higher, you will also save on fuel costs. But how much exactly can you expect to save?

To make a fair comparison, we decided to compare the Hyundai Kona Electric with the Hyundai Kona Hybrid. We assume a monthly usage of 1,000 km, which means you drive about 33 km on average each day.

Energy Usage Electricity Tariff: Cost per 100 km
Hyundai Kona Electric 13.8 kWh/100km 29.96 cents/ kWH $4.13
Fuel Consumption Petrol Price Cost per 100 km
Hyundai Kona Hybrid 21.3km/L $3.00/l $14.08

From the table above, we can expect to save about $99.50 each month, assuming a mileage of 1,000 km. This translates to savings of about $1,194 each year.

Do note that the figures above are based on the assumption that you have access to your own charging station at home or in the office. If you intend to charge at an external EV charging point such as Shell Recharge & Blue SG, the cost will likely be higher. So how much you end up saving will ultimately depend on 1) where you charge and how much you pay for electricity as well as 2) how often you drive.

Read Also: What Are the Pros (Or Cons) Of Owning An EV? A Singapore EV Owner Shares with Us His Ownership Experience

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