Connect with us


How Much Would The Tesla Model Y Cost In Singapore?

Bigger, newer, pricier.

Fans of electric vehicles (EVs) in Singapore and Tesla have something to cheer for. Following the sales launch of the “affordable” Tesla Model 3 in February 2021, Tesla has now made available a new car for sale in Singapore, the Tesla Model Y.

First unveiled by Elon Musk in March 2019, the Model Y is a 5-seater compact luxury crossover SUV electric car. Unfortunately for those with bigger families, while the Model Y does come with a 7-seater option, this isn’t available (yet) in Singapore.

Singapore buyers can choose between two variants for the Model Y – the Rear-Wheel Drive and the more expensive Dual Motor All-Wheel Drive Performance.

In the US, the Model Y has a starting price of USD 58,990. However, for those of us living in Singapore, we would know that the price for what we will end up paying for a similar Model Y in Singapore is going to be far more than just a currency conversion from USD to SGD.

Price Of The Rear-Wheel Drive Tesla Model Y In Singapore

Based on the Tesla website, the sales price of the entry-level Rear-Wheel Drive Tesla Model Y will be $91,990. The range for the vehicle will be 455km. The vehicle will go from 0 – 100 km/h in 6.9 seconds and has a top speed of 217km/h.

$91,990 is, unfortunately, far from what you will be paying. This is because $91,990 is the sales price based only on what Tesla is charging you. This does not include the Additional Registration Fee (ARF) and COE, which is what you need to drive a car on Singapore’s roads.

Tesla provides further details on the breakdown of the cost.

The estimated ARF for the Model Y is $92,705. After accounting for the VES rebate ($25,000) and EV Early Adopter Incentive ($20,000), the Net ARF payable is $47,705. There is also an additional $220 Registration Fee and estimated first-year Road Tax of $2,206. In total, the estimated price excluding COE for the Model Y is $142,271.

With the current Category B COE at $100,684 (as of June 2022, 1st open bidding exercise), that means the Model Y will end up costing about $242,955.

Add-Ons Will Cost You More

If you want any colour besides Pearl White, you will need to fork out more. This ranges from $1,500 (Solid Black, Midnight Silver Metallic, Deep Blue Metallic) to $3,000 (Red Multi-Coat).

The Model Y comes with a standard 19 inches Gemini Wheels, but if you want the bigger 20 inches Induction Wheels, that will cost you an extra $3,000.

For the interior colour, it comes with the standard black. However, if you want black and white interior, that will cost you an extra $1,500.

If you choose all the options available, you will pay about $6,000 more.

According to Tesla, the current estimated delivery for the car would be late 2022.

Read Also: How Much Will It Cost To Buy And Own The Tesla Model 3 In Singapore?

Cost Of Owning The Tesla Model Y Over The Next 10 Years

Buying the Model Y for almost a quarter of a million is just one part of the cost of owning the car.

Road Tax: Road tax for the Model Y would cost $2,206 a year. If you buy the Performance model, this will cost $5,626 a year.

Fuel: The good thing about the Tesla Model Y is that it doesn’t use fuel. This doesn’t mean that driving is free since you still need to charge your car via electricity. A Tesla comparison claims that you can save about $19,000 per year in fuel savings, or about $317 a month.

If you drive about 20,000 km a year, you will use about 3,140 kWh of electricity in total (based on Tesla’s numbers). Assuming an electricity price of $0.25 per kilowatt-hour, this would cost about $785 in electricity cost. Do note to get such prices, you likely need to have access to your own home residential charger.

You will need to pay for parking and ERP. Also, there could be servicing, repairs or part replacements that you may incur during your car ownership journey.

Finally, as with all cars, you will also need to pay for insurance and that can easily be a few thousand dollars each year depending on the No Claim Rebate you receive.

Read Also: 5 Electric Cars You Can Buy In Singapore (That Are Cheaper Than The Tesla Model 3)

All images in the article taken from the Tesla website

Listen to our podcast, where we have in-depth discussions on finance topics that matter to you.