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Besides the much-hyped-about Tesla, there are many other electric car models available in Singapore such as those by Nissan, Audi, Honda, just to name a few. Here are some of the models available at the moment and how much they cost. All prices quoted with reference from the latest available price lists (as at August 2022) on SGCarMart.
It''s not surprising that these prices may seem a little steep because electric cars still cost a premium compared to their petrol counterparts.
Here comes the real thing — calculating the total cost of owning an electric car. However it differs from EV to EV, depending on the model of the car, the age of the car, and many other factors like NCD and so on.
Let''s just say you decide to purchase a more affordable model by Honda and it''ll already cost you about $185,000 (including COE) at the beginning. Besides the cost of the vehicle, you''ll have to factor in the following costs:
So if we do the math, the calculation will be as follow:
$250,000 (COE included) + $6,200 + $800 + $192,241 - $10,000 + $100 + $300- $20,000= $419,641
The total cost to own an EV will be about $419,641, assuming that we subtract the lowest rebate you''ll get from the VES scheme and the maximum rebate you''ll get for the ARF (using the price of the Honda car as of August 2022 as an example).
Let''s say you''re currently owning a regular car that requires a 95-octane petrol pump at $2.94 / litre and you''re thinking of switching to an EV, so you''re comparing the running costs as well. Below is an estimate of the running costs of both an electric car and petrol-powered car.
To be exact, a typical electric car battery is about 60 kWh, so that''s $33 for a full charge. The charges by electric car charging stations are usually by the kWh or by the hour. However, it can get tricky to estimate the costs since the time it takes to charge depends on the car model and speed of the charger — a full charge can take anywhere from 30 minutes to 8 hours, and the frequency of your required charging depends on your vehicle''s "charge range", i.e. how many km your vehicle can be driven on a full charge.
If you''re unsure of how to do this, here''s an example to illustrate. Here''s our round-up of the 4 EV insurance options for you to think about before picking your preferred EV insurance plan. Assuming that you''re a 26-year-old male who is single, has less than 2 years of driving experience, has made no claims, has a no-claim discount of 0%, and is considering getting an Income plan for either one of the below 4 EVs.
Ultimate Guide To Electric Cars in Singapore (2024)
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There is also less maintenance cost as electric vehicles have lesser parts to be replaced. Petrol cars need to have regular oil changes, belt replacements, and filter replacements, which will add up over time. Lastly, electric vehicles are quieter and you can enjoy a peaceful journey while zipping along in Singapore.
However, how much does it cost to own an electric vehicle of your own? Additionally, how much do you need to earn to afford one?
The COE incurred by electric vehicles is similar to petrol vehicles. Category A COE is cheaper and the requirement for the maximum power output is to be no more than 110Kw (147bhp). For electric cars that do not fit this category, your COE options will fall into category B.
Electric vehicles in Singapore get to enjoy attractive rebates. First up is the Vehicle Emission Scheme (VES). This scheme takes into account the number of harmful emissions the vehicle is producing and rewards vehicles that have low emissions.
The highest tier, A1, will give you rebates of S$25,000. Most if not all electric vehicles will qualify for this tier and will be able to receive the full S$25,000.
From 1 January 2022 to 31 December 2023, the ARF floor will be reduced from S$5,000 to S$0, which means that more fully electric vehicles will get to enjoy the maximum S$20,000 EEAI rebate.
What this translates to is that on average, most electric vehicles will be able to receive a rebate of S$25,000 + S$20,000 = S$45,000
Other costs like custom duty, GST and registration fees will be incurred as well. The custom duty is 20% of the vehicle''s OMV, while GST is 7% of the vehicle OMV + custom duty. The registration fee is S$220.
About Singapore electric vehicle costs
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